Analysis strategy configurations in risk taking using fuzzy set qualitative comparative analysis model
DOI: https://doi.org/10.3846/tede.2023.18779Abstract
Risk-taking is a key factor in corporate competitive advantage, and economic development. The type of strategic configuration that can drive high-level risk-taking is a problem worthy of attention. This study takes 2,219 listed firms in China as samples and performs a fuzzy set qualitative comparative analysis (fsQCA) to explore the linkage effect and path choice of strategic change, corporate social responsibility, innovation, diversification, and financialization with corporate risk-taking (CRT). It finds that: (a) a single strategy does not constitute a necessary condition for high-level CRT; (b) three types of adaptive schemes exist for high-level CRT, among which the risk-taking level is the highest under the path of “Innovation, diversification, and financialization”; and (c) the driving paths of CRT in different regions, industries, and ownership show obvious differences.
Keywords:
risk-taking, corporate strategy, fsQCA, innovation, corporate social responsibility, strategic change, diversification, financializationHow to Cite
Share
License
Copyright (c) 2023 The Author(s). Published by Vilnius Gediminas Technical University.
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
Adiguzel, Z. (2021). Competitive advantage and competitive dynamics in terms of strategic innovation orientation. In H. Dinçer & S. Yüksel (Eds.), Financial strategies in competitive markets (pp. 47–63). Springer, Cham. https://doi.org/10.1007/978-3-030-68612-3_4> https://doi.org/10.1007/978-3-030-68612-3_4
Akbar, S., Kharabsheh, B., Poletti-Hughes, J., & Shah, S. Z. A. (2017). Board structure and corporate risk taking in the UK financial sector. International Review of Financial Analysis, 50, 101–110. https://doi.org/10.1016/j.irfa.2017.02.001> https://doi.org/10.1016/j.irfa.2017.02.001
Ali, Z., & Tauni, M. Z. (2021). CEO overconfidence and future firm risk in China: The moderating role of institutional investors. Chinese Management Studies, 15(5), 1057–1084. https://doi.org/10.1108/CMS-04-2019-0147> https://doi.org/10.1108/CMS-04-2019-0147
Alzugaiby, B. (2022), Managerial ability and corporate risk-taking in an emerging economy. Managerial Finance, 48(9–10), 1544–1557. https://doi.org/10.1108/MF-05-2021-0237> https://doi.org/10.1108/MF-05-2021-0237
Attig, N., El Ghoul, S., Guedhami, O., & Rizeanu, S. (2013). The governance role of multiple large shareholders: Evidence from the valuation of cash holdings. Journal of Management and Governance, 17(2), 419–451. https://doi.org/10.1007/s10997-011-9184-3> https://doi.org/10.1007/s10997-011-9184-3
Banerjee, R., & Gupta, K. (2017). The effects of environmental sustainability and R&D on corporate risk-taking: International evidence. Energy Economics, 65, 1–15. https://doi.org/10.1016/j.eneco.2017.04.016> https://doi.org/10.1016/j.eneco.2017.04.016
Bartkus, V. O., Mannor, M. J., & Campbell, J. T. (2022). Fast and rigorous: Configurational determinants of strategic decision-making balance. Long Range Planning, 55(3), 102142. https://doi.org/10.1016/j.lrp.2021.102142> https://doi.org/10.1016/j.lrp.2021.102142
Barney, J. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99–120. https://doi.org/10.1177/014920639101700108> https://doi.org/10.1177/014920639101700108
Ben Moussa, F., Zaiane, S., & Ziadi, N. (2021). The mediating role of CSR on the relationship between gender diversity and risk taking. Journal of Environmental Planning and Management, 1–27. https://doi.org/10.1080/09640568.2021.2007061> https://doi.org/10.1080/09640568.2021.2007061
