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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.  
    Abstract847)      PDF (10683KB)(276)      
    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.
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    Research on the Interaction between Resource Cluster and Innovation Network Based on Spatial Metrology
    Jin Lei, Zhang Lu, Chen Jin, Chang Yuanhua, Zhang Qiang, Bai Yu
    Management Review    2024, 36 (5): 64-74.  
    Abstract322)      PDF (2584KB)(121)      
    It is quite challenging for China to find out how to change the resource-based industrial cluster or use regional innovation net-works to avoid path locks and achieve sustainable development. This study uses DEA method to measure the economic development effi-ciency of resource-based industrial cluster and the innovation efficiency of regional innovation network. Based on the spatial factors, this study builds a spatial econometric model of resource-based industrial cluster and regional innovation network to explore the mechanism of how the spatial spillover effect caused by factors such as technology, people, and information acts on resource-based industrial cluster and regional innovation network. The study finds that cluster and regional innovation network in resource-based cities have a significant “siphonic effect”; regional innovation network has a significant supporting effect on resource-based cluster, and resource-based cluster contributes less to regional innovation network; technology, infrastructure and people in regional innovation network have a significant spatial spillover effect, while the spatial spillover effect of resource-based industrial cluster is not significant.
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    Categorization and Pricing of Data as a Factor of Production: An Economic Model Approach
    Wang Jinzhao, Zhang Xiaoyang, Dou Yifan, Huang Lihua
    Management Review    2024, 36 (7): 3-11.  
    Abstract301)      PDF (2027KB)(326)      
    This paper discusses the pricing of data as a factor of production in the process of circulation with a stylized economic model. This paper differentiates the public data pricing, which aims at maximizing social welfare, and the commercial data pricing, which aims at maximizing profit. The model reveals two important takeaways: first, the goals of social welfare maximization and profit maximization may converge in the data economy, which crucially depends on the data quality of the supply side and the data “digestion” and utilization ability of the demand side; secondly, with the improvement of data quality, the price gap between welfare maximization and profit maximization does not change monotonically. Under a certain threshold, the gap grows even larger. The root cause behind this result lies in the uniqueness of the data element—the data itself comes from all citizens, and it may also bring new value and profit to all citizens through integration with other elements. The above conclusions are expected to bring directional implications for the current and future phase of public data operations.
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    How to Manage Organizational Identity Ambiguity in State-owned Enterprises?—A Longitudinal Case Study Based on Nanxing
    Xiao Mimi, Huang Feifei, Jia Liangding
    Management Review    2024, 36 (7): 261-274.  
    Abstract298)      PDF (1800KB)(238)      
    State-owned enterprises (SOEs) are the backbone of China’s economic development. The “state-owned” nature of these enterprises imbues them with a high degree of institutional dependency, necessitating the maintenance of an ambiguous organizational identity to adapt to the highly uncertain changes in the institutional environment. This paper employs a case study methodology to analyze the identity ambiguity management process of a state-owned enterprise from 2004 to 2021. The study finds that identity ambiguity exists in various states within SOEs, following an evolutionary path from “opacity→means ambiguity→multivocality→boundary ambiguity.” The interaction between managers and organizational members acts as a driving mechanism for the evolution of states of identity ambiguity. The strategies adopted by senior managers include activating fission, selective response, constructing counter-identities, and emotional resonance, whereas the reactions of organizational members encompass self-examination, group differentiation, intra-group segmentation, and emotional identification. Through effective guidance by managers, identity ambiguity plays a positive role in attracting participation in identity discussions, constructing internal negotiation spaces, reasonably limiting the scope of interpretation, and shaping cross-boundary integration characteristics. By adopting an internal perspective to study the process of identity change in state-owned enterprises, this research serves as an effective complement to existing studies that have been conducted from an external legitimacy perspective. It also enriches the research on the positive aspects of identity ambiguity, providing theoretical insights and practical implications for understanding the organizational identity transformation of SOEs and promoting their high-quality development.
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    A Two-level Pricing Model for Public Data Products and Services under the Authorized Operation System
    Wang Jinxiao, Chen Gang, Tang Ke
    Management Review    2024, 36 (7): 12-23,42.  
    Abstract273)      PDF (2476KB)(361)      
    The authorized operation system of public data has become an important part of leading the circulation of public data and unleashing the vitality of the digital economy. The pricing of public data products under the authorized operation system has attracted widespread attention from society. Taking practical needs as the starting point, this paper establishes a two-level pricing model for public data products from the perspective of the entire lifecycle of public data operation for the first time, based on the two-level development model of public data. According to the cost-premium method of value evaluation, public data product prices are divided into two parts: the premium for authorized usage fee for primary development and the premium for technical service fee for secondary development. At the same time, the value evaluation of public data resources is included in the price formation mechanism, and a public data resource value evaluation system is constructed based on the Analytic Hierarchy Process and Fuzzy Comprehensive Evaluation Method (AHP-FCEM). The practical process of the two-level pricing model is demonstrated through a specific example. Finally, corresponding policy recommendations are proposed following the two-level pricing model and value evaluation system.
