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Digital Technology Adoption and Employment Structure: Empirical Evidence from Listed Companies Guan Rong, Wang Heting, Wang Huijuan Management Review    2025, 37 (8): 3-15.   Abstract （378）      PDF （1242KB）（259）       Knowledge map    The transformation and development of enterprises applying digital technology is the kernel guarantee to promote the high-quality development of China’s digital economy, and the resulting impact and influence on the micro labor market is an issue that needs to be urgently resolved for the development of the country’s major strategies. Based on the data of Chinese listed companies from 2011 to 2020, this paper takes a micro perspective to explore the impact of digital technology application on the employment structure of enterprises and the mechanism underlying the impact. It is found that the application of digital technology has an “inverted U-shaped” relationship with the total number of employees and the number of unskilled employees, but there is a significant positive relationship with the number of skilled employees, indicating that the application of digital technology can help optimize the employment structure of enterprises and thus has an empowering effect. Further analysis reveals that the application of digital technology affects the employment structure of enterprises mainly by enhancing innovation capability, affecting the level of skill premium, and improving productivity. The spillover effect of digital technology on enterprises varies significantly, depending on their production scale, social burden and likelihood of being substituted. The relevant conclusions bring more empirical support for clarifying the mechanism of how digital technology influences the employment structure of enterprises, and provide certain policy insights for promoting the integration of digital technology with the real economy. Reference | Related Articles | Metrics

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Dynamic Analysis of Financial Innovation, Risks and Supervision Based on Tripartite Evolutionary Game Gong Qingbin, Diao Xundi, Wu Chongfeng Management Review    2025, 37 (7): 3-14.   Abstract （268）      PDF （1620KB）（425）       Knowledge map    Based on the strategic interaction and behavioral assumptions of financial institutions, investors and market regulators, a tripartite evolutionary game model of the financial innovation is constructed. The study establishes a time-varying return matrix for the game by taking account of the correlation between investor participation and market risk levels, as well as their impacts on participant behavior. With the dynamical system method, the equilibria of the model are solved, and the asymptotic stability conditions of equilibria are investigated. The result shows that the mixed strategies are not evolutionary stable strategies (ESS). The evolutionary dynamics are influenced by many factors such as the risk level of financial innovation, the efficiency of supervision, the innovation costs, and investment costs. In order to achieve the low-risk regulatory goals, regulators need to take measures to reduce regulatory costs, improve regulatory efficiency, and increase input costs of high-risk financial products. The numerical simulations further demonstrate the complexity of market dynamics under different parameter conditions, as well as the impact of regulatory policy on market evolution. When there are multiple equilibria, regulators should take several measures simultaneously by changing the initial market conditions and equilibrium stability conditions. This study enriches the theoretical research on financial innovation and regulation, and provides significant implications for formulating and adjusting regulatory strategies. Reference | Related Articles | Metrics

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The Impact of Artificial Intelligence Use on Employee Work Performance: Based on the Functional and Relational Perspectives Wei Wei, Yang Lele Management Review    2025, 37 (10): 162-173.   Abstract （264）      PDF （1381KB）（253）       Knowledge map    With the widespread use of AI in the workplace, AI has gradually become a collaborator in employees’ work and has a profound impact on employees’ behavioral performance. The impact of AI use on employees’ work performance still needs to be explored in depth. Based on social cognitive theory, this paper explores the mechanism of how AI use influences employee work performance from the functional perspective and the relationship perspective respectively. An independent research is conducted using scenario experiment method and questionnaire method. The results of scenario experiments show that AI use has a positive impact on employee work performance. The questionnaire results show that AI use has a positive impact on employee work performance through width self-efficacy, and AI use will also have a positive impact on employee work performance through process participation. Width self-efficacy and process participation play a mediating role in the impact of AI use on employee work performance. The indirect effect of AI use on employee performance through breadth self-efficacy and process participation is stronger when AI training is stronger.The research results further expand the research on the impact of AI use on employee performance, providing practical implications for employee performance management in the intelligent workplace. Reference | Related Articles | Metrics

