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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 （391）      PDF （1242KB）（283）       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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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 （342）      PDF （1381KB）（358）       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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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 （296）      PDF （1620KB）（440）       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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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 （277）      PDF （1215KB）（167）       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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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 （272）      PDF （1750KB）（192）       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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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 （253）      PDF （2649KB）（138）       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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Has the Green Credit Policy Promoted Substantive Green Innovation in Enterprises? Yang Yanping, Wang Jiazheng Management Review    2025, 37 (8): 117-130.   Abstract （248）      PDF （1347KB）（135）       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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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 （219）      PDF （1163KB）（161）       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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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 （216）      PDF （1241KB）（121）       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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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 （213）      PDF （4257KB）（133）       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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How Artificial Intelligence Affects Corporate Disruptive Green Innovation: A Knowledge Recombination Perspective Zhou Yuan, Dai Xingliang, Xu Guannan Management Review    2025, 37 (11): 206-218.   Abstract （208）      PDF （1315KB）（112）       Knowledge map    Disruptive green innovation (DGI) is essential for achieving carbon neutrality goals; however, its development is constrained by the dual challenges of externalities and substantial knowledge burdens. Artificial Intelligence (AI), with its potential to act as an “invention of a method of invention,” raises important yet underexplored questions concerning whether and how it influences firms’ DGI. Drawing on the knowledge recombination perspective, this study develops a theoretical framework to elucidate the mechanisms through which AI technologies can facilitate DGI at the firm level. To empirically validate this framework, we utilize panel data from China’s A-share listed manufacturing firms spanning 2007 to 2019. To improve measurement accuracy, we employ the BERT machine learning model to analyze corporate annual reports and construct firm-level AI adoption indicators, while the disruptiveness of green innovation is measured using the CD index derived from patent citation networks. The results reveal that AI significantly promotes DGI, primarily through dual pathways of expanding knowledge search breadth and deepening knowledge search depth. Heterogeneity analysis demonstrates that AI’s positive effects on DGI are more pronounced in regions with advanced digital infrastructure, weaker environmental regulation intensity, and firms receiving higher R&D subsidies. This study deepens the understanding of AI’s role in driving DGI at the micro-enterprise level, providing empirical evidence and theoretical insights for fostering synergistic development of intelligent and green transformation in corporations. 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 （207）      PDF （3323KB）（435）       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 （201）      PDF （1255KB）（140）       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

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Research on the Mechanism of How Digital-Green Synergistic Transformation Influences Firm Performance in Manufacturing Sector Zhang Zhiwei, Zhang Ning, Xiao Tusheng Management Review    2025, 37 (11): 67-80.   Abstract （196）      PDF （1184KB）（113）       Knowledge map    The digital-green synergistic transformation (referred to as “dual synergy”) in manufacturing firms is an inevitable requirement for developing new quality productive forces and advancing high-quality development, as well as a critical pathway to enhance corporate competitiveness. Existing studies, both domestic and international, have separately explored the impacts of digital and green transformations on the performance of manufacturing enterprises, yet research on the impacts of dual synergy transformation remains scarce. This paper, based on data from China’s A-share listed manufacturing firms from 2007 to 2022, constructs a dual synergy index for manufacturing firms using the coupling model method and empirically tests the impact of dual synergy on firm performance. The findings reveal a nonlinear U-shaped relationship between dual synergy and firm performance, where positive benefits emerge only after a threshold is crossed. Mechanism analysis indicates that both efficiency and cost channels mediate this relationship: dual synergy first suppresses and then promotes efficiency (U-shaped), while initially increasing and subsequently reducing costs (inverted U-shaped), thereby influencing performance. Environmental regulation and industrial structure rationalization moderate the U-shaped relationship between dual synergy and firm performance, with stronger environmental regulation and higher industrial structure rationalization flattening the curve. Heterogeneity analysis shows that the U-shaped relationship holds for both heavily and non-heavily polluting firms (more pronounced in the latter), as well as for firms in central/eastern regions and high-tech industries, but not for western regions or non-high-tech firms. This study provides empirical evidence for theoretical and practical research on dual synergy and offers strategic insights for manufacturing firms to enhance competitiveness. Reference | Related Articles | Metrics

