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Can Data Assets Be Securitized—Discussion on Four Feasible Modes Hu Zhengqing, Sun Zhan, Huang Qianqian, Yi Chengqi, Yu Shiyang Management Review    2024, 36 (12): 37-46,59.   Abstract （923）      PDF （10683KB）（295）       Knowledge map    With the rapid development of the data element market, the commercial value of data elements is gradually being paid attention to and recognized by enterprises. As an important asset, data has become one of the key elements that cannot be ignored in the process of enterprise development. The value realization path of data elements from resource to asset and then to securitization has opened up a new financing channel for enterprises. This paper attempts to analyze the concept, feasibility and possible potential risks of data asset securitization. On the basis of innovative practical experience, four models of data asset securitization are exploratorily proposed, and the operating mechanism, main characteristics and applicable enterprises of each model are discussed in depth. Then we deeply explore the operating mechanism, main characteristics, and applicable enterprises of each model, and propose the relevant supporting policies and regulatory mechanisms that can support the high-quality development of data asset securitization in the future, in the hope of providing useful reference for the high-quality development of data asset securitization in China. Reference | Related Articles | Metrics

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The Impact of Digital Transformation on Enterprise Financial Performance: The Mediating and Moderating Roles of Dynamic Capabilities Wang Kaiyang, Sun Zhuo, Chen Pengcheng Management Review    2024, 36 (12): 249-262.   Abstract （520）      PDF （11466KB）（86）       Knowledge map    In the context of the digital economy, enterprises seek to enhance their financial performance through digital transformation. By constructing a financing-production decision-making model under the condition of random fluctuations in business results, this paper reveals the internal mechanism by which digital transformation affects financial performance through dynamic capabilities, and points out the moderating and mediating roles of financial flexibility, as a specific dimension of dynamic capabilities, in the process of performance improvement. Based on the A-share panel data from 2007 to 2020, this paper tests the theoretical model, and the empirical study finds that: first, digital transformation can improve the adaptability of enterprises to market environment fluctuations, and thus can significantly improve the financial performance of enterprises; second, financial flexibility plays both mediating and moderating roles in the above process, and enterprises with financial flexibility can better improve their financial performance by implementing digital transformation. This paper helps to enrich the theory about the role of digitalization in enterprise management and provides relevant enlightenment for better exerting the role of enterprise digital transformation. Reference | Related Articles | Metrics

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Quantitative Assessment and Optimization Paths of Data Factor Policies Based on the PMC Index Model Zhang Xi, Shi Yanwen, Du Wanli, Sun Kexin, Wang Xuyan, Zhang Te, Pian Yutong, Wang Qiuren Management Review    2024, 36 (12): 3-14.   Abstract （468）      PDF （10413KB）（90）       Knowledge map    China’s data factor market is still in its early stage of development, making scientifically-based policy formulation crucial for its stable growth. This paper employs content analysis to examine 28 national-level data factor policies as of the end of 2023 and utilizes the PMC index model for quantitative evaluation. The results indicate that 5 policies achieved a perfect level, 16 were rated excellent, and 3 were acceptable. There remains room for improvement in the diversity, comprehensiveness, balance, and sustainability of these policies. This paper proposes the following recommendations: First, to address the insufficient coverage of certain stakeholders in previous policies, a more inclusive cooperation mechanism should be established to ensure active participation from all parties in developing the data factor market. Second, to enhance the support for technological tools and service scenarios, which were rated lower in previous policies, future policies should further strengthen these areas. Third, given the high scores in risk management and lower scores in value creation, future policies should focus on improving efficiency and value creation while ensuring security and control. Fourth, to address the lower scores in long-term planning within policy timeliness, the sustainability of future policies should be enhanced. Reference | Related Articles | Metrics

