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Quality and Safety Control Mechanism in Fresh Food E-commerce: A Case Study of JD Fresh Chen Honghua, Zhang Lei, Xiang Nan Management Review    2025, 37 (12): 277-288.   Abstract （441）      PDF （1952KB）（83）       Knowledge map    Against the backdrop of high-quality development, how fresh food e-commerce platforms can effectively implement quality and safety control to enhance product quality and the benefits of all stakeholders has garnered significant attention. Taking JD Fresh as a case study, this paper adopts a “motivation-action process-impact” logical framework to explore the dynamic process by which fresh food e-commerce enterprises achieve effective control at different development stages, thereby revealing the mechanisms of quality and safety control in this sector. The findings indicate: (1) The quality and safety control of fresh food e-commerce primarily progresses through three stages, namely, exploration and construction, deepened management, and capability accumulation, demonstrating a developmental trend from“quality assurance to quality improvement to quality innovation”; (2) Fresh food e-commerce platforms construct a full-chain quality and safety control system through a dynamic process involving “designing control processes-defining quality standards-enhancing signal transmission”; (3) The quality and safety control mechanism of fresh food e-commerceinfluences the behaviors of upstream and downstream stakeholders through quality interventions, signal transmission, and moderate control, thereby reducing the risk of substandard products entering the market, incentivizing manufacturers to improve product quality, promoting a better-quality, better-price market dynamic, achieving supply chain network equilibrium, and enhancing transaction efficiency. This study not only enriches and expands the application of supply chain quality management theory in platform governance but also provides practical insights for quality and safety control in fresh food e-commerce enterprises. 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 （323）      PDF （1750KB）（211）       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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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 （309）      PDF （1315KB）（164）       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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Relieving the Hardship: How does Digital Inclusive Finance Facilitates SMEs’ Digital Transformation?—An Empirical Study Based on the Dual Effects of Institutional and Resource Provision Yin Ximing, Zhang Shuxin, Li Jizhen Management Review    2026, 38 (7): 3-15.   Abstract （271）      PDF （1221KB）（217）       Knowledge map    As an emerging financial innovation, digital inclusive finance provides new opportunities for improving the multi-tiered capital market, promoting the innovative development of small and medium-sized enterprises (SMEs) and accelerating the development of new quality productive forces. However, few studies systematically explore the impact of digital inclusive finance on the digital transformation of SMEs and its process mechanism. Based on the 2012—2020 panel data of SMEs listed on SME Board and ChiNext Market, this paper empirically examines the process mechanism between digital inclusive finance, firms’ internal and external financial constraints, and digital transformation, as well as the contingent impact of market environment and institutional environment from the perspective of the integration of resource and institutional provision. The findings are as follows: Digital inclusive finance significantly promotes the digital transformation of SMEs and plays a significant role in alleviating firms’ difficulties; Digital inclusive finance has the dual effects of resource provision and institutional provision, which can effectively alleviate the internal and external financing constraints faced by small and medium-sized enterprises, thus promoting the digital transformation of enterprises. The degree of market competition will strengthen the alleviating effect of digital inclusive finance, and the better the regional institutional environment, the more significant the enabling effect of digital inclusive finance. This paper systematically reveals the process mechanism and contingency factors of digital inclusive finance enabling the digital transformation of SMEs, and has important practical guiding significance for further releasing the dividends of digital inclusive finance helping with industrial digitalization and accelerating the development of modern industries. 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 （267）      PDF （1184KB）（131）       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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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 （263）      PDF （4257KB）（153）       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 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 （234）      PDF （1175KB）（130）       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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Collaborative Mechanisms and Governance Innovation of Data Elements from the Perspective of New Quality Productive Forces: A Research Review and Future Prospects Li Jian, Bo Junpeng, Dong Xuefan Management Review    2026, 38 (5): 29-41.   Abstract （218）      PDF （2499KB）（107）       Knowledge map    Against the backdrop of the accelerated development of new quality productive forces, data elements have evolved into a strategic resource and are gradually becoming a core driving force for socio-economic transformation. Although the importance of data elements is increasingly recognized, relevant domestic research remains in the early stages, with a general lack of systematic and comprehensive analysis, which hinders the effective realization of their potential value. In response to this gap, this paper systematically reviews the current research progress in the field of data elements, summarizes key limitations in existing studies, and proposes a three-dimensional analytical framework of "value formation-market allocation-system governance". Based on this framework, and in consideration of China's practical context and future strategic needs, the paper further develops a theoretical framework for the coordinated development of data elements. The aim is to provide theoretical support and guidance for future academic research in this field, promote the construction of a more mature data elements market system, and facilitate the sustainable prosperity and high-quality development of the digital economy. Reference | Related Articles | Metrics

