It is of great significance to effectively regulate executives’ selling behaviors to promote the long-term, stable and healthy development of capital market. Based on the “New Regulation on Insider Selling” in China and using data from A-share listed companies from 2012 to 2021, this paper investigates the impact of restricting executives’ opportunistic stock selling on stock price informativeness. The results show that restricting executives’ opportunistic stock selling can help improve stock price informativeness. This effect is more significant when the selling scale is large and when there are stock sales by core executives. Moreover, this promotion effect is also strengthened for firms that are exposed to a poor information environment and prone to manipulate information disclosure. Further analysis suggests that restricting executives’ opportunistic stock selling can promote firm-level information collection by external investors, as evidenced by wider institutional shareholdings and more attention from investors. In addition, restricting executives’ opportunistic stock selling makes a firm’s current stock price more reflective of its future earnings. The main conclusion still holds after a series of robustness tests. Overall, this paper enriches the literature on both insider trading supervision and stock price informativeness, and has enlightenment for regulatory authorities to improve the design of stock selling system and promote the high-quality development of capital market.

This paper constructs a green development evaluation index system based on DPSIR model, and explores its spatial network structure on the basis of measuring regional green development level. The results are as follows. (1) Green development is not balanced among regions. The level of green development in each region can be divided into four categories: mature type, rapid development type, gradual promotion type and early growth type. Economically developed regions are more likely to generate development advantages through “response + drive”, while resource-dependent and traditional industry-intensive regions lag behind in green development due to lack of innovation. (2) In the space network, inter-regional connectivity is strong and there is no strict hierarchical structure, which is conducive to promoting inter-regional cooperation and complementarity. However, the stability of the network is weak, and a high-quality regional cooperation pattern has not yet been formed. (3) Location factors, rather than capacity factors, are the key to whether a region can occupy an important position in the space network. Compared with regions at high levels of green development, regions at low levels of green development are more likely to produce spillover effects. The research results provide ideas for further promoting high-quality green development in China. On the one hand, all regions should pay attention to the coordinated development of DPSIR elements, open up the transformation channel of “policy-response-driving force”, excavate the driving path from productivity to “pressure reduction-state improvement-green welfare”, and explore the high-quality development path according to local conditions. On the other hand, it is necessary to break the barriers between regions, give play to the role of specific regional ties, stimulate the leading role of green areas, increase support for weak green areas, build a spatial pattern of green, low-carbon and high-quality development, and promote coordinated regional development.

Given the lack of empirical evidence from China regarding whether carbon emission trading as a typical market-driven environmental regulation mechanism can trigger the Porter effect and improve the total factor productivity of enterprises, this paper uses the method of difference in difference in differences (DDD) to design a quasi-natural experiment of the pilot policy of carbon emission trading, and applies the spatial econometrics to explore, from the micro level, the influence of carbon emission trading on the total factor productivity (TFP) of enterprises and the mechanism underlying the influence by constructing a vertical and horizontal spillover weight matrix between industries. The results show that carbon emission trading can improve the total factor productivity of enterprises and induce inter-industry policy spillover effect, and the direct impact of carbon emission trading on the total factor productivity of enterprises presents an inverted U-shaped dynamic characteristic. The impact of carbon emissions trading on the total factor productivity of enterprises has typical heterogeneity characteristics. The total factor productivity of state-owned enterprises and small-scale enterprises is affected more significantly by policies. The mechanism analysis shows that carbon emission trading can affect the total factor productivity of enterprises through R&D effect, transformation effect and cost effect. Meanwhile, the impact of carbon emission trading on the total factor productivity of enterprises is moderated by enterprises’ internal characteristics (financial mismatch, human capital) and external characteristics (administrative intervention).