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Literature Review and Prospects of Social Media Marketing: A Comprehensive Analysis of Core Database of Web of Science and CNKI Wang Yonggui, Wang Haoyue, Yang Jianglin, Liu Junqin Management Review    2024, 36 (8): 146-160.   Abstract （442）      PDF （1481KB）（673）       Knowledge map    In the era of the digital economy, the use of social media has transcended its traditional role in user communication and opinion sharing. Increasingly, enterprises are harnessing social media as a powerful marketing tool to improve their efficiency and enhance their brand assets. Consequently, social media marketing has attracted more attention from scholars and managers. However, research that aims at constructing a holistic framework for social media marketing is still in its exploratory stage, with several key issues to be resolved. Based on the core database of Web of Science and CNKI, this paper meticulously analyzes 1,472 pieces of English literature and 519 pieces of Chinese literature to construct an integrated framework for social media marketing research. The theoretical foundations of social media marketing research are summarized from three perspectives:individual perspective, interaction perspective and contextual perspective. Furthermore, the influencing factors are elucidated from four dimensions:consumers, enterprises, platforms and society, and the significant role is expounded from three dimensions:enterprise benefits, consumer benefits and society benefits. In addition, this paper explores the mediating effects of product innovation, brand assets and perceived value, as well as the moderating effects of societyrelated factors, enterprise-related factors, customer-related factors and technology-related factors. Then this paper further highlights the main issues in the existing social media marketing research and identifies future research directions to provide insights for developing more systematic theory of social media marketing and guiding social media marketing practices in future. Reference | Related Articles | Metrics

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Data Elements Empower Enterprise Innovation: From the Perspective of Internal and External Resources Chen Lili, Zhang Ruoqi, Rong Ke Management Review    2024, 36 (12): 15-25.   Abstract （352）      PDF （10948KB）（204）       Knowledge map    Giving full play to the role of data elements to empower enterprise innovation and development is an important channel for the high-quality development of China’s economy. Based on the data of A-share listed companies from 2007 to 2022, this paper measures data elements from four dimensions, namely, data element stock, data development capability, data-driven business application, and data value realization, respectively, to explore the impact of data elements on enterprise innovation. It is found that data elements are conducive to improving corporate innovation. From the perspective of internal resources, data elements significantly reduce the level of information asymmetry, which in turn promotes enterprise innovation, and executives with information technology backgrounds are better able to utilize data elements to reduce the level of information asymmetry in enterprises, which in turn better promotes enterprise innovation. From the perspective of external resources, data elements enhance innovation by reducing the concentration of the enterprise supply chain and obtaining more diversified external resources. Further research finds that data elements are more effective in promoting innovation for firms in growth and decline periods, firms in non-polluting industries, and firms in cities with better digital economy development. The research provides evidence on how enterprises can realise independent innovation and how data elements can empower the real economy to develop at a high quality. Reference | Related Articles | Metrics

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Executives' Overseas Experience and Corporate Innovation Wang Ren, Zhou Yuting, Chen Jiajing, Huang Ruiqin, Zhang Shaoyong Management Review    2024, 36 (11): 98-109.   Abstract （342）      PDF （1284KB）（198）       Knowledge map    With the acceleration of global economic integration, innovation has become the core of corporate competitiveness. The existing literature explores the impact of executives’ background on corporate innovation mostly from the perspective of their social relationships, but seldom from the perspective of their personal experiences. Can executives’ overseas experience promote corporate innovation? What are the underlying mechanisms? This paper finds that the overseas experience background of executive teams can promote corporate innovation, and there is heterogeneity in this promotion effect, which is more significant in non-state-owned enterprises. In the mechanism test, it is found that the background of the executive team’s overseas experience promotes corporate innovation by alleviating their firm’s financing constraints, suppressing the degree of management myopia, and improving their firm’s risk-taking ability, and that external support positively regulates the financing constraints, and negatively regulates the management myopia and risk-taking. The findings of this paper will provide theoretical basis and practical guidance for improving the allocation structure of corporate managers to promote corporate innovation. Reference | Related Articles | Metrics

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Pricing Strategy of Platform Cross-market Competition Qiao Yue, Yu Wenshi Management Review    2024, 36 (9): 3-13.   Abstract （310）      PDF （1469KB）（360）       Knowledge map    In the age of the digital economy, cross-market operation is a common way for platform enterprises to expand their business. In the context of cross-market competition, this paper constructs a multi-stage game model in a two-sided market to study the optimal pricing strategy of platform enterprises when a cross-market network effect exists, and analyzes the influences of cross-market network effect and cross network externality on platforms. The findings are as follows. The cross-market platform can always charge positive prices to users on both sides in the new market, but whether they charge or subsidize users in the original market depends on the size of the cross-market network effect. With the increase of the cross-market network effect, the profit in the original market of the cross-market platform decreases, while the profit in the new market and total profit increase accordingly. When the cross-market network effect is large, the profit of the cross-market platform in the original market is negative. Still, the total profit is positive and the total profit is greater than that of its competitors. This paper can provide a new perspective for studying the pricing strategies of platforms. Reference | Related Articles | Metrics