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A Research into the Mechanism of How New Infrastructure Projects Drive Integrated Urban-Rural Development Wu Guobin, Li Yuhan, Yang Fan, Li Yulong Management Review    2025, 37 (9): 3-14.   Abstract （260）      PDF （1215KB）（161）       Knowledge map    New infrastructure has great potential to promote integrated urban-rural development. Based on the panel data of 31 provincial-level administrative regions in China from 2012 to 2021, this paper applies spatial lag modeling to test the mechanism of how new infrastructure drives integrated urban-rural development. The results demonstrate that the new infrastructure has a driving effect on integrated urban-rural development, and there is a significant spatial spillover effect. The three types of new infrastructure, namely information-based infrastructure, integrated infrastructure, and innovation infrastructure, all have a positive effect on integrated urban-rural development. Specifically, the effect of information-based infrastructure relies on the digital economy, the effect of innovation infrastructure relies on industrial structure upgrading, and the effect of integrated infrastructure can be transmitted through both the digital economy and industrial structure upgrading. Therefore, the investment and construction of the three types of new infrastructure should be planned scientifically, considering the digital economy and industrial structure of the region, and the interregional planning of new infrastructure should be strengthened, to give full play to the spatial spillover effect of the new infrastructure, and to promote integrated urban-rural development. Reference | Related Articles | Metrics

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Emission Reduction Effect of Low-carbon Transition in Power System: Analysis from the Perspective of Structure Optimization Zhang Guoxing, Gao Xiulin, Yang Yang, Yu Lean, Liu Chuanbin Management Review    2025, 37 (5): 3-16.   Abstract （255）      PDF （1501KB）（142）       Knowledge map    Promoting structural decarbonization of the power system, the largest source of CO2 emissions in China, is conducive to slowing down urban carbon emissions and realizing the carbon peaking and carbon neutrality goals. On the basis of decomposing the production data of all power plants of 6000 kW and above in China (14,570 plants in total) to the city level, this paper uses the panel data of 274 urban power production terminals from 2015 to 2019 to analyze the impact of low-carbon transformation of power system on urban carbon emissions and the spatial differences by using a spatial metro-logy model. With the aid of LMDI decomposition analysis, the future carbon emission paths of power systems in seven regions are predicted under two policy scenarios. The results show that:(1) Compared with thermal power generation, renewable energy generation can effectively reduce urban carbon emissions in Central, South, Southwest and Northwest China; (2) The clean transformation of power generation structure can effectively inhibit the increase of urban carbon emissions, and there is a positive spatial spillover effect. Specifically, when the share of renewable energy generation increases by 1%, urban carbon emissions fall by an average of 2.1%; (3) Regional policy scenario analysis shows that power systems in Northwest and Southwest China will be the first to achieve the peak of carbon emissions, while those in North and East China will be the last, and all regional power systems will achieve the peak goal successively in 2026-2030. At present, the overall proportion of clean energy power generation is still small, and it is necessary to fully tap and utilize the potential of wind, sunlight and other renewable energy power generation while promoting power generation technology innovation, and continue to enhance the positive role of renewables in urban carbon reduction and green governance. Reference | Related Articles | Metrics

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The Theoretical Logic and Level Measurement of New-quality Productive Forces Development under the Perspective of Artificial Intelligence Chen Xiaohong, Huang Chengdong, Yuan Yige, Tang Xiangbo Management Review    2025, 37 (11): 3-14.   Abstract （250）      PDF （1750KB）（180）       Knowledge map    Grasping the developmental patterns of productivity under the perspective of artificial intelligence holds significant value for propelling the qualitative transformation of productivity. This paper incorporates the transformative characteristics of AI into the theoretical analytical framework and systematically elucidates the conceptual connotations of the new type of productivity. Based on the three-factor theory of productivity, it reveals the theoretical logic through which the productivity system achieves qualitative leaps by renewing the connotations of its elements and optimizing their combinations, under the context of AI altering the modes of social production. On this basis, the paper further summarizes the measurement indicators of the three elements of productive forces from the perspective of AI and proposes a framework for measuring new-quality productive forces. It then uses this framework to assess the current state of new-quality productive forces at the provincial level. From a spatial dimension, the visualization of the characteristics of new-quality productive forces development reveals a polarization phenomenon among provinces and a stepwise development pattern of “coastal—riverine—inland” regions. Meanwhile, the regional imbalanced development of new-quality productive forces overlaps to some extent with that of economic levels, although some provinces at relatively lower economic levels have already shown a trend of using new-quality productive forces to achieve economic catch-up. This paper aims to enrich the theoretical system of new-quality productive forces and provide decision-making support for the practical application of AI in driving qualitative changes in productive forces by measuring the level of new-quality productive forces development. Reference | Related Articles | Metrics