From the perspective of the industrial chain, this paper distinguishes the heterogeneity of industries, proposes a framework of measurement for industrial transfer and its impact based on the inter-regional input-output model, and quantifies the impact of industrial transfer of the Beijing-Tianjin-Hebei region on the value-added and carbon emissions by three regions. The results are as follows. (1) There is significant heterogeneity in the overall and internal transfer of industries in the Beijing-Tianjin-Hebei region, and the net impacts of industrial transfer on the value-added and carbon emissions are not consistent across regions. (2) The Beijing-Tianjin-Hebei region as a whole experienced the processes of service transfer-in from 2012 to 2017 and industrial transfer-out from 2012 to 2017 respectively, leading to net increases and net decreases of both added value and carbon emissions of the whole region for the corresponding periods. (3) From 2012 to 2017, the coordinated development of the Beijing-Tianjin-Hebei region and the related policies of “relocation of non-capital core functions” not only promoted the overall economic growth of the Beijing-Tianjin-Hebei region, but also led to an overall increase in carbon emissions of the Beijing-Tianjin-Hebei region through industrial transfer. In addition, this significantly increased the total carbon emissions of Hebei Province, which undertook the relocation of resource-intensive manufacturing industries. (4) Since 2018, a lot of the manufacturing industries, especially the resource-intensive manufacturing industries such as petroleum processing, coking, and non-ferrous metal smelting and processing, have continued to transfer from Beijing or Tianjin to Hebei Province. Considering the gap in low-carbon technologies among the three regions, the negative impact of industrial transfer on the total carbon emissions of the Beijing-Tianjin-Hebeii region as a whole may continue. The results of this paper provide a scientific reference for the formulation of policies related to coordinated emission reductions between the transfer-in and transfer-out areas under the “Dual Carbon” goal.

Improving the urban economic resilience can help cities more effectively respond to external shocks caused by multi-dimensional and multi-type risks, and thus achieve high-quality development. Finding out how to optimize business environment to drive urban economic resilience is the key for government policy development, and also an important issue in management research. In this paper, we construct a two-dimensional construction of “risk-resistant process - industrial structure state”, and conduct a configuration analysis based on 245 cities by NCA and fsQCA methods to explain how business environment drives urban economic resilience. The study shows that: (1) single factors of business environment do not constitute the necessary condition for generating high urban economic resilience, but improving the level of public services, human resources and financial services plays an important role in generating high urban economic resilience; (2) “multiple concurrencies” of business environment factors generate diverse configurations of high urban economic resilience. To be specific, urban economic resilience is driven through the optimization or substitution of business factors. The 4 types of business environment show that there are multiple paths to generate high urban economic resilience; (3) a favorable business environment can drive industrial structure upgrading and thus drive urban economic resilience. The findings can provide important insights for Chinese cities to optimize their business environment, cope with external shocks, and shape high economic resilience.

As an important part of social insurance, medical insurance belongs to a typical public policy in China. Policy evaluation is an important issue of public policy management. After more than 20 years of reform and development, the goal of universal medical insurance has been achieved, and the system of medical insurance is becoming mature in China. Stable operation of Medical Insurance Fund in China is the premise and foundation for system sustainable development. From aspects of input and output of medical insurance fund, this paper screens the multiple indicators of fund total factor productivity, and constructs a total factor productivity evaluation index system of the medical insurance fund. Then the evaluation is proposed based on DEA model using related data from 31 provinces or cities in China. Further, the spatial correlation of total factor productivity of medical insurance fund is explored. The results show that in recent years the overall total factor productivity of medical insurance fund in China is constantly improved, but significant differences exist between different areas. Especially, there was significant spatial aggregation effect in 2012 and 2019.

Based on institutional theory and instrumental stakeholder theory, this paper analyzes the impact of “balanced” or “preferred” corporate social responsibility practices on green innovation, and explores the moderating roles of the analyst attention and institutional environment that affect legitimacy pressure, market uncertainty and slack resources that affect efficiency pressure. Using the panel data of A-share listed companies from 2010 to 2019, it finds corporate social responsibility differentiation has a significant positive impact on green innovation, both analyst attention and slack resources play a positive moderating role while market uncertainty plays a negative moderating role. Institutional environment has no significant impact on the relationship between corporate social responsibility differentiation and green innovation. Further research finds that corporate social responsibility differentiation promotes the independent green innovation of enterprises, but has no significant impact on the non-independent green innovation of enterprises. The results enrich the related literature of corporate social responsibility governance and green governance and also provide suggestions for different enterprises to choose more appropriate social responsibility strategy under the background of green transition.