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Algorithmic Control, Facades of Conformity and Gig Workers' Service Performance: The Moderating Effects of Perception of Challenge and Hindrance Stress Guo Tongmei, Guo Qiuyun Management Review    2024, 36 (11): 194-205.   Abstract （293）      PDF （1309KB）（106）       Knowledge map    In the era of the new gig economy, algorithms have become a crucial link between platform enterprises and gig workers, serving as a key mechanism for controlling and rewarding gig workers. Gig workers under algorithm control are task-oriented and lack emotional commitment to the platform enterprises, leading them to respond to algorithm control through surface compliance and resulting in lower service performance. Drawing upon resource conservation theory, this study aims to explore facades of conformity behavior of gig workers under algorithm control and examines its mediating role between algorithm control and service performance. Additionally, this study finds that the perceived challenge and hindrance stress of gig workers moderate the relationship between algorithm control and surface compliance. The empirical findings suggest that algorithm control positively promotes gig workers’ facades of conformity, which in turn leads to lower service performance. However, when gig workers perceive algorithm control as a challenging stress, it reduces their facades of conformity behavior. On the other hand, perceiving algorithm control as hindrance stress intensifies gig workers’ surface compliance. These results provide insights into the behavioral strategies and psychological perceptions of gig workers under algorithm control, offering practical implications for platform enterprises to optimize algorithm control strategies and the platform ecosystem. Reference | Related Articles | Metrics

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Venture Capital-driven Transformation of Scientific Achievements in Hard Technology Enterprises: A Case Study of the Xiguang Model of Zhongke Chuangxing Guo Xin, Yu Mei, Bian Jiangze, Qiao Han, Zhang Xiaoxu Management Review    2024, 36 (9): 261-273.   Abstract （277）      PDF （1363KB）（184）       Knowledge map    In the development strategy driven by technological innovation, exploring how to fully leverage the role of technology incubators and accelerate the achievement transformation of hard technology enterprises has important practical significance. This paper takes the “Xiguang Model” of Zhongke Chuangxing as a research case to explore the path and mechanism of the transformation of scientific and technological achievements in hard technology enterprises, as well as the important role of venture capital in its model. It is found that introducing venture capital can accelerate the innovation and development of hard technology enterprises. At the same time, the appreciation of enterprise valuation can attract more capital to enter, forming a new circular development model of capital driven innovation. However, hard technology enterprises have the characteristics of high development risks and long development cycles, and the transformation of scientific and technological achievements requires continuous financial investment. Therefore, the development of hard technology enterprises needs to rely on relevant channels such as national policies and financial finance. Moreover, to solve the “financing difficulties” of hard technology enterprises, it is not only necessary to guide more social capital to participate through the leverage of state-owned capital, but also to fully leverage the role of market-oriented resource allocation. The case enterprise has promoted the development of hard technology enterprises through the “talent+technology+capital+service” four in one technological achievement industrialization model, and achieved its own growth, further enhancing its social service capabilities. The research in this paper lays the foundation for the development theory of hard technology enterprises with Chinese characteristics and provides a policy basis for the relevant decision-making departments. Reference | Related Articles | Metrics

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The Impact of Digital Transformation on Organizational Resilience—The Moderating Effects of Financial Slack and Managerial Myopia Yang Wei, Wang Wenjie Management Review    2024, 36 (8): 200-211.   Abstract （266）      PDF （1357KB）（456）       Knowledge map    Enhancing organizational resilience is key to the survival and development of enterprises in an uncertain environment. In the digital economy era, whether and under what circumstances digital transformation can improve organizational resilience is a topic of common concern for academic research and business practice. Based on panel data from Chinese A-share listed companies on the Shanghai and Shenzhen stock exchanges from 2010 to 2021, this study investigates the impact of digital transformation on organizational resilience, as well as the moderating effects of financial slack and managerial myopia. The study shows that digital transformation has a significant positive impact on organizational resilience; financial slack can strengthen the positive impact of digital transformation on organizational resilience; managerial myopia can weaken the positive impact of digital transformation on organizational resilience. This paper broadens the research on the antecedent variables related to organizational resilience and enriches the theoretical understanding of digital transformation in enterprises, providing valuable insights for both theory and practice. Reference | Related Articles | Metrics