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The Double-edged Sword Effect of the Use of Intelligent Machines on Employees'Work Engagement: A Stereotype Content Model Approach Zhan Xiaojun, Zhou Wenjun, Wang Tao Management Review    2025, 37 (5): 180-190.   Abstract （220）      PDF （2002KB）（176）       Knowledge map    The usage of intelligent machines (AI, robots, and algorithms) has changed the way employees work. Given the workplace complexity arising from the interaction between employees and intelligent machines, it is critical to understand how the usage of intelligent machines on their work engagement. Based on the stereotype content model, this study explores the double-edged sword effect of employees' perception of the usage of intelligent machines on their work engagement through 325 valid samples. The results show that for employees with low AI identity, the usage of intelligent machines reduces their warmth perception, thus inhibiting their work engagement; for employees with high AI identity, the usage of intelligent machines enhances their competence perception, thus promoting their work engagement. This paper opens the black box of the mechanism of how the usage of intelligent machines influences employees' work engagement and broadens the research field of stereotype content model, thus helpful for organizations to effectively combine intelligent machines with employee work, for employees to reasonably recognize intelligent machines, and for both organizations and employees to benefit from succeed artificial intelligence. Reference | Related Articles | Metrics

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A Study on Predicting Green Credit Default Risk of Publicly Listed Companies through a Hybrid Deep Learning Model Chen Wei, Zhou Quanshi, Chen Zhensong, Yao Yinhong Management Review    2025, 37 (9): 27-41.   Abstract （216）      PDF （2649KB）（128）       Knowledge map    In recent years, green credit has played an increasingly important role in promoting the construction of China’s green financial system and facilitating high-quality economic development. However, default activities of listed companies in green credit may pose a trust crisis in the financial market and hinder the achievement of the "dual carbon" goals. Therefore, accurately identifying and predicting the green credit default risk of listed companies has become a focus in both academia and the industry. To address this, this paper first constructs a comprehensive measure of default risk, by incorporating the proportion of green credit defaults and the credit ratings of entities. And we process feature engineering by excavating the characteristics of green credit data for listed companies. Subsequently, a hybrid deep learning model, named AE-MACNN-LSTM, is designed by incorporating an AutoEncoder mechanism and various neural networks to predict the green credit default risk of listed companies. Finally, an empirical test is conducted based on samples of A-share listed companies in China. The results indicate that the proposed method achieves significant improvements in multiple evaluation metrics, such as high recall rates and AUC values. This research provides a novel perspective for identifying and mitigating the green credit risk of listed companies, offering valuable insights for the government and investors to timely grasp the dynamics of corporate green credit. Reference | Related Articles | Metrics

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Institutional Foundations and the Spark of Innovation: A Commentary on the 2025 Nobel Prize in Economics Liu Meng, Liu Xielin Management Review    2025, 37 (10): 3-9.   Abstract （203）      PDF （1163KB）（157）       Knowledge map    This paper provides a systematic review of the foundational contributions made by Joel Mokyr, Philippe Aghion, and Peter Howitt, the 2025 Nobel laureates in Economics, to the understanding of “innovation-driven economic growth”. The three scholars jointly constructed a systematic framework for understanding how innovation drives economic growth from different dimensions: Mokyr, adopting a historical perspective, profoundly revealed the importance of the institutional environments and cultural beliefs that sustain innovation, emphasizing the foundational role of an open knowledge ecology and a culture of growth in nurturing sustained innovative dynamism; meanwhile, Aghion and Howitt, building on the Schumpeterian growth model, transformed the insight of “creative destruction” into verifiable micro-mechanisms, articulating the inverted-U relationship between competition and innovation and the “escape-competition effect”, which means firms engage in “quality‐ladder” type innovations in pursuit of monopoly rents, thereby constructing a dynamic balance between creation and destruction. Their research inherits and extends the theoretical traditions of Solow, Romer, Schumpeter, and the institutional school, collectively demonstrating that sustained economic growth depends on an ecosystem that fosters innovation, tolerates failure, and ensures the free flow of knowledge. The institutional implications for China’s new era of innovation-driven high-quality economic development are as follows: To achieve a strategic shift from the “catch-up paradigm” to the “frontier paradigm”, it is necessary to move beyond simply increasing research and development investments. The focus must be on fostering a culture that encourages exploration, establishing a fair and competitive market mechanism, and implementing tailored industrial policies that align with different stages of development. These efforts will lay a solid institutional and cultural foundation for leading innovation. Reference | Related Articles | Metrics