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Research on the Impact of Enterprise Digitalization on Capacity Utilization from the Perspective of Investment Efficiency Zhu Guilong, Chen Zili, Ouyang Fang Management Review    2025, 37 (7): 15-28.   Abstract （193）      PDF （1243KB）（165）       Knowledge map    Using a sample of manufacturing companies listed on the Shanghai and Shenzhen A-share markets from 2008 to 2022, this paper explores the relationship between enterprise digitalization and capacity utilization rate from the perspective of investment efficiency. The results show that digitalization can improve investment efficiency, specifically by curbing over-investment and under-investment. Digitalization acts on over-investment and under-investment via different mechanisms: it curbs over-investment by enhancing corporate governance levels and alleviates under-investment by easing financing constraints. Digitalization can increase capacity utilization, with investment efficiency playing an intermediary role. The capacity-enhancing effect of digitalization is more pronounced in companies that do not have a dual role of CEO and board chair, non-state-owned enterprises, and those with high external financing dependence. The findings of this paper not only enrich related research but also provide new insights for improving capacity utilization and addressing overcapacity. Reference | Related Articles | Metrics

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Executive Pay Gap and Enterprise Digital Transformation: Evidence from A-share Listed Companies Rui Zhengyun, Zhang Yunpeng Management Review    2025, 37 (7): 178-188.   Abstract （188）      PDF （1994KB）（160）       Knowledge map    Based on the data of Shanghai and Shenzhen A-share listed companies from 2008 to 2020, this paper empirically tests the impact of executive pay gap on enterprise digital transformation and its action path. Research shows that both the internal and external pay gaps of senior executives significantly promote the digital transformation of enterprises. The conclusion is still valid after a series of endogeneity and robustness tests. The channel mechanism test shows that the executive pay gap can promote the digital transformation of enterprises by improving the radical degree of corporate strategy and enhancing the quality of internal control. The moderating effect test shows that the size of the firm and the business social capital of the executive team play a negative moderating role. This study not only enriches the literature results related to the executive pay gap and enterprise digital transformation, but also provides experience and enlightenment for enterprises to improve the executive pay system and corporate governance system in the process of digital transformation. Reference | Related Articles | Metrics

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Capital Market Internationalization and Corporate Financialization—Empirical Evidence from A-share Inclusion in Mingsheng Indexes Dai Pengyi, Yang Shenggang, Liu Quanrui, Xing Enze Management Review    2025, 37 (8): 16-26.   Abstract （187）      PDF （1187KB）（113）       Knowledge map    This paper selects Chinese A-share listed companies from 2011 to 2021 as the research sample, and uses the inclusion of A-shares in the Mingsheng Emerging Markets Index (MSCI) in 2018 as a quasi-natural experiment of capital market internationalization, and employs a double-difference model to examine the impact of capital market internationalization on corporate financialization and its mechanism. Capital market internationalization is found to significantly reduce corporate financialization. The mechanism test finds that capital market internationalization has a positive governance effect on corporate financialization by enhancing the information content of stock prices and the efficiency of information transmission, increasing the transparency of corporate information and alleviating corporate financing constraints. Heterogeneity analysis shows that the governance effect of capital market internationalization on firms’ allocation of financial assets is more pronounced among non-state-owned firms and firms exposed to stronger industry competition. Further research finds that capital market internationalization can contribute to the improvement of firms’ total factor productivity by inhibiting firms’ financialization. The research in this paper provides new theoretical support for how capital market internationalization can stop economic entities being distracted from their intended purpose. Reference | Related Articles | Metrics