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Will “Celebrity Image” Make Intelligent Voice Assistants More Popular with Consumers? —The Mediation of Flow Experience Du Wei, Zhu Xinfan Management Review    2024, 36 (9): 129-140.   Abstract （260）      PDF （1358KB）（312）       Knowledge map    Artificial intelligence applications represented by intelligent voice assistants are rapidly rising around the world, bringing convenience to consumers and opening up new business models for enterprises. As market competition intensifies, intelligent voice assistants have also experienced serious homogeneity and high content overlap. Previous product design ideas that only met the functional needs of consumers were difficult to establish an advantage in competing products. In order to solve this problem, companies combined products with celebrity images. This paper studies the influence of “celebrity image” and “AI image” on consumers’ intention to use and its internal mechanism from the perspective of product image. This study finds that intelligent voice assistants using celebrity images enjoys a higher intention of use by consumers. The flow experience plays a mediating role in this process. Consumer innovation and emotional attachment have moderating effects on this mediating pathway. The conclusion of this paper enriches the relevant research on the product image of intelligent voice assistants, analyzes the specific reasons for the influence of intelligent voice assistant’s “celebrity image” and “AI image” on consumers’ intention to use, develops a new theoretical research path for the celebrity effect in the artificial intelligence application design, and formulates theoretical guidance for marketing strategies. Reference | Related Articles | Metrics

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How does Leader Perfectionism Affect Employee Performance?—A Study of a Serial Moderated Dual Pathway Model Zheng Lixun, Wang Yanfei, Guo Zisheng, He Guohua, Zhu Yu Management Review    2024, 36 (8): 173-184.   Abstract （257）      PDF （1348KB）（392）       Knowledge map    To better cope with the fierce market competition, more and more enterprises encourage or require employees to finish their work as per high standards. Although many studies have discussed the intrapersonal effect of perfectionism, there is still a lack of attention to its interpersonal effect in workplace interaction. Based on social information processing theory, this study explores how leader perfectionism influences subordinates' job performance. A three-wave survey of 75 team leaders and 272 direct subordinates shows that leader perfectionism could affect subordinates' work overload and task reflexivity through performance pressure, then influence their job performance, and self-efficacy of subordinates moderates the above two mediating paths. By clarifying the mechanism of how leader perfectionism affects subordinates' job performance and the boundary conditions, this study provide a more comprehensive and dialectical perspective for understanding workplace perfectionism and a practical guide for organizations to promote the positive influence of leader perfectionism and avoid its negative impact. Reference | Related Articles | Metrics

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The Effect of Exploitative Leadership on Employee Green Creativity: The Roles of Self-serving Cognition and Emulation Propensity Peng Jian, Nie Qi Management Review    2024, 36 (9): 151-161.   Abstract （247）      PDF （1424KB）（140）       Knowledge map    Carbon peak and carbon neutralization are two important national strategic goals in China (i.e., dual carbon goals). Employees’ green creativity, which refers to the generation of novel and useful ideas about green product, technology, service, and practices, is considered the micro-basis of the achievement of national dual carbon goals. As such, identifying negative predictors of employee green creativity can help inspire managers on how to remove obstacles in the process of achieving the “dual carbon” goals. Based on the social learning theory, we expect that exploitative leadership hinders employees’ green creativity because exploitative leadership make employees learn self-serving cognition, resulting in the lack of sufficient resources that are necessary for the generation of green creative ideas. Based on three-wave data from 203 employees and their leaders, the results of multi-level analysis show that: exploitative leadership is negatively related to employees’ green creativity, and employees’ self-serving cognition mediates the above relationship. In addition, the above indirect relationship depends on employees’ emulation propensity. When employees have a higher (vs. lower) tendency to emulate their leaders’ behaviors, the indirect relationship between exploitative leadership and employee green creativity through employee self-interest cognition is stronger (vs. weaker). This study promotes the enrichment of the theoretical system of green creativity from the perspective of negative leadership, while reminding managers to avoid some leadership-related barriers in the green creative process. Reference | Related Articles | Metrics