This paper explores the technology spillover effect of outward foreign investment (OFDI) under the Belt and Road Initiative on Chinese provinces. Using the provincial OFDI data manually generated from China Global Investment Tracker and DEA-Malmquist indicators, we test the causal effect and mechanism behind OFDI under the Initiative on technology growth and technical efficiency, the two main invention drivers. Results show that under the Initiative, OFDI promotes technical efficiency, weakens technology growth, and structurally changes the way of provincial innovation. Specifically, technological growth in eastern provinces declines significantly, while western provinces benefit mainly from the promotion of technical efficiency. Although the Initiative promotes provincial industrial upgrading, fast economic restructuring couldn’t simultaneously enhance technological growth and improve technical efficiency. Based on factor allocation effect, provincial human capital grows significantly, reaching the threshold of technological absorption, and promotes technological innovation. Lack of R&D expenses seriously hinders technology growth. This paper provides empirical evidence and policy implications for provinces to effectively participate in the Initiative.

Research on the impact of second-generation characteristics on family business innovation is limited by several factors. First, existing studies often focus on the interaction effects of a single or a few second-generation characteristic variables due to methodological constraints, lacking a systematic and comprehensive analysis of multidimensional second-generation variables. Second, most research employs an explanatory perspective to infer causal relationships, while giving limited attention to systematic quantitative analyses from a predictive perspective. This study, adopting a predictive approach and employing machine learning methods, uses data from 2,369 publicly listed Chinese family firms to comprehensively examine the predictive impact of multidimensional second-generation characteristics on family business innovation. It further identifies the key second-generation characteristic factors that significantly influence the prediction of family business innovation levels and elucidates their predictive mechanisms. The findings indicate that: (1) among personal characteristics, the duration of second-generation involvement is a strong predictor of R&D investment, while second-generation age is a stronger predictor of R&D output; (2) in terms of succession methods, the second-generation’s shareholding ratio is a strong predictor of family business innovation levels; (3) the relationships between the second-generation shareholding ratio, age, involvement duration, and family business innovation levels exhibit non-linear characteristics. The conclusions of this study provide valuable insights for family businesses during the intergenerational succession period on how to enhance innovation capabilities through the role of the “successor”.

Facing the new generation of technological revolution coupled with the impact of the century epidemic, SMEs have to accelerate their digital transformation to survive and develop in the future. Aiming at the problem of digital gap that exists in the current digital transformation of SMEs in China, this study develops a mediated moderation model, focuses on discussing the functional path of SMEs’ digital transformation under the digital gap scenario, and focuses on analyzing the mediating role of the dual alliance network and the moderating role of the regulatory focus. Through the data analysis of 404 valid questionnaires from SMEs, it is found that the traditional digital transformation and digital jump are both affected by the digital divide; the dual alliance network plays the mediating role between the digital divide and digital transformation; regulatory focus not only suppresses the negative effect of the digital divide on the dual alliance network, but also positively moderates the mediating effect of the dual alliance network. From the perspective of the digital divide, the research provides specific ideas for the digital transformation of SMEs, which helps enterprises to more deeply analyze their own practical problems, as well as the realization process and function path of digital transformation.

This study designs a framework for predicting daily tourism demand in natural scenic areas considering the impact of public health emergencies using historical tourism traffic data, the number of confirmed COVID-19 infections, tourism-related and epidemic-related Baidu indices and weather and holiday data. Epidemic-related search engine data are introduced into tourism demand forecasting, and a new ADE-TFT interpretable tourism demand forecasting model is proposed, in which the Adaptive Differential Evolution (ADE) algorithm is used to intelligently and efficiently optimize the time domain temporal fusion transformer (TFT). TFT is an attention-based deep learning model that combines high-performance forecasting with interpretable analysis of temporal dynamics, presenting excellent performance in forecasting studies. The TFT model produces interpretable tourism demand forecasting outputs, including importance ranking of different input variables and attention analysis at different time steps. The interpretable experimental results show that the epidemic-related search engine data can fully reflect the level of tourists’ concerns about the epidemic during the during COVID-19 outbreak, and the findings provide theoretical support for high-precision prediction of tourism demand under the shock of public health emergencies.