Bentley, K. A., Omer, T. C., & Sharp, N. Y. (2013). Business strategy, financial reporting irregularities, and audit effort. Contemporary Accounting Research, 30(2), 780–817. https://doi.org/10.1111/j.1911-3846.2012.01174.x> https://doi.org/10.1111/j.1911-3846.2012.01174.x
Berrone, P., Duran, P., Gómez-Mejía, L., Heugens, P. P., Kostova, T., & van Essen, M. (2022). Impact of informal institutions on the prevalence, strategy, and performance of family firms: A meta-analysis. Journal of International Business Studies, 53(6), 1153–1177. https://doi.org/10.1057/s41267-020-00362-6> https://doi.org/10.1057/s41267-020-00362-6
Biswas, S. (2021). Female directors and risk-taking behavior of Indian firms. Managerial Finance, 47(7), 1016–1037. https://doi.org/10.1108/MF-05-2020-0274> https://doi.org/10.1108/MF-05-2020-0274
Bin-Feng, C., Mirza, S. S., Ahsan, T., Safdar, R., Iqbal, A., & Hayat, M. (2022). Family control and corporate risk-taking in China: Does working capital strategy matter? Economic Research-Ekonomska Istrazivanja, 35(1), 4280–4299. https://doi.org/10.1080/1331677X.2021.2013270> https://doi.org/10.1080/1331677X.2021.2013270
Borghesi, R., Houston, J. F., & Naranjo, A. (2014). Corporate socially responsible investments: CEO altruism, reputation, and shareholder interests. Journal of Corporate Finance, 26, 164–181. https://doi.org/10.1016/j.jcorpfin.2014.03.008> https://doi.org/10.1016/j.jcorpfin.2014.03.008
Cebula, R. J., & Rossi, F. (2021). Religiosity and corporate risk-taking: Evidence from Italy. Journal of Economics and Finance, 45(4), 751–763. https://doi.org/10.1007/s12197-021-09543-x> https://doi.org/10.1007/s12197-021-09543-x
Chakraborty, A., Gao, L. S., & Sheikh, S. (2019). Managerial risk taking incentives, corporate social responsibility and firm risk. Journal of Economics and Business, 101, 58–72. https://doi.org/10.1016/j.jeconbus.2018.07.004> https://doi.org/10.1016/j.jeconbus.2018.07.004
Chen, L., Li, Y., & Liu, B. (2022). Study on the negative effect of internal-control willingness on enterprise risk-taking. Frontiers in Psychology, 13, 894087. https://doi.org/10.3389/fpsyg.2022.894087> https://doi.org/10.3389/fpsyg.2022.894087
Ciftci, M., Lev, B., & Radhakrishnan, S. (2011). Is research and development mispriced or properly risk adjusted? Journal of Accounting, Auditing and Finance, 26(1), 81–116. https://doi.org/10.1177/0148558X11400581> https://doi.org/10.1177/0148558X11400581
Comin, D., & Mulani, S. (2009). A theory of growth and volatility at the aggregate and firm level. Journal of Monetary Economics, 56(8), 1023–1042. https://doi.org/10.1016/j.jmoneco.2009.10.004> https://doi.org/10.1016/j.jmoneco.2009.10.004
Đặng, R., Le, N. T., Reddy, K., & Vu, M. C. (2022). Foreign ownership and corporate risk-taking: Panel threshold evidence from a transactional economy. Finance Research Letters, 45, 102190. https://doi.org/10.1016/j.frl.2021.102190> https://doi.org/10.1016/j.frl.2021.102190
Davis, L. E. (2018). Financialization and the non-financial corporation: An investigation of firm-level investment behavior in the United States. Metroeconomica, 69(1), 270–307. https://doi.org/10.1111/meca.12179> https://doi.org/10.1111/meca.12179
Delmas, M. A., & Pekovic, S. (2018). Organizational configurations for sustainability and employee productivity: A qualitative comparative analysis approach. Business and Society, 57(1), 216–251. https://doi.org/10.1177/0007650317703648> https://doi.org/10.1177/0007650317703648
Demir, F. (2009). Financial liberalization, private investment and portfolio choice: Financialization of real sectors in emerging markets. Journal of Development Economics, 88(2), 314–324. https://doi.org/10.1016/j.jdeveco.2008.04.002> https://doi.org/10.1016/j.jdeveco.2008.04.002