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Measurement of Regional Green Development and Exploration of Its Spatial Network Su Yi, Fan Qiming Management Review    2025, 37 (2): 19-30.   Abstract （246）      PDF （10618KB）（112）       Knowledge map    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. Reference | Related Articles | Metrics

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SOE Involvement, Difference in Regional System and M&A Process—From the Legitimacy Perspective Ding Jiayan, Su Yiyi, Zhang Qinghua Management Review    2024, 36 (8): 3-14.   Abstract （236）      PDF （1200KB）（310）       Knowledge map    Based on the legitimacy perspective, this study employs domestic merger and acquisition (M&A) events of China's A-share listed companies from 2000 to 2019 to examine the effect of state-owned enterprise (SOE) involvement on the success rate and completion time of domestic M&As, as well as the moderating effect of regional institutional difference. Empirical results show that on the one hand, domestic M&As with SOE involvement have an advantage in gaining legitimacy and hence a higher success rate, but on the other hand, such M&As take a longer time to complete because of SOE's rigorous decision-making and strict investigation process. Furthermore, the positive effect of SOE involvement on the success rate a M&A transaction is more significant when the two sides of the transaction operate under distinctly different regional systems, which is an indirect reflection of SOE's unique role in bridging differences in regional systems. Taking the level of SOEs into account, we find that both central SOEs and local SOEs can improve the success rate of M&A, and the effect of central SOEs is greater. Moreover, local SOE involvement will prolong the M&A process, but central SOE involvement will not. This study not only provides a new perspective for understanding domestic M&A process that involves SOEs, but also enriches the legitimacy management literature. Reference | Related Articles | Metrics

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The Cyclical Transition Characteristics of the Bull and Bear States in China's Stock Market: Based on the DMCPSO-HSMM Model Yang Jie, Feng Yun, Yang Hao Management Review    2024, 36 (11): 3-13.   Abstract （235）      PDF （3327KB）（1005）       Knowledge map    This paper studies the periodic transition of the state of China’s stock market and discusses the time-varying distribution characteristics of returns of CSI300 in depth. By introducing the dynamic population reorganization based on the K-means + + clustering algorithm and the chaotic search strategy into the standard particle swarm optimization algorithm, a dynamic multi-population chaotic particle swarm optimization algorithm is proposed, and the initial values of hidden semi-Markov model are further optimized based on this algorithm. The empirical analysis shows that there exist three states in China’s stock market, namely the bear, bull, and volatile markets. A bull market generally follows a bear market, and after a bullish situation, the market has a greater probability of turning to a volatile situation. The volatile state and the bearish state play key roles in the leptokurtic and heavy-tailed characteristics of the stock market, respectively. Based on the decoding results, a mode transformation network is constructed using the coarse-grained method, and key hub modes are identified. Further analysis is conducted on the co-movement of bull and bear states of large-, medium-, and small-cap stocks. There is a significant cyclical polarization between large-cap and medium-or small-cap stocks. Finally, we propose a more accurate out-of-sample forecasting method for the hidden semi-Markov model and prove the practical value of our model via a simple market timing strategy. Reference | Related Articles | Metrics

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The Structure and Evolution of Industrial Embodied Carbon Emission Flow Network in China under the Constraint of Carbon Peaking Wang Zhaohua, Wang Shuohan, Li Hao, Wang Song, Zhang Shuang Management Review    2025, 37 (4): 3-16.   Abstract （234）      PDF （11018KB）（202）       Knowledge map    The upstream and downstream of the industrial production process are highly correlated, so changing the existing production process is bound to bring about transformations in the whole industrial system. Therefore, in order to achieve the carbon peak in the industrial sector, it is necessary to study the embodied carbon emission flow relationship between different industries to promote carbon emission reduction collaboratively. In this paper, we compile China’s input-output tables of 2025 and 2030 based on GRAS method and use expanded environment input-output model (EEIO) and social network analysis method (SNA) to identify the characteristics of the structure and evolution of the embodied carbon emission flow networks of China’s industrial chain during 2010 to 2030. The results show that during 2010 to 2030, the embodied carbon emissions of the power sector show a rapid rising trend, while those of petrochemical, chemical, non-metallic mineral products, smelting and pressing of mental decrease between 8% and 30%. As for the perspective of network structure, chemical, non-metallic mineral products and mental smelting and pressing sectors are the main embodied carbon “importers”, while electric power, chemical and special equipment manufacturing sectors are the main embodied carbon “suppliers”. Electric power sector, chemicals and specialized equipment manufacturing contribute 40% of the intermediation capacity in embodied carbon emission network. Under the constraint of carbon peak target, the center of embodied carbon network is gradually transferred to the tertiary industry, and electric power, service and transportation sectors become important “bridge” in the process of embodied carbon transfer. Reference | Related Articles | Metrics