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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.  
    Abstract264)      PDF (10948KB)(152)      
    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.
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    Pricing Strategy of Platform Cross-market Competition
    Qiao Yue, Yu Wenshi
    Management Review    2024, 36 (9): 3-13.  
    Abstract245)      PDF (1469KB)(308)      
    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.
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    The Influence of Streamers' Emotional and Cognitive Communication on Consumers' Purchase Behavior in E-commerce Livestreaming
    Shi Wenhua, Huang Laien, Lv Tingjie, Hu Mingyao
    Management Review    2024, 36 (5): 113-125.  
    Abstract237)      PDF (1398KB)(573)      
    As live e-commerce livestreaming develops into a mature sales model, streamer's verbal skill has become a key factor influen-cing consumers' live purchase behavior. Based on information processing theory, this study explores how the positive emotional commu-nication, negative emotional communication and cognitive communication of streamers affect consumers' purchase behavior. The study finds that positive emotional communication and cognitive communication have a positive effect on consumers' purchase behavior, and there is an interaction effect between them. In addition, the study also finds that type of streamers (in-house personnel vs outside celebrity) and type of products (private consumer goods vs public consumer goods) have a moderating effect. Consumers are more likely to be influ-enced by emotional communication for celebrity streamers and public consumer goods, and more likely to be influenced by cognitive com-munication for in-house streamers and private consumer goods. This study enriches the research on emotion and cognition in the field of e-commerce livestreaming, and expands the practical application of information processing theory in e-commerce livestreaming. The find-ings are of great guiding significance for live streamers to develop an appropriate verbal pattern, for producers to select an effective lives-treaming strategy, and for audiences to shop rationally.
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    The Impact of Digital Economy Development on Residents’ Consumption: An Empirical Study Based on City-level Panel Data in China
    Wang Yaoyao, Yang Ying, Jia Ruining, Zhang Xiaokong, Chai Jian
    Management Review    2024, 36 (6): 67-80.  
    Abstract230)      PDF (1298KB)(226)      
    China has been experimenting with the transition from an investment-driven economic development mode to a consumption-driven mode. With the digital reconstruction of production mode, it is practically imperative to address the challenging question of how to explore the “digital dividend” and improve residents’ consumption. Based on this, we aim to explore the impact of digital economy development on residents’ consumption and its internal mechanism. Specifically, we use the observation of the 2088 city-year panels formed by 232 cities from 2011 to 2019, and conduct an empirical research by building a panel fixed effect model and a spatial econometric model. The results show that: (1) the digital economy development can boost residents’ consumption through the “income effect” and the “innovation effect”, which is still true after eliminating endogenous problems; (2) the digital economy development has a significant impact on the residents’ consumption in neighboring areas, namely, a positive spatial spillover effect; (3) the digital economy has a heterogeneous impact on residents’ consumption. For highly-developed regions, the digital economy development has a more significant effect on consumption promotion. This study contributes to the in-depth understanding of the important role of digital economy development and provides an important theoretical basis and policy reference for the digital transformation to release the residents’ consumption potential.
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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.  
    Abstract214)      PDF (1348KB)(314)      
    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.
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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.  
    Abstract214)      PDF (3327KB)(357)      
    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.
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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.  
    Abstract208)      PDF (1200KB)(305)      
    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.
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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.  
    Abstract205)      PDF (1357KB)(428)      
    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.
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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.  
    Abstract202)      PDF (1424KB)(127)      
    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.
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    Data Trading, Vertical Artificial Intelligence and Economic Growth
    Yuan Jian, Duan Wei
    Management Review    2024, 36 (6): 3-18.  
    Abstract200)      PDF (1397KB)(192)      
    This paper delves into the economic incentives of data trading by developing an endogenous growth model that incorporates data as a factor in combination with AI. It examines the application of corporate data in the training of generalized AI to create vertical AI. Furthermore, the study investigates the differences in data trading incentives between in-house training models and those trained models provided by specialized AI service providers, as well as their respective impacts on the economy. It is found that, on the one hand, the combination of data and AI reinforces the growth effect in the data economy. On the other hand, compared to the in-house training model, firms have a higher willingness to sell data when trained by the AI service provider, which in turn increases the scale of the data trading and ultimately drives an increase in the level of total output. Further analysis suggests that the key driver behind these differences is the contribution of specialized data. It is observed that only within the training model facilitated by specialized AI service providers, the willingness of firms to engage in data trading increases in tandem with the rising contribution of specialized data. This paper expands the endogenous growth mechanism of the data economy and provides a reference for the design of incentive mechanisms for data trading centers.