Drawing on self-determination theory and social exchange theory, this study examines the internal and external factors that drive suppliers’ pro-relational opportunism (PRO) and the impact of PRO on the long-term orientation of brand firms. Scenario-based experiments are conducted to test the hypotheses. The results indicate that inter-organizational identification, suppliers’ perceived alternativeness, and managers’ utilitarianism and relativism all promote suppliers’ PRO. The effects of inter-organizational identification and suppliers’ perceived alternativeness on suppliers’ PRO are influenced by the types of stakeholders. Utilitarianism and relativism enhance the relationship between inter-organizational identification and suppliers’ PRO, as well as the relationship between supplier’s perceived alternativeness and PRO. Supplier’s relationship performance partially mediates the association between suppliers’ PRO and brand firms’ long-term orientation. The findings of this study provide theoretical and managerial implications for enterprises to gain a rational understanding of PRO behavior.

Based on theories in cross-cultural psychology, this study employs a data-driven topic model to compare how different content topics in online review texts of books affect the evaluation of review helpfulness by Chinese and American consumers. Using the Latent Dirichlet Allocation (LDA) topic model, we extract eight general topics about books from 50,270 reviews posted on the websites of Amazon China and Amazon USA. By comparing the impact of various topics on review helpfulness between Chinese and American reviews, we find that review content related to Reading Experience/Purchasing Advice and bilateral or neutral Attribute Evaluation is more useful to Chinese consumers than to U.S. consumers. By contrast, Chinese and American consumers do not differ in their assessment of the helpfulness of review content related to informational topics. These findings enrich the literature on cross-cultural comparisons of online reviews and factors influencing review usefulness. They could also help cross-border e-commerce retailers optimize the design of their online review systems by providing more targeted product reviews for consumers of different cultural background.

Based on conservation of resources theory and social identity theory, this paper builds a model to explore the mechanism of how perceived algorithm control affects the level of gig workers’ work engagement. By analyzing and testing 385 valid empirical data collected from takeout riders, online ride-hailing drivers and instant delivery workers, this paper examines the “double-edged sword” effect of perceived algorithmic control on the work engagement of gig workers. The results indicate that perceived algorithmic control has a “double-edged sword” effect on the work engagement of gig workers, perceived algorithmic control may, on the one hand, improve the role clarity of gig workers and, on the other hand, lower work engagement by causing a loss of work autonomy. Furthermore, perceived algorithmic procedure fairness may also strengthen the ability of perceived algorithmic control to improve gig workers’ work engagement through role clarity and mitigate its ability to weaken their work engagement through job autonomy, i.e., the higher the perceived algorithmic procedure fairness is, the better able perceived algorithmic control is to facilitate gig workers’ work engagement by increasing their role clarity, while the lower the perceived algorithmic procedure fairness is, the more likely perceived algorithmic control is to dampen gig workers’ work engagement by diminishing their job autonomy.

Family succession promotes changes in corporate governance structure. From the perspective of excess control rights, this paper uses a sample of A-share listed family companies from 2008 to 2021 to study the impact of intergenerational succession on the degree of family over-appointent of directors. The study finds that intergenerational succession leads to a significant increase of family over-appointment of directors, especially for the family companies that are being taken over by their second generation and have less children or no male children of actual controller. Further analysis finds that the family over-appointment of directors in intergenerational succession is mainly supported by the hypothesis of risk dispersion effect rather than control enhancement effect. This paper not only supplements the related research on the governance structure of family business succession, but also enriches the theoretical understanding and empirical evidence of the risk dispersion effect of excess control rights, and has certain reference value for the governance mechanism arrangement of family business succession.

Inclusive leadership is a leadership style that promotes and harnesses the power of diversity. In the context of employee diversity, inclusive leadership has attracted extensive attention from both researchers and practitioners as an emerging leadership style that maximizes the benefits of diversity. This paper presents a quantitative analysis of the knowledge base and research themes in inclusive leadership research, both domestically and internationally. Leveraging a sample of 330 inclusive leadership articles and 12,210 references from the Web of Science and China Knowledge Network (CNKI) databases, we employ bibliometric methods to explore annual trend, co-author analysis, geographical distribution, publication, co-citation analysis, keyword co-occurrence, and cluster analysis. The evolution of inclusive leadership research is visualized through keyword co-occurrence time zone map to compare the trajectory and trend over time (2006 to 2021) and the differences between those published in Chinese Journals and in overseas journals. Practical implications and future directions for inclusive leadership studies are discussed.