Du, Y., & Kim, P. H. (2021). One size does not fit all: Strategy configurations, complex environments, and new venture performance in emerging economies. Journal of Business Research, 124, 272–285. https://doi.org/10.1016/j.jbusres.2020.11.059> https://doi.org/10.1016/j.jbusres.2020.11.059
Eisenmann, T. R. (2002). The effects of CEO equity ownership and firm diversification on risk taking. Strategic Management Journal, 23(6), 513–534. https://doi.org/10.1002/smj.236> https://doi.org/10.1002/smj.236
Ellouze, D., & Mnasri, K. (2020). Risk-taking behaviour of family firms: Evidence from Tunisia. International Journal of Entrepreneurship and Small Business, 39(1–2), 192–221. https://doi.org/10.1504/ijesb.2020.104250> https://doi.org/10.1504/ijesb.2020.104250
Faccio, M., Marchica, M. T., & Mura, R. (2016). CEO gender, corporate risk-taking, and the efficiency of capital allocation. Journal of Corporate Finance, 39, 193–209. https://doi.org/10.1016/j.jcorpfin.2016.02.008> https://doi.org/10.1016/j.jcorpfin.2016.02.008
Fainshmidt, S., Witt, M. A., Aguilera, R. V., & Verbeke, A. (2020). The contributions of qualitative comparative analysis (QCA) to international business research. Journal of International Business Studies, 51(4), 455–466. https://doi.org/10.1057/s41267-020-00313-1> https://doi.org/10.1057/s41267-020-00313-1
Feng, Y., Yao, S., Wang, C., Liao, J., & Cheng, F. (2021). Diversification and financialization of non-financial corporations: Evidence from China. Emerging Markets Review. https://doi.org/10.1016/j.ememar.2021.100834> https://doi.org/10.1016/j.ememar.2021.100834
Ferris, S. P., Javakhadze, D., & Rajkovic, T. (2017). CEO social capital, risk-taking and corporate policies. Journal of Corporate Finance, 47, 46–71. https://doi.org/10.1016/j.jcorpfin.2017.09.003> https://doi.org/10.1016/j.jcorpfin.2017.09.003
Furnari, S., Crilly, D., Misangyi, V. F., Greckhamer, T., Fiss, P. C., & Aguilera, R. V. (2021). Capturing causal complexity: Heuristics for configurational theorizing. Academy of Management Review, 46(4), 778–799. https://journals.aom.org/doi/10.5465/amr.2019.0298> https://journals.aom.org/doi/10.5465/amr.2019.0298
Garcia-Castro, R., & Francoeur, C. (2016). When more is not better: Complementarities, costs and contingencies in stakeholder management. Strategic Management Journal, 37(2), 406–424. https://doi.org/10.1002/smj.2341> https://doi.org/10.1002/smj.2341
Gharbi, S., Sahut, J. M., & Teulon, F. (2014). R&D investments and high-tech firms’ stock return volatility. Technological Forecasting and Social Change, 88, 306–312. https://doi.org/10.1016/j.techfore.2013.10.006> https://doi.org/10.1016/j.techfore.2013.10.006
Giau Bui, D., Chen, Y., Lin, C.-Y., & Lin, T.-C. (2021). Risk-taking of bank CEOs and corporate innovation. Journal of International Money and Finance, 115, 102387. https://doi.org/10.1016/j.jimonfin.2021.102387> https://doi.org/10.1016/j.jimonfin.2021.102387
Godfrey, P. C., Merrill, C. B., & Hansen, J. M. (2009). The relationship between corporate social responsibility and shareholder value: An empirical test of the risk management hypothesis. Strategic Management Journal, 30(4), 425–445. https://doi.org/10.1002/smj.750> https://doi.org/10.1002/smj.750
Gong, G., Huang, X., Wu, S., Tian, H., & Li, W. (2021). Punishment by securities regulators, corporate social responsibility and the cost of debt. Journal of Business Ethics, 171(2), 337–356. https://doi.org/10.1007/s10551-020-04438-z> https://doi.org/10.1007/s10551-020-04438-z
