In this article, we analyze the impact of learning from internationalization on small and medium enterprises' (SMEs) performance along different development paths. Drawing on the exploitation versus exploration logic, we use an alternative view of foreign operation modes (the learning...

The potential risks associated with controlling shareholders' equity pledges pose significant challenges to capital market stability and development. Therefore, effective mechanisms to constrain equity pledges have become a key focus of scholarly investigation. This study examines the impact of...