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Digital Green Technological Convergence Asset Structure Mismatch and High-quality Development of Enterprises—Moderating Effect of Knowledge Combination Ability Li Weiming, Cao Xia, Zhang Xin Management Review    2025, 37 (11): 54-66.   Abstract （211）      PDF （1169KB）（137）       Knowledge map    The integration of digital technology and green technology can drive enterprises to optimize resource allocation and play an important role in achieving high-quality development. This research uses invention patent information to measure the digital and green technology integration behavior of enterprises, and takes A-share listed companies in emerging industries as samples to study the impact of digital and green technology integration on the high-quality development of enterprises and its mechanism. The study finds that the width and depth of the digital and green technology integration of enterprises have a positive impact and a positive U-shaped impact on the high-quality development of enterprises respectively, and the above conclusions are still valid after the robustness test. The mechanism analysis shows that the width and depth of digital and green technology integration can promote the high-quality development of enterprises by improving the mismatch of asset structure. Knowledge combination ability only positively moderates the relationship between the breadth of integration and the high-quality development of enterprises. The heterogeneity analysis shows that the significance of the impact of the width of digital and green technology integration on the high-quality development of enterprises shows a heterogeneity pattern of “eastern region>central region>western region,” and shows a more significant positive impact in the samples of non-state-owned enterprises, while the depth of digital and green technology integration only shows a significant U-shaped impact in the samples of eastern enterprises and non-state-owned enterprises. The research conclusions of this paper can enrich and expand the relevant theories of digital and green technology convergence, and provide practical support and policy enlightenment for China’s enterprises to promote the convergence of digital and green technology and promote the high-quality development of enterprises. Reference | Related Articles | Metrics

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Does Industrial Policy Help Companies Improve Talents Structure?—Evidence from A-share Listed Companies in China Zhang Huili, Hu Zhonghui Management Review    2026, 38 (1): 3-13.   Abstract （211）      PDF （1243KB）（172）       Knowledge map    Achieving the optimal allocation of human capital is an important goal of China's talent strategy and a fundamental guarantee for the long-term balanced development of the Chinese economy. This paper employs the Difference-in-Differences method to examine whether national industrial policy support can help firms attract more highly educated employees. Firms in industries that are supported by industrial policies are designated as treatment group. The empirical research results show that compared to control group firms, the proportion of highly educated employees in the treatment group increased significantly during the period of national industrial policy support, thereby indicating that China's industrial policies can bring about a significant talents aggregation effect. Heterogeneity tests reveal that this talents aggregation effect is more pronounced in firms with weaker comprehensive competitiveness and higher financing constraints. Further research indicates that talents aggregation effect of industrial policies can significantly improve the medium and long-term performance of firms. Our research provides new empirical evidence for the assessment of the implementation effects of industrial policies. The conclusions drawn from the study offer valuable insights and serve as a reference for the implementation of China's industrial policies and the talent allocation strategy proposed at the 20th National Congress of the Communist Party of China. Reference | Related Articles | Metrics