Drug quality is a key factor in ensuring public health, promoting economic development, maintaining social stability and safeguarding national security, and has always been highly valued by the government and society. In recent years, the frequent occurrence of drug safety issues has exposed the shortcomings of government departments in supervision and the inadequacy of drug testing mechanisms. Drawing upon the framework of government rewards and punishments, this paper delves into the evolutionary trajectory of production selection strategies employed by pharmaceutical enterprises manufacturing identical drugs, particularly in the context of rent-seeking behaviors. By constructing a Moran process stochastic evolutionary game model, the probability of mutual invasion between the strategy of producing high-quality drugs and the strategy of producing low-quality drugs under the dominance of expected income and external factors is calculated. Simulation analysis is conducted using Matlab 2022. The research finds that: first of all, when the rent-seeking cost is higher than a certain critical value, producing high-quality drugs will become a dominant strategy in the sector, and the critical value of rent-seeking cost is higher under the dominance of expected returns. Secondly, when the government exerts a high penalty, producing high-quality drugs is more likely to become an evolutionary stable strategy. With the decrease of the penalty amount, the strategy of producing low-quality drugs gradually invades the strategy of producing high-quality drugs. Thirdly, when the production cost of high-quality drugs is higher than the sum of the production costs and losses of low-quality drugs, the strategy of producing high-quality drugs will prevail only if the number of pharmaceutical companies is below a certain critical value. What’s more, for small populations, under the dominance of expected returns, the strategy of producing high-quality drugs keeps dominant. Under the dominance of random factors, the dominant strategy depends on the intensity of government supervision. Finally, combined with the stochastic evolutionary game process and simulation results, countermeasures and suggestions are put forward for improving the quality and production level of pharmaceutical enterprises.

In view of the manufacturers’ greenwashing problem disrupting the market order of green supply chain, this paper establishes an evolutionary game model for consumers’ environmental behavior choices and manufacturers’ green production decision under Sales Platform Eco-labels (i.e. SPE-labels) - a disclosure tool for emerging environmental policy. A supervision mechanism between platform and consumer is established to guard against manufacturers’ greenwashing, and the important factors affecting manufacturers’ behavior and supervision intensity are analyzed. The results show that consumers’ green behavior and manufacturers’ production decisions are mainly affected by utility discounts, the total of reputational rewards and punishments, and the gap between product costs. Specifically, when consumers are more concerned about green products and give reputational rewards and punishments actively, greenwashing will get controlled effectively. Therefore, in order to give play to the linkage role of the e-commerce platforms and the consumers, this paper introduces a platform-consumer joint supervision model to explore the evolutionary stability strategy under the platform-consumer cooperative supervision. The gap between the costs, between the benefits and the total fines under loose supervision, and the reputational rewards and punishments under joint supervision model are critical factors which affect the equilibrium of evolutionary games. The evolution time of the equilibrium strategy can be shortened by increasing platform information transparency, improving responsiveness to consumer complaints, and increasing penalties. This paper provides some inspiration and suggestions for the decision makers in e-commerce market.

The safety and smooth flow of key shipping channels is a prerequisite for supply chain operations. The grounding of Ever Given led to a six-day blockage of the Suez Canal, disrupting the international trade and logistics supply chain seriously. It set the highest record for container shipping in terms of vessel tonnage, congestion degree, and economic loss. This paper scrutinizes the whole process of the grounding of Ever Given and the structural risks faced by the Suez Canal route. The impact is analyzed from the perspectives of the chain reaction of global supply chain, the international crude oil price fluctuation, large-scale congestion in ports, the rapid growth of shipping price, and impacts on China’s foreign trade. Then, this paper summarizes the implications of this blockage for global supply chain risk management, and provides guidance for impact assessment and emergency management of the possible disruptions caused by other blockages of key shipping channels.