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Has the Green Credit Policy Promoted Substantive Green Innovation in Enterprises? Yang Yanping, Wang Jiazheng Management Review    2025, 37 (8): 117-130.   Abstract （198）      PDF （1347KB）（99）       Knowledge map    Green credit policy is an important means of achieving carbon neutrality and high-quality economic development through the allocation of financial resources. This paper divides green technology innovation into substantive innovation and strategic innovation, and uses the difference in differences method to test the impact of green credit policies on substantive green innovation before and after the implementation of the 2012 Green Credit Guidelines as well as and the mechanism underlying the impact. The research results are as follows. (1) Green credit policies promote substantial innovation in enterprises and improve the quality of green patents, but inhibit the increase in the number of green patents. (2) Green credit policies significantly promote substantive green innovation by increasing research and development investment and alleviating financing constraints; Meanwhile, increasing R&D investment can alleviate to some extent the inhibitory effect of green credit policies on strategic green innovation. In addition, there exists a chain intermediary mechanism of “green credit → financing constraints → R&D investment → substantive green innovation”. (3) The analysis of enterprise heterogeneity shows that state-owned enterprises are more inclined towards strategic innovation; From the perspective of enterprise emissions, enterprises at different levels of pollution have the same impact on substantive green innovation; Labor-intensive and capital intensive enterprises respond significantly to green credit policies across different industries and their response promotes substantial green innovation. Reference | Related Articles | Metrics

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Digital Intelligence-driven Retail Ecosystem Model and Its County-level Practice: The Case of Yidu Tian Xin, Lu Zhaoxu, Ren Jianing, Tao Ye, Sheng Huizhan Management Review    2025, 37 (5): 265-276.   Abstract （198）      PDF （1660KB）（182）       Knowledge map    Analyzing the chain retail business models under the commercial environment of a county and promoting the digital and intelligent transformation of local retail enterprises is helpful for the county's economic growth, labor employment, and the cultivation of new quality productive forces in retail. We take the fat headquarters-thin store model, virtual retail model, and ecosystem retail model based on virtual business theory as the theoretical framework, and conduct a case study on Yidu, the only county-level retail enterprise that ranks among the top 20 convenience stores in China. We systematically summarize the business model of county chain convenience stores from the perspectives of development strategy, site selection, assortment management, data decision-making, community group buying, and business intelligence of chain retail operations. On this basis, we propose a retail ecosystem model driven by data and intelligence. Our research findings transcend the limitations of traditional convenience store theory, which posits that convenience stores are primarily concentrated in core urban areas and developed regions. We also expand the research on county-level retail, business ecosystems, and new quality productive forces in retail. In this way, we provide retail business models and a path for counties to accelerate the development of the distribution industry, promote labor employment, and drive regional economic growth. Reference | Related Articles | Metrics

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An Investigation of the Inverted U-Shaped Relationship between Digital Transformation and Top Management-Employee Pay Dispersion Li Conggang, Chen Meng, Xu Rong Management Review    2025, 37 (6): 27-39.   Abstract （195）      PDF （1393KB）（139）       Knowledge map    Grounded on the optimal contract and organizational change perspectives, this study investigates the effect of digital transformation on top management (TM)-employee pay dispersion. Based on the data from Chinese listed companies between 2007 and 2020, the results reveal an inverted U-shaped relationship between digital transformation and TM-employee pay dispersion. Besides, this inverted U-shaped relationship is strengthened by enterprise-employee relationship, that is, the stronger the enterprise-employee relationship, the steeper the inverted U-shaped relationship. Further deconstruction analysis shows that TM pay increases linearly with increasing levels of digital transformation, whereas employee pay decreases first and then increases with increasing levels of digital transformation, showing a U-shaped relationship. Our findings deepen the understanding of common prosperity in digital transformation. Reference | Related Articles | Metrics