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A Causal Theoretical Framework Construction and Future Research Directions of Corporate Greenwashing Xie Xuemei, Chen Wenyan, Zhang Huimiao Management Review    2024, 36 (10): 9-21.   Abstract （227）      PDF （12361KB）（208）       Knowledge map    The proposal of the national strategic goal of “carbon peak and carbon neutralization” (hereinafter referred to as “double carbon”) urges enterprises to undertake the important task of building a “net zero carbon” country. However, in the process of realizing “net zero carbon”, the emergence of “corporate hypocrisy” which is represented by “greenwashing” needs to be effectively controlled. Therefore, how to identify greenwashing and its governance has become a core issue of enterprise management under the goal of double carbon. On this basis, this study takes 275 references related to greenwashing from the core database of Web of Science as research samples to systematically investigate the antecedent, behaviors, consequences and governance of greenwashing. Firstly, this study forms a logical connection from the perspective of cause and consequence which is derived from describing the development and evolution of research hotspots. Secondly, this study uses the theory of causality to construct a comprehensive theoretical framework of “Antecedents—Behaviors—Consequences—Solution” upon the thorough review. Finally, through summarizing the limitations of existing studies at home and abroad, the future research directions and suggestions for greenwashing governance in the context of China are proposed in a theoretical framework of TCCM (Theory—Context—Characteristics—Methodology). Reference | Related Articles | Metrics

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Mechanism of Value Co-creation in Construction Projects with the Integrated Digital Delivery Mode: A Service Ecosystems Perspective Wang Guangbin, Yang Yuchen, Zhang Wenjuan, Liu Gang, Cao Dongping Management Review    2025, 37 (1): 257-272.   Abstract （223）      PDF （1947KB）（114）       Knowledge map    In the context of national high-quality development requirements, value-driven strategies have become a pivotal direction in professional management in construction. Integrated Digital Delivery (IDD) is an innovative execution mode for realizing value delivery in construction projects. This study focuses on the value co-creation process within the IDD mode from a service ecosystems perspective, utilizing the Structured-Pragmatic-Situational case study methodology to establish a value co-creation mechanism model. This study reveals that: (1) the value co-creation within the IDD mode is based on a service ecosystem characterized by a loosely coupled actor-to-actor oriented network; (2) institutions govern the relationships between actors across regulative, normative, and cognitive dimensions, guiding decisions and actions based on project value; (3) digital technologies enable cross-phase collaboration, facilitating the integration and simplification of project workflows; (4) interaction is a crucial antecedent to value co-creation, enabling actors to engage in each other’s value creation processes; (5) the value emergence from the heteropathic resource integration is the cornerstone of value creation within the IDD mode. This study innovatively abstracts construction projects as service ecosystems, revealing how the IDD mode facilitates value co-creation through the interplay of various elements, and making a theoretical contribution to the studies of value co-creation in construction projects and the theoretical framework of service-dominant logic. Reference | Related Articles | Metrics

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Local Government Debt Expansion and Corporate Trade Credit Supply Wu Yuhui, Mo Yifan Management Review    2025, 37 (3): 3-16.   Abstract （220）      PDF （1240KB）（129）       Knowledge map    This paper empirically examines the impact of government debt expansion on corporate trade credit supply and its underlying mechanisms based on hand-collected and compiled comprehensive data on local government debt and financial data of non-financial listed companies on the Shanghai and Shenzhen stock exchanges from 2007 to 2019. The findings show that government debt expansion has a significant inhibitory effect on corporate trade credit supply, and the effect is more pronounced in enterprises that are non-state-owned, small-scaled, and exposed to less industry competition. The mechanism test reveals that the expansion of government debt scale aggravates the financing constraints, operational risks, and tax burdens of enterprises, thereby reducing their trade credit supply. Further research shows that government debt expansion shortens the supply period of trade credit and lowers its quality. This study provides reference and guidance for strengthening government debt governance and preventing systemic financial risks. Reference | Related Articles | Metrics