Greckhamer, T. (2016). CEO compensation in relation to worker compensation across countries: The configurational impact of country-level institutions. Strategic Management Journal, 37(4), 793–815. https://doi.org/10.1002/smj.2370> https://doi.org/10.1002/smj.2370
Harjoto, M., & Laksmana, I. (2018). The impact of corporate social responsibility on risk taking and firm value. Journal of Business Ethics, 151(2), 353–373. https://doi.org/10.1007/s10551-016-3202-y> https://doi.org/10.1007/s10551-016-3202-y
Haynes, K. T., & Hillman, A. (2010). The effect of board capital and CEO power on strategic change. Strategic Management Journal, 31(11), 1145–1163. https://doi.org/10.1002/smj.859> https://doi.org/10.1002/smj.859
Helfat, C. E., & Peteraf, M. A. (2003). The dynamic resource-based view: Capability lifecycles. Strategic Management Journal, 24(10), 997–1010. https://doi.org/10.1002/smj.332> https://doi.org/10.1002/smj.332
Hoskisson, R. E., Chirico, F., Zyung, J., & Gambeta, E. (2017). Managerial risk taking: A multitheoretical review and future research agenda. Journal of Management, 43(1), 137–169. https://doi.org/10.1177/0149206316671583> https://doi.org/10.1177/0149206316671583
Hutton, I., Jiang, D., & Kumar, A. (2014). Corporate policies of republican managers. Journal of Financial and Quantitative Analysis, 49(5–6), 1279–1310. https://doi.org/10.1017/S0022109014000702> https://doi.org/10.1017/S0022109014000702
Jiang, J., & Chen, Y. (2021). How does labor protection influence corporate risk-taking? Evidence from China. Pacific-Basin Finance Journal, 68, 101572. https://doi.org/10.1016/j.pacfin.2021.101572> https://doi.org/10.1016/j.pacfin.2021.101572
Khaw, K. L. H., Liao, J., Tripe, D., & Wongchoti, U. (2016). Gender diversity, state control, and corporate risk-taking: Evidence from China. Pacific-Basin Finance Journal, 39, 141–158. https://doi.org/10.1016/j.pacfin.2016.06.002> https://doi.org/10.1016/j.pacfin.2016.06.002
Koirala, S., Marshall, A., Neupane, S., & Thapa, C. (2020). Corporate governance reform and risk-taking: Evidence from a quasi-natural experiment in an emerging market. Journal of Corporate Finance, 61, 101396. https://doi.org/10.1016/j.jcorpfin.2018.08.007> https://doi.org/10.1016/j.jcorpfin.2018.08.007
Koirala, S., Rao, S., Farag, H., & Marshall, A. (2023). The market for corporate control and risk-taking: Evidence from global merger and acquisition laws. British Journal of Management, 34(2), 997–1022. https://doi.org/10.1111/1467-8551.12625> https://doi.org/10.1111/1467-8551.12625
Kong, X., Jiang, F., & Liu, X. (2021). Strategic deviance, diversification and enterprise resilience in the context of COVID-19: Heterogeneous effect of managerial power. Emerging Markets Finance and Trade, 57(6), 1547–1565. https://doi.org/10.1080/1540496X.2021.1904882> https://doi.org/10.1080/1540496X.2021.1904882
Li, J., & Tang, Y. (2010). CEO hubris and firm risk taking in China: The moderating role of managerial discretion. Academy of Management Journal, 53(1), 45–68. https://doi.org/10.5465/amj.2010.48036912> https://doi.org/10.5465/amj.2010.48036912
Llanos-Contreras, O., Arias, J., & Maquieira, C. (2021). Risk taking behavior in Chilean listed family firms: A socioemotional wealth approach. International Entrepreneurship and Management Journal, 17(1), 165–184. https://doi.org/10.1007/s11365-019-00628-y> https://doi.org/10.1007/s11365-019-00628-y
Lumpkin, G. T., & Dess, G. G. (1996). Clarifying the entrepreneurial orientation construct and linking it to performance. Academy of Management Review, 21(1), 135–172. https://doi.org/10.5465/AMR.1996.9602161568> https://doi.org/10.5465/AMR.1996.9602161568
Lv, W., Liu, W., & He, W. (2015). Manager heterogeneity and corporate risk taking. China Soft Science, 12, 120–133.