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Costs of Bottom-line Mentality: The Cross-level Effect of Supervisor Bottom-line Mentality on Employees’ Performance Zhang Lei, Yang Hongtao, Yao Nan, Shi Hangyu Management Review    2025, 37 (8): 155-166.   Abstract （195）      PDF （1241KB）（115）       Knowledge map    The narrow cognitive mode of supervisor bottom-line mentality in the workplace has increasingly garnered attention due to its destructive nature. The effectiveness of supervisors’ bottom-line mentality at the team level in predicting employees’ individual-level work performance warrants investigation. This study utilizes the affective events theory to develop a cross-level moderated mediation model. Employing a paired sample comprising 64 supervisors and 300 employees, this study investigates the relationship between supervisor bottom-line mentality and employees’ work performance, emphasizing the mediating influence of employee anger and the moderating impact of team mindfulness. The findings indicate that supervisor bottom-line mentality has negative effects on employees’ work performance. Employee anger plays a mediating role in the relationship between supervisor bottom-line mentality and employees’ work performance. Team mindfulness negatively moderates the impact of supervisors’ bottom-line mentality on employee anger. Furthermore, the indirect relationship above is negatively moderated by team mindfulness such that such a relationship is weakened when team mindfulness is high. Reference | Related Articles | Metrics

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The Formation Path and Mechanism of Cross-border Integration of Business Models in the Context of Digital Transformation: Hybrid Research Based on Grounded Theory and fsQCA Wang Bingcheng, Sun Yuxin, Zhao Jingyi Management Review    2025, 37 (5): 277-288.   Abstract （191）      PDF （1326KB）（300）       Knowledge map    Digitization has blurred industry boundaries and promoted industrial integration. Many enterprises choose to gain competitive advantages through cross-border integration of multiple business models. However, existing researches lack a systematic analysis of its driving factors and formation paths. This paper first uses classical grounded theory to extract the driving factors for cross-border integration of business models in the context of digital transformation, and then uses a combination of NCA and fsQCA methods to configure and analyze these factors, in order to explore the formation path and mechanism of cross-border integration of business models in the context of digital transformation. The findings are as follows. (1) The cross-border integration of business models in the context of digital transformation is influenced by resource and capability factors such as unabsorbed slack resources, cross-border knowledge search and digital technology embedding, external environment insight, organizational coordination flexibility and employee skill malleability; (2) The above six factors cannot constitute the necessary conditions for cross-border integration of business models, but improving external environmental insight and cross-border knowledge search level plays a relatively universal role in achieving cross-border integration of business models; (3) There are four groupings that drive the cross-border integration of business models, which can be categorized as stepby-step, employee-technology matching, rapid advancement, and flexible response based on the extension of employees' skills, led by the dual elements of cross-border knowledge resources and environmental insights. The research conclusion provides systematic thinking and useful insights for enterprises on how to achieve cross-border integration of business models in the context of digital transformation. Reference | Related Articles | Metrics

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How to Cope with the Stigma of Entrepreneurial Failure? The Repair of Entrepreneurial Failure by Impression Management Strategy Xiong Zhuang, Yang Shiqi, Lu Jintao, Yan Junzhou, Wang Pengju Management Review    2025, 37 (6): 104-113.   Abstract （189）      PDF （1746KB）（62）       Knowledge map    Existing studies have not formed a systematic theoretical explanation for the mechanism of impression management strategies affecting the stigma of entrepreneurial failure. Through two experiments, this study explores the impact and boundary conditions of impression management strategies on the legitimacy of subsequent entrepreneurship of failed entrepreneurial firms in the context of being stigmatized by entrepreneurial failure. Results show that: compared to the defensive strategies in impression management, acquisitive strategies have a better effect in alleviating the negative impact of entrepreneurial failure stigma on the legitimacy of subsequent entrepreneurship. Adopting acquisitive strategies on the basis of defensive strategy implementation has a more significant effect on promoting the legitimacy of subsequent entrepreneurship. Corporate reputation plays a mediating effect in the relationship between impression management strategy and subsequent entrepreneurial legitimacy. When suffering from low stigma level, a single type of impression management strategy can alleviate the negative impact of stigma of entrepreneurial failure; when suffering from high stigma level, two strategies are required at the same time to significantly enhance the legitimacy of subsequent entrepreneurship. The conclusions provide theoretical guidance for entrepreneurial failure enterprises to implement impression management strategies to cope with failure stigma. Reference | Related Articles | Metrics