At present, supply chain resilience has become an important factor affecting the stable connection between farmers and supermarkets, as well as the long-term development of the supply chain. Analysis shows that the game between farmers and supermarkets faces a “prisoner’s dilemma”, where the decision of the investing party is influenced by the decision of the non-investing party, and even free riding behavior occurs. The probability of the evolutionary game evolving towards the direction where neither party invests is higher. Therefore, this paper introduces the government as the governance party to strengthen the guidance of resilient investment behavior, and establishes a tripartite evolutionary game model consisting of the government, supermarkets and farmers, with the government as the regulatory body. At the same time, the concept of “resilience benefit value” is proposed and a tripartite evolutionary game model of the government, farmers and supermarkets is introduced. By discussing the evolution trend of the “Farming-Supermarket” Docking system and analyzing the final stable evolution strategy, this study investigates the factors that affect the resilience investment decisions of farmers and supermarkets, as well as the different regulatory strategies adopted by the government. It analyzes the probability of farmers and supermarkets adopting corresponding resilience investment behaviors under different regulatory strategies adopted by the government, and proposes countermeasures and suggestions for the government to govern the resilience investment behavior of “Farming-Supermarket” Docking, empowering the government to promote resilience development. The government’s adoption of reasonable governance measures can encourage both farmers and supermarkets to actively engage in resilience investment, thereby forming a positive interaction among the government, farmers and supermarkets. The conclusions and suggestions have reference value for resisting current disturbance risks and potential destructive emergencies, and improving the resilience of the “Farming-Supermarket” Docking supply chain.

As an important implementing entity of the military civilian integration strategy, military industry enterprises need to quickly transform their organizational roles to construct a situational awareness of military civilian integration, which becomes the key to promoting efficient allocation of military civilian resources and consolidating military civilian innovation. This paper takes Beiben Heavy Duty Truck as the case study object, using the theory of sense-making and resource-focused action to reveal the process mechanism of the generation and behavioral response of organizational military civilian conversion ideas, aiming to provide theoretical reference for enterprises to successfully achieve military civilian conversion and promote deep integration of military and civilian. The findings are as follows: (1) The emergence of constraints such as resource barriers, operational mechanism barriers, and military civilian dual integration barriers has triggered managers to construct their role cognition of military civilian transition through the process of sense-making, and to promote the formation of shared cognition of military civilian transition from the ideological level through interaction with the organizational layer. (2) The organizational layer adopts actions such as “resource assembly”, “resource arrangement”, and “resource coordination” based on cognition to promote enterprises to break resource constraints. (3) The continuous emergence of military civilian transition barriers and the adaptability adjustment of organizational strategies and actions promote the transition of organizations from relying on military civilian transition to interactive military civilian transition, and then to coupled military civilian transition. The research results of this paper can contribute to the research gap caused by insufficient consideration of the mechanism of military civilian transition in the existing literature. Based on this, the thinking and action transformation path of military industrial enterprises extracted not only deepens the theory of military civilian integration, but also provides a solution for enterprises to break through the production boundary of military civilian products.

The routines replication has gradually become a key part of collaborative innovation in technological innovation network. However, latecomers that simply adopt the routine template of leading enterprises will inevitably fall into the replication dilemma. In order to solve this replication dilemma, this paper selects four enterprises to conduct a multi-case comparison research based on the paradox management theory, and explores the paradoxical choices in the process of routines replication and innovation catalysts. The research finds that: in order to realize the value co-creation among the organizations of technological innovation network, the conventional routines replication and flexible routines replication are usually used for value-added adjustment, and their strategic responses are quite different. The routines replication has different ego-network selection preference, closed-specialization network is the optimal network configuration for conventional routines replication, and open-diverse network is the optimal network configuration for flexible routines replication. The generations of structural holes, closing of structural holes, experiential learning and vicarious learning create the dynamic matching with network configurations, which amplify the effect of the optimal configurations of closed-specialization network and open-diverse network, and transform closed-diverse and open-specialization networks to the optimal ego-network configurations. The matching of joint dependence and selective bricolage are the network behavior of conventional routines replication, the matching of asymmetric dependence and parallel bricolage are the network behavior of flexible routines replication. They provide two different paths to realize the innovation catalysts in innovation ecosystem. The conclusion has important theoretical and practical significance for the latecomers to catch-up and construct the innovation ecosystem in China.