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Research on the Process of Achieving Sustainable Digital Transformation in Manufacturing Enterprises: From the Perspective of “Digital” and “Green” Resource Orchestration Wang Yonggui, Zeng Jing, Wang Linlin Management Review    2025, 37 (11): 245-259.   Abstract （210）      PDF （1720KB）（125）       Knowledge map    Promoting the integration of digitalization and greenification is an objective requirement for enterprises to achieve green and low-carbon transformation, and it is also an essential part of promoting the comprehensive green transformation of the entire economy and society. As the micro-level drivers of ecological progress and economic growth, enterprises should implement a sustainable digital transformation strategy oriented by the integration of digitalization and greenification. This is a key measure to achieve the “dual-carbon” goals and increase benefits. Based on the theoretical perspective of resource orchestration and taking Schneider Electric as a case study, this paper explores how manufacturing enterprises can orchestrate resources and form corresponding organizational capabilities to achieve sustainable digital transformation. The research findings indicate that the sustainable digital transformation of manufacturing enterprises is an iterative process of gradually realizing technological sustainability, economic sustainability, and environmental sustainability. During this process, enterprises go through the stages of resource development and capability generation, resource revitalization and capability response, and resource linking and capability leap. On this basis, this paper constructs a process model for manufacturing enterprises to achieve sustainable digital transformation. This paper opens the “black box” of the sustainable digital transformation process for manufacturing enterprises and provides theoretical support for enterprises to promote the integrated development of digitalization and greenification. Reference | Related Articles | Metrics

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Corporate Carbon Information Greenwashing and Investor Sentiment—Empirical Evidence Based on Text Analysis of ESG Reports Wang Wei, Sun Ziyuan, Wang Lihong Management Review    2025, 37 (12): 41-53.   Abstract （209）      PDF （1271KB）（135）       Knowledge map    ESG report as an important carrier of corporate carbon information disclosure has such problems as unclear disclosure principles and incomplete disclosure system, so some enterprises tend to greenwash their carbon information through ESG report. This paper takes China’s A-share listed companies that published ESG reports from 2018 to 2022 as the research sample to empirically examine the direct impact of corporate carbon information greenwashing on investor sentiment and the mechanism underlying the impact. The results show that carbon information greenwashing provokes investor sentiment, but this effect is not significant for institutional investors and companies that are at their declining stage, not keen on green investment, not much market-oriented and under strong government intervention(or exposed to an environment where market plays a less important role than thegovernment). Meanwhile, environmental subsidies and financing constraints mediate the relationship between carbon information greenwashing and investor sentiment, but they show a “masking” effect. In addition, investor sentiment magnifies the negative impact of carbon information greenwashing on internal enterprise value and external stock price crash risk. This paper enriches the research on measurement and economic consequences in the field of carbon disclosure while providing a reference for standardizing ESG disclosure. Reference | Related Articles | Metrics

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The Impact of Corporate Digital Technology Innovation on the Development of New Quality Productivity in Local Economies Chen Rongda, Zhai Jiajun, Zhang Shuonan, Tao Kerun, Zhang Youbin Management Review    2025, 37 (11): 15-26.   Abstract （199）      PDF （1128KB）（161）       Knowledge map    Against the backdrop of deep integration between the real economy and the digital economy, digital technology innovation serves as a crucial driving force for the development of new quality productive forces. This paper examines the impact of enterprise digital technology innovation on local new quality productive forces and its underlying mechanisms, using a sample of listed companies on the Shanghai and Shenzhen Main Boards from 2015 to 2021. The empirical findings reveal that: (1) Enterprise digital technology innovation significantly promotes the enhancement of local new quality productive forces, a result further validated by robustness tests; (2) This promoting effect is realized through the optimization of human capital structure, improvement of investment efficiency, and advancement of high-quality enterprise development; (3) The promoting effect is inhibited in highly labor-intensive enterprises, amplified in regions with a developed digital economy, yet insignificant in less developed western regions and areas with lower levels of intellectual property protection. This study provides a new perspective for understanding how micro-level enterprise innovation improves local economic endowments and offers empirical support for advancing new quality productive forces. Reference | Related Articles | Metrics

