Impacts of building information modeling(BIM) implementation on design and construction performance: a resource dependence theory perspective

Drawing on resource dependence theory, this paper develops and empirically tests a model for understanding how the implementation of building information modeling(BIM) in construction projects impacts the performance of different project participating organizations through improving their interorganizational collaboration capabilities. Based on two sets of survey data collected from designers and general contractors in BIMbased construction projects in China, the results from partial least squares analysis and bootstrapping mediation test provide clear evidence that BIM-enabled capabilities of information sharing and collaborative decision-making as a whole play a significant role in determining BIMenabled efficiency and effectiveness benefits for both designers and general contractors. The results further reveal that designers and general contractors benefit from project BIM implementation activities significantly nonequivalently, and that this non-equivalence closely relates to the different roles played by designers and general contractors in BIM-enabled interorganizational resource exchange processes. The findings validate the resource dependence theory perspective of BIM as a boundary spanning tool to manage interorganizational resource dependence in construction projects, and contribute todeepened understandings of how and why project participating organizations benefit differently from the implementation of interorganizational information technologies like BIM.

Environmental, social, and governance performance and corporate innovation novelty

Environmental,social,and governance(ESG)performance,along with the novelty of innovation,are significant factors in promoting sustainable development for corporations.This study employs the Heckman two-stage model to examine the impact of ESG performance on innovation novelty using a dataset comprising A-share listed companies in the Shanghai and Shenzhen Stock Ex-changes from 2011 to 2020.The results indicate that enhanced ESG performance significantly fosters innovation by expanding innovation resources and mitigating agency problems.Further analysis reveals that this relationship is more pronounced under high economic policy uncer-tainty,a challenging information environment,elevated financing constraints,and in the context of digital transformation.This study not only expands the research on the economic implications of ESG performance for enterprise innovation behavior but also places a distinct emphasis on innovation quality rather than quantity.Additionally,this study enriches the existing literature on the factors influencing innovation novelty and extends research into the link between envi-ronmental protection and firm innovation,particularly from the perspective of stakeholder the-ory.Furthermore,this study holds practical significance for governments aiming to enhance ESG evaluation systems and establish guiding policies that encourage novel innovations,ultimately contributing to sustainable and high-quality development.Simultaneously,this study provides guidance to enterprises by encouraging them to embrace green development,improve social responsibility,and elevate their governance standards to promote innovation quality.

Resignation of officials as independent directors and firm performance

In 2013,the Chinese government implemented Rule No.18,which suspended the directorships of incumbent government officials and precluded those who retired within the past three years from serving as independent directors for listed firms.The surprise implementation of Rule No.18 triggered a wave of resignations among official independent directors(OIDs).The event provided a unique opportunity to examine the impacts of the political connections of board members on firm performance.We applied a difference-in-difference technique to empirically investigate the effect of OID resignations on firm performance from the perspectives of resource dependence theory and social capital theory.The results indicate that the resignation of OIDs had a significantly negative effect on firm performance,as measured by Tobin's 0 and firm leverage.This also confirmed the importance of independent directors'political connection on firm performance,as discovered in prior research.However,this influence varied across OIDs'heterogeneity,external environment and firm ownership.The results indicate that political connections may not be necessary channels for firms to achieve success.