Miles, R. E., & Snow, C. C. (2003). Organizational strategy, structure, and process. Stanford Business Press. https://doi.org/10.1515/9780804767170> https://doi.org/10.1515/9780804767170
Miller, D., & Friesen, P. H. (1978). Archetypes of strategy formulation. Management Science, 24(9), 921–933. https://doi.org/10.1287/mnsc.24.9.921> https://doi.org/10.1287/mnsc.24.9.921
Nguyen, P., & Nguyen, A. (2015). The effect of corporate social responsibility on firm risk. Social Responsibility Journal, 11(2), 324–339. https://doi.org/10.1108/SRJ-08-2013-0093> https://doi.org/10.1108/SRJ-08-2013-0093
Olibe, K. O., Michello, F. A., & Thorne, J. (2008). Systematic risk and international diversification: An empirical perspective. International Review of Financial Analysis, 17(4), 681–698. https://doi.org/10.1016/j.irfa.2007.09.004> https://doi.org/10.1016/j.irfa.2007.09.004
Ordanini, A., Parasuraman, A., & Rubera, G. (2014). When the recipe is more important than the ingredients: A qualitative comparative analysis (QCA) of service innovation configurations. Journal of Service Research, 17(2), 134–149. https://doi.org/10.1177/1094670513513337> https://doi.org/10.1177/1094670513513337
Pandit, S., Wasley, C. E., & Zach, T. (2011). The effect of research and development (R&D) inputs and outputs on the relation between the uncertainty of future operating performance and R&D expenditures. Journal of Accounting, Auditing and Finance, 26(1), 121–144. https://doi.org/10.1177/0148558X11400583> https://doi.org/10.1177/0148558X11400583
Pappas, I. O., & Woodside, A. G. (2021). Fuzzy-set qualitative comparative analysis (fsQCA): Guidelines for research practice in information systems and marketing. International Journal of Information Management, 58, 102310. https://doi.org/10.1016/j.ijinfomgt.2021.102310> https://doi.org/10.1016/j.ijinfomgt.2021.102310
Park, Y. K., & Mithas, S. (2021). Organized complexity of digital business strategy: A configurational perspective. MIS Quarterly, 44(1), 85–127. https://doi.org/10.25300/MISQ/2020/14477> https://doi.org/10.25300/MISQ/2020/14477
Phan, N. H. (2021). Managerial ability, managerial incentives and firm performance: Empirical evidence from Vietnam. Journal of Asian Finance, Economics and Business, 8(4), 193–200. https://doi.org/10.13106/jafeb.2021.vol8.no4.0193> https://doi.org/10.13106/jafeb.2021.vol8.no4.0193
Porter, M. E. (1980). Competitive strategy: Techniques for analyzing industries and competitors. The Free Press.
Ragin, C. C. (2008). Redesigning social inquiry: Fuzzy sets and beyond. University of Chicago Press. https://doi.org/10.7208/chicago/9780226702797.001.0001> https://doi.org/10.7208/chicago/9780226702797.001.0001
Rihoux, D. B., & Ragin, C. C. (2009). Configurational comparative methods: Qualitative comparative analysis and related techniques. Sage Publications. https://doi.org/10.4135/9781452226569> https://doi.org/10.4135/9781452226569
Roussanov, N., & Savor, P. (2014). Marriage and managers’ attitudes to risk. Management Science, 60(10), 2496–2508. https://doi.org/10.1287/mnsc.2014.1926> https://doi.org/10.1287/mnsc.2014.1926
Schneider, C. Q., & Wagemann, C. (2012). Set- theoretic methods for the social sciences: A guide to qualitative comparative analysis. Cambridge University Press. https://doi.org/10.1017/CBO9781139004244> https://doi.org/10.1017/CBO9781139004244
Schneider, M. R., Schulze-Bentrop, C., & Paunescu, M. (2010). Mapping the institutional capital of high-tech firms: A fuzzy-set analysis of capitalist variety and export performance. Journal of International Business Studies, 41(2), 246–266. https://doi.org/10.1057/jibs.2009.36> https://doi.org/10.1057/jibs.2009.36
Schoar, A., & Zuo, L. (2017). Shaped by booms and busts: How the economy impacts CEO careers and management styles. Review of Financial Studies, 30(5), 1425–1456. https://doi.org/10.1093/rfs/hhw111> https://doi.org/10.1093/rfs/hhw111