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The Relationship between the Usage of Environmental Games and Normative Environmental Motivation—A Longitudinal Experimental Investigation of Gamification Intervention Qi Hang, Si Teng, Wang Guangchao, Shao Shuai, Ma Shoufeng Management Review    2025, 37 (6): 238-251.   Abstract （188）      PDF （1415KB）（110）       Knowledge map    Under the background of the digital economy, the environmental games represented by Ant-Forest have led the gamification fashion of environmental protection, which is also an example of the technology-empowered environmental governance innovation. Although previous studies have confirmed that environmental games promote pro-environmental behavior, most of the existing studies are cross-sectional surveys, which can hardly smooth out the dispute about the relationship between the continuous use of environmental games and the normative environmental motivation, and to confirm the short-term and long-term effects of gamification interventions. This study recruits 141 subjects who have rare experience with Ant-Forest and first organizes a two-stage randomized field experiment. In the first stage (30 days), the subjects are randomly assigned to four experimental groups to receive corresponding experimental treatments and participate in a questionnaire survey before and after the experiment. In the second stage (110 days), all subjects do not receive any intervention and only participate in the follow-up survey at the end. A series of statistical analyses indicate that (1) normative environmental motivation can significantly positively predict the willingness to use environmental games a month later, but the willingness to use environmental games cannot predict normative environmental motivation in the future; (2) gamification intervention significantly improves the environmental concern and psychological ownership of players, and it is sustainable after the intervention is weakened or even disappear, while the traditional intervention, environmental appeals, can only significantly improve the environmental concern. (3) A negative interaction effect is observed between gamification intervention and environmental appeals. Therefore, gamification intervention with extremely low social and economic costs can be an effective alternative to environmental appeals. However, the government still needs to take comprehensive measures to train the public to “form a lasting and universal green lifestyle”. This study makes certain theoretical contributions to the exploration of the internal mechanism of how the sustainable use of environmental games influences players’ psychology and motivations. Reference | Related Articles | Metrics

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“Chengyi” in Brand Communications—Theoretical Construction and Scale Development of Consumers’ Perceived Sincerity Yang Sixiao, Song Kun, Lu Cheng Management Review    2025, 37 (6): 128-140.   Abstract （187）      PDF （4958KB）（431）       Knowledge map    As Chinese consumers pay more attention to the experience in brand communications, the word “Chengyi” frequently appears in consumer reviews. The marketing communication of international brands in the Chinese market is especially easy to trigger the problem of “Chengyi”. Although “Chengyi” has long been regarded as a key concept by brands, it is rich in meaning in the Eastern discourse system, and the field of marketing management lacks in-depth explanation and application of “Chengyi” from Chinese cultural roots. This study proposes the significance of Consumers’ Perceived Sincerity in brand communication. Based on the review of Confucian literature, this construct is defined formally. Using interviews and questionnaire surveys, this study develops the Consumers’ Perceived Sincerity Scale and determines its four-dimension structure. The reliability and validity of the scale are tested and prove to be well-performing. Through theoretical analysis and empirical research, the construct is distinguished from similar constructs in previous studies. In addition to providing a measure for further investigation of Consumers’ Perceived Sincerity, this study provides a new perspective and framework for brand analysis and management of marketing communications. Reference | Related Articles | Metrics