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How does Digital Economy Promote the High-quality and High-benefit Development of Agriculture?—Evidence from Sample Data of 30 Chinese Provinces Zhang Mingyu, Wu Zheng, Su Zhiwen, Zhang Yihua Management Review    2025, 37 (12): 16-27.   Abstract （185）      PDF （1175KB）（115）       Knowledge map    As digital economy accelerates its penetration into agriculture and rural areas, it has become a crucial engine for promoting high-quality and high-benefit development of agriculture. How does the digital economy facilitate this agricultural advancement? Based on an in-depth interpretation of the connotation of high-quality and high-benefit development of agriculture, this paper systematically analyzes the mechanism by which digital economy promotes agricultural development. Using data from 30 Chinese provinces from 2011 to 2022 as research samples, we empirically examine the promoting effects of digital economy on high-quality and high-benefit development of agriculture. The main conclusions are as follows: First, digital economy can directly promote high-quality and high-benefit development of agriculture. This promoting effect is stronger in central regions, plain areas, and areas with higher levels of industrialization. Second, digital economy can indirectly promote high-quality and high-benefit development of agriculture by fostering agricultural technological innovation and enhancing rural entrepreneurship levels. Third, the promoting effect of digital economy on high-quality and high-benefit development of agriculture exhibits non-linear characteristics. Rural human capital positively moderates the relationship between digital economy and high-quality and high-benefit development of agriculture. When rural human capital surpasses 6.635, the promoting effect of digital economy development on high-quality and high-benefit development of agriculture undergoes a structural leap. This study helps reveal the mechanism by which digital economy affects high-quality and high-benefit development of agriculture, providing valuable policy insights for leveraging digital economy to promote agricultural advancement. To promote high-quality and high-benefit development of agriculture, efforts should be made to accelerate the construction of new digital rural infrastructure, stimulate the momentum of agricultural technological innovation, deepen support policies for rural entrepreneurship, and enhance the level of rural human capital. Reference | Related Articles | Metrics

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Exertion or Hesitation? A Dual-path Model of Leadership Emergence on Employees’ Job Performance Lv Ledi, Ji Shunhong, Gao kai, Zhang Haomin Management Review    2025, 37 (9): 137-148.   Abstract （182）      PDF （1276KB）（114）       Knowledge map    Owing to the increasingly dynamic and complex external environment, informal leadership is beneficial to teams in effectively changing procedures and coordination, which is favored by practitioners and scholars. However, dispute exists regarding whether leadership emergence can improve employees’ job performance, so the relationship between them and its mechanism need to be further explored. Drawing on the cognitive appraisal theory and through 507 dyads (87 supervisors and 507 subordinates), we examine the dual-path model of leadership emergence, involving strengthening path and weakening path, to explain why and when leadership emergence affects employees’ job performance. The results show that leadership emergence not only improves employees’ strengths use which in turn increases employees’ job performance, but also aggravates employees’ image risk, which in turn decreases employees’ job performance. In addition, distributed leadership can enhance the positive indirect effect of leadership emergence on employees’ job performance via strengths use, and buffer the negative effect of leadership emergence on employees’ job performance via image risk. These findings offer significant implications for theoretical research and practices. Reference | Related Articles | Metrics

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Supply Chain Finance and Corporate Debt Risk: The Perspective of Maturity Mismatch of Investment and Financing Ling Runze, Pan Ailing, Wang Hui Management Review    2025, 37 (10): 210-222.   Abstract （181）      PDF （1272KB）（76）       Knowledge map    In recent years, more and more attention has been paid to the question of how to prevent and resolve corporate debt risks. As an important tool to serve the high-quality development of the real economy, supply chain finance has also received widespread attention. Using the data of A-share listed companies, this paper examines the role of supply chain finance in preventing debt risk from the perspective of maturity mismatch of investment and financing. It is found that the implementation of supply chain finance strategy can significantly restrain enterprises from maturity mismatch of investment and financing, and the effect of two-way supply chain finance and digital supply chain finance is better. Extended test finds that supply chain finance reduces maturity mismatch of investment and financing by increasing operating cash flow and equity financing. The inhibitory effect of supply chain finance on maturity mismatch of investment and financing is more significant for enterprises with weak long-term debt financing capabilities and strong short-term debt financing capabilities. The inhibitory effect of supply chain finance on maturity mismatch of investment and financing can reduce the business risk and financial risk of enterprises, and improve the financial performance and investment efficiency. This paper not only enriches and expanded the research on the mechanism of supply chain finance serving the real economy and the influencing factors of maturity mismatch of investment and financing, but also provides empirical evidence and policy reference for enterprises and government departments to scientifically reduce corporate debt risks, prevent systemic financial risks and better use supply chain finance to serve the high-quality development of the real economy. Reference | Related Articles | Metrics