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    Research on the Circulation and Revenue Sharing Mechanisms of Data Elements: An Example of Integrating Meteorological Data in Wind Power Scenarios
    Wang Yanzhi, Huang Jingsi, Wang Jianxiao, Gao Feng, Song Jie
    Management Review    2024, 36 (6): 30-41.  
    Abstract198)      PDF (1637KB)(232)      
    In the context of accelerating the construction of a unified national data element market in China, the design of a data transaction and circulation model that suits the country’s specific conditions, along with a corresponding revenue sharing mechanism, has not yet been fully explored. This paper starts by setting up a data element transaction model based on the commonly recognized three main parties in the data element market, using meteorological data supply as a typical subdivided industry and the application of data in power forecasting as a typical scenario. The model incorporates a wind power prediction model based on machine learning, depicting the value realization of multi-feature data elements and data services. Furthermore, in designing a revenue sharing mechanism based on data value, this study compares the differences in the main benefits to data producers (data vendors) and market impact among four revenue sharing methods: the average method, leave-one-out method, Shapley Value method, and Penalty-modified Shapley Value method. Lastly, the research demonstrates that the Penalty-modified Shapley Value revenue sharing strategy effectively considers the level of differentiation among data elements in the market, while also identifying and preventing disturbances caused by data element replication.
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    Sheep or Wolves? Peer Effect in the Green Innovation Behavior of Heavy Polluting Companies
    Zhang Zhe, Wang Yuyao, Jia Ming
    Management Review    2024, 36 (6): 119-132.  
    Abstract198)      PDF (1250KB)(270)      
    This paper studies the influencing factors of corporate green innovation from two perspectives: avoidant convergence and competitive convergence. Based on the new institutional theory, this paper takes China A-share listed heavy polluting companies from 2010 to 2019 as research samples, and finds that corporate green innovation behavior has a peer effect, and there are two influence mechanisms: avoidant convergence and competitive convergence. Moreover, the two convergence mechanisms have different effects on the green innovation. The former has a negative impact on the green innovation behavior of enterprises, while the latter has a positive impact on the green innovation behavior of enterprises. Compared with competitive convergence, avoidant convergence has a greater impact. Further research shows that when enterprises are under strong environmental pressure and high media attention, peer effect plays a greater role in green innovation of enterprises. Strong political relevance can enhance the effect of avoidant convergence on green innovation of enterprises, but it has no significant effect on the relationship between competitive convergence and green innovation. The research conclusion provides theoretical support for the government to understand and use the group environmental behavior.
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    The Impact of Influencer-generated Content on Consumer Engagement
    Zhang Honghong, Gong Xiushuang, Lu Jiawen
    Management Review    2024, 36 (5): 126-136,163.  
    Abstract194)      PDF (2596KB)(411)      
    As an essential tool for corporate brand marketing, social media influencer marketing brings significant traffic to brand com-munication. Based on the Elaboration Likelihood Model and the Persuasion Knowledge Model, this study utilizes real data from social media platforms to investigate the impact of four core factors of influencer-generated content on consumer engagement behavior. The re-sults reveal that the format of influencer-generated content, contents' hedonic value, campaign incentives, and campaign intent all have significant direct effects on consumer engagement behavior. Specifically, influencer-generated content presented in video format, with high hedonic value, campaign incentives, or brand-promoting intention, is more likely to elicit consumers' likes, comments, and sha-ring behavior. These effects are further moderated by campaign intent. Specifically, posts using videos (vs. text-image) and campaign in-centives (vs. no incentives) are more effective in generating comments and sharing behavior when the intent is to promote brand, where-as posts high in hedonic value (vs. low hedonic value) are more effective in generating comments when the intent is to increase trials.
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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.  
    Abstract189)      PDF (1358KB)(252)      
    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.
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    An In-depth Analysis of the 2024 Nobel Prize in Economics
    Yang Ziyan, Zhou Yinggang
    Management Review    2024, 36 (10): 3-8.  
    Abstract187)      PDF (5023KB)(83)      
    This paper provides a systematic review of the research contributions by the 2024 Nobel laureates in Economics-Acemoglu, Johnson, and Robinson (AJR). From the perspective of whether external experiences can guide domestic development, it examines AJR’s research on how colonial institutions affect economic development and its practical implications. The paper first introduces the academic background and research characteristics of the three scholars, focusing on their breakthrough contributions to institutional economics. While AJR’s “natural experiment” approach confirms the significant impact of institutions on economic development, their theory shows limitations when applied to non-colonial countries. The paper also explores AJR’s profound influence on political economics, particularly examining its theoretical resonance and divergence with Marxist political economics. The study demonstrates that the effectiveness of institutional transplantation depends on local conditions, suggesting that developing countries should forge their own development paths based on national conditions while learning from international experiences.
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