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How does the Coupling Effect of Digital Transformation and Green Transformation Promote New-quality Productivity?—A Mixed-methods Study Based on the Dynamic Capability Theory Chen Yantai, Hao Yajie, Pan Dapeng Management Review    2025, 37 (11): 27-40.   Abstract （181）      PDF （4257KB）（118）       Knowledge map    Against the backdrop of deep integration between the global digital economy and green economy, the dual transition (synergistic digital and green transformation) has emerged as a core pathway for driving new quality productive forces. This study constructs an evolutionary game model to analyze the preconditions for government, enterprises, and digital service providers during the dual transition, revealing the mechanism through which this synergy promotes new quality productive forces. Key findings indicate that embedded innovation of green and digital technologies, self-reinforcing dynamic feedback of cost-benefit structures, and innovation ecosystems built through multi-agent collaborative networks are crucial for advancing new quality productive forces. Using FENGDENG as a case study, we dissect an enterprise’s evolution from singular green transition to dual transition, demonstrating how its “mutual-construction and co-change” mechanism between green dynamic capabilities and new quality productive forces achieves win-win economic-environmental outcomes. This research provides theoretical guidance and practical references for Chinese enterprises implementing dual transition. Reference | Related Articles | Metrics

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A Case Study on the Ecological Dominance of Technologically Leading Enterprises in Emerging Technology Innovation Ecosystems He Jianhong, Su Yuan, Li Lin, Gao Ping Management Review    2025, 37 (8): 276-288.   Abstract （181）      PDF （3323KB）（429）       Knowledge map    Enabling technologically leading enterprises to acquire and maintain ecological dominance in the emerging technology innovation ecosystem is an important measure for nurturing “chain leaders” and enhancing the autonomy of the innovation chain industry chain. However, this goal often faces challenges such as dynamic environmental changes, resource misallocation within the enterprise, and strategic misalignment. The paper, based on the “Condition-Action-Outcome” analytical approach, takes CATL as a case study, and divides the process of acquiring and maintaining dominance in the emerging technological innovation ecosystem into two stages: “riding on the wind” and “achieving long-term success.” It explores how CATL, guided by strategic thinking, orchestrates resources to acquire and sustain its dominance, and constructs a process model for technologically leading enterprises to gain and maintain dominance in emerging technological innovation ecosystems. The findings are as follows. First, the coupling of the external industrial environment and technological environment opens a window of opportunity for enterprises to develop strategic foresight and strategic symbiosis thinking based on different stages of ecosystem dominance development. Second, implementing different resource orchestration methods based on the resource differences at various development stages is key to improving resource orchestration efficiency, locking in and amplifying existing advantages, and thereby acquiring and maintaining ecosystem dominance. The research conclusions provide valuable insights for technologically leading enterprises in acquiring and maintaining dominance in emerging technology innovation ecosystems in a complex and ever-changing environment, thereby providing beneficial guidance for nurturing and growth of technologically leading enterprises. Reference | Related Articles | Metrics

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The Value Effect of Hidden Champions: Enterprise Specialized and Sophisticated Transformation and Total Factor Productivity Du Yaguang, He Ying, Guo Mengnan, Zhang Xiaozhe Management Review    2025, 37 (7): 29-43.   Abstract （177）      PDF （1255KB）（131）       Knowledge map    To prevent the disorderly expansion of capital and accelerate the resolution of bottleneck issues, the government encourages small and medium-sized enterprises (SMEs) to pursue a specialized and sophisticated path of high-quality development. However, the research on the enterprise specialized sophisticated transformation is still in the exploratory stage. Based on partial industry-listed firms on China’s SME board, ChiNext board, and Science and Technology Innovation board from 2011 to 2020, we construct evaluation indicators for enterprise specialized and sophisticated transformation and empirically explore the impact of enterprise specialized and sophisticated transformation on total factor productivity. The paper finds that the degree of enterprise specialized and sophisticated transformation is positively associated with total factor productivity, which arises from improving the efficiency of internal capital allocation and labor production. In addition, the relationship is enhanced under lower financing constraints, industry competition intensity, industrial intelligence level, and non-state-owned enterprises. Specifically, compared to ordinary small and medium-sized enterprises, the transformation of “Little Giant” enterprises significantly promotes total factor productivity. Moreover, specialized and sophisticated transformation helps enhance the firm’s value. Our conclusion enriches the literature on hidden champions and niche winners and has useful reference for promoting the high-quality development of SMEs. Reference | Related Articles | Metrics