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Research on the Mechanism and Path of Green Energy Efficiency Improvement Empowered by New Quality Productive Forces Shen Lizhong, Geng Chen, Li Xiuting, Dong Jichang Management Review    2025, 37 (11): 41-53.   Abstract （197）      PDF （1144KB）（95）       Knowledge map    Under the “dual carbon” strategic goal, cultivating and developing new quality productive forces has become a crucial approach to addressing energy shortages and enhancing green energy efficiency. This paper utilizes fixed-effect model, mediating model, and threshold model to examine the impact of new quality productive forces on green energy efficiency based on provincial panel data from China spanning 2013 to 2022. The findings indicate that the advancement of new quality productive forces effectively empower green energy efficiency, particularly in provinces with high resource dependence, a high level of industrialization, and significant industrial agglomeration. Green technology innovation and digital financial construction are the key mechanisms for new quality productive forces to empower green energy efficiency. Furthermore, it is observed that new quality productive forces exhibit a typical nonlinear effect on green energy efficiency. Specifically, when the level of the digital economy surpasses a certain threshold, the impact of new quality productive forces on improving green energy efficiency follows a nonlinear trajectory characterized by “U” shape of “restrain-hysteresis-excitation”. However, when the degree of environmental regulation exceeds a specific threshold value, its promoting effect demonstrates a nonlinear trend marked by marginal decline. Reference | Related Articles | Metrics

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How does Climate Risk Impact the Stock Market? —From the Perspective of Physical Risk and Transition Risk Long Wen, Wang Bingqian, He Xiaoluo Management Review    2026, 38 (2): 56-68.   Abstract （194）      PDF （2232KB）（169）       Knowledge map    In this paper, climate risk is measured from two aspects: physical risk and transition risk. Specifically, temperature, sea level, precipitation are used to measure physical risk. And LDA method is used to analyze Chinese climate policy texts, from which we extract seven policy themes and then measure transition risks through the theme intensity. Based on the Fama-French factor model, this paper finds that both physical risk and transition risk have a significant negative impact on the excess return of the stock market, and enterprises with higher carbon emission intensity have a weak ability to resist the two kinds of risk shocks, while enterprises with larger scale have a strong ability to resist physical risk and a weak ability to mitigate transition risk. From the perspective of different climate risks degree, enterprises may be more susceptible to the impact of transition risk when facing high physical risk, and this negative impact is 5 times stronger than when they face low physical risk. This paper further explains the main effect with market expectations. The results show that the negative impact of physical risk is amplified by the effect of investors’ pessimistic expectations, while in the confront of transition risk, this effect and the information disclosure effect play a hedging role. Reference | Related Articles | Metrics

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The Path Mechanism of Regional Digital Computing Power Affecting the Total Factor Productivity of Enterprises—An Analysis from the TOE Perspective Du Yang, Zhong Meirui, Xu Jun Management Review    2026, 38 (6): 3-16.   Abstract （187）      PDF （1916KB）（152）       Knowledge map    Digital computing power is the key for a country to energizing innovative development, accelerating digitalization and stimulating the growth of digital economy. It is of great research significance to deeply analyze the complex influencing mechanism of digital computing power from the perspective of innovation theory. Taking digital computing power as the technical main body, this paper logically constructs a TOE-based analytical framework (TOE is short for Technology-Organization-Environment) to systematically analyze the interaction process between digital computing power and the innovation system, and reveal the paths and mechanisms by which regional digital computing power has a cross-level and cross-subject effect on the total factor productivity of enterprises. Based on the panel data of provincial and listed enterprises in China from 2016 to 2022, this paper measures the development level of regional digital computing power in China. With the fixed effect model as the benchmark, the effect of regional digital computing power on the total factor productivity of enterprises is verified. The main conclusions include: Regional digital computing power can promote the growth of total factor productivity of enterprises. This conclusion passes two robustness tests, namely 2SLS-IV and GMM estimation. In terms of influence path, regional digital computing power promotes the growth of total factor productivity of enterprises by enhancing the level of regional digital governance, deepening the integration of digital and real industries, and promoting the digitalization of enterprises. Heterogeneity analysis indicates that this promoting effect is more pronounced in non-state-owned enterprises, non-high-tech enterprises, enterprises in eastern regions, and enterprises in regions where production follows behind. This paper provides important perspectives and suggestions for the development of regional digital computing power and enterprise innovation management, which are important for China’s strategic layout of “east data computed in the west” and the development of new quality productivity in enterprises. Reference | Related Articles | Metrics