Serfling, M. A. (2014). CEO age and the riskiness of corporate policies. Journal of Corporate Finance, 25, 251–273. https://doi.org/10.1016/j.jcorpfin.2013.12.013> https://doi.org/10.1016/j.jcorpfin.2013.12.013
Song, C., Nahm, A. Y., & Song, Z. (2021). Entrepreneurs’ hobbies and corporate risk taking: Evidence from China. International Review of Financial Analysis, 77, 101856. https://doi.org/10.1016/j.irfa.2021.101856> https://doi.org/10.1016/j.irfa.2021.101856
Tang, J., Crossan, M., & Rowe, W. G. (2011). Dominant CEO, deviant strategy, and extreme performance: The moderating role of a powerful board. Journal of Management Studies, 48(7), 1479–1503. https://doi.org/10.1111/j.1467-6486.2010.00985.x> https://doi.org/10.1111/j.1467-6486.2010.00985.x
Tian, G., Li, B., & Cheng, Y. (2022). Does digital transformation matter for corporate risk-taking? Finance Research Letters, 49, 103107. https://doi.org/10.1016/j.frl.2022.103107> https://doi.org/10.1016/j.frl.2022.103107
Tsang, A., Wang, K. T., Liu, S., & Yu, L. (2021). Integrating corporate social responsibility criteria into executive compensation and firm innovation: International evidence. Journal of Corporate Finance, 70, 102070. https://doi.org/10.1016/j.jcorpfin.2021.102070> https://doi.org/10.1016/j.jcorpfin.2021.102070
Vural-Yavaş, Ç. (2021). Economic policy uncertainty, stakeholder engagement, and environmental, social, and governance practices: The moderating effect of competition. Corporate Social Responsibility & Environmental Management, 28(1), 82–102. https://doi.org/10.1002/csr.2034> https://doi.org/10.1002/csr.2034
Wang, C. J. (2012). Board size and firm risk-taking. Review of Quantitative Finance and Accounting, 38(4), 519–542. https://doi.org/10.1007/s11156-011-0241-4> https://doi.org/10.1007/s11156-011-0241-4
Wang, J., & Mao, N. (2022). Does financialization of non-financial corporations promote or prohibit corporate risk-taking? Emerging Markets Finance and Trade, 58(7), 1913–1924. https://doi.org/10.1080/1540496X.2021.1944853> https://doi.org/10.1080/1540496X.2021.1944853
Yang, P., Riepe, J., Moser, K., Pull, K., & Terjesen, S. (2019). Women directors, firm performance, and firm risk: A causal perspective. Leadership Quarterly, 30(5), 101297. https://doi.org/10.1016/j.leaqua.2019.05.004> https://doi.org/10.1016/j.leaqua.2019.05.004
Zhang, C., Yang, C., & Liu, C. (2021). Economic policy uncertainty and corporate risk-taking: Loss aversion or opportunity expectations. Pacific-Basin Finance Journal, 69, 101640. https://doi.org/10.1016/j.pacfin.2021.101640> https://doi.org/10.1016/j.pacfin.2021.101640
Zhang, W., Zhang, X., Tian, X., & Sun, F. (2021). Economic policy uncertainty nexus with corporate risk-taking: The role of state ownership and corruption expenditure. Pacific-Basin Finance Journal, 65, 101496. https://doi.org/10.1016/j.pacfin.2021.101496> https://doi.org/10.1016/j.pacfin.2021.101496
Zhang, Y., & Rajagopalan, N. (2010). Once an outsider, always an outsider? CEO origin, strategic change, and firm performance. Strategic Management Journal, 31(3), 334–346. https://doi.org/10.1002/smj.812> https://doi.org/10.1002/smj.812
Zhao, E. Y., Fisher, G., Lounsbury, M., & Miller, D. (2017). Optimal distinctiveness: Broadening the interface between institutional theory and strategic management. Strategic Management Journal, 38(1), 93–113. https://doi.org/10.1002/smj.2589> https://doi.org/10.1002/smj.2589
Zhou, Z., Luo, J., & Li, X. (2019). Identity and risk-taking level of private enterprises. Management World, 35(11), 193–208. https://doi:10.19744/j.cnki.11-1235/f.2019.0157
Zhu, D., Gao, X., Luo, Z., & Xu, W. (2022). Environmental performance and corporate risk-taking: Evidence from China. Pacific-Basin Finance Journal, 74, 101811. https://doi.org/10.1016/j.pacfin.2022.101811> https://doi.org/10.1016/j.pacfin.2022.101811
View article in other formats
CrossMark check
Published
Issue
Section
Copyright
Copyright (c) 2023 The Author(s). Published by Vilnius Gediminas Technical University.
License
This work is licensed under a Creative Commons Attribution 4.0 International License.