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Momentum Effect and Reversal Effect under Sticky Expectation and Overconfidence Wang Xianjia, Yu Zhiying, Chen Cong, Wu Liang, Rao Yulei, Yuan Ying Management Review    2025, 37 (12): 3-15.   Abstract （186）      PDF （2291KB）（109）       Knowledge map    This paper constructs an investor behavior model to describe investors’ belief bias by using sticky expectation and overconfidence and explains some typical asset price anomalies by discussing the correlation of the asset return in the model. The research results show that the model can explain the momentum effect and reversal effect in the market, and the larger the stickiness coefficient is, the later the inversion occurs. The overconfidence coefficient has a non-monotonic effect on the reversal period. The short-term momentum effect of the asset prices is robust over the whole period. The model can also effectively explain other financial anomalies, such as post-event price drift in event study and lead-lag effect of stock returns in the same industry. Empirical results show that sticky expectations and overconfidence provide a good explanation for the momentum and reversal effects. Among them, the momentum effect is more significant in portfolios with a higher stickiness coefficient. In portfolios with the same degree of stickiness, stocks with a higher level of overconfidence show a more significant long-term reversal effect. Reference | Related Articles | Metrics

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The Impact of Digital and Green Dual Transformation on New Quality Productivity of Enterprises: Effect Evaluation and Mechanism Analysis Wang Qunwei, Li Zhenran, Lai Aolin Management Review    2025, 37 (11): 153-166.   Abstract （185）      PDF （2345KB）（117）       Knowledge map    In the context of digital and green dual transformation, enhancing the new quality productivity of enterprises can more effectively drive high-quality economic development. Utilizing data from A-share listed companies in China from 2008 to 2021, this paper uses the “Broadband China” and low-carbon city pilot policies as quasi-natural experiments for “digital” and “green” policies, respectively, to empirically assess the advantages of dual transformation over single policies in promoting the development of new quality productivity in enterprises. The study finds that both digital and green policies can enhance new quality productivity in enterprises, and the effect of dual transformation is significantly better than that of single policies. Over time, the effects of both dual transformation and single policies gradually increase. Mechanism analysis shows that dual transformation enhances new quality productivity in enterprises through smart manufacturing and innovation-driven development. Corporate financing constraints weaken the effect of green policies, while corporate social responsibility enhances the effects of both digital and green policies. Heterogeneity analysis shows that dual transformation has a more pronounced effect on enhancing new quality productivity for firms in eastern regions, firms in non-resource-based cities, and young as well as high-tech firms. Additionally, dual transformation has boosted firms’ total operating revenue and employment while also increasing total costs. Reference | Related Articles | Metrics

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AI Adoption, Dynamic Capabilities and the New Quality Productivity of Manufacturing Enterprises Guo Runping, Wang Kecai, Lu Xiaoxuan, Jiang Hu Management Review    2025, 37 (11): 81-93.   Abstract （184）      PDF （1191KB）（143）       Knowledge map    Artificial Intelligence (AI) is an important engine of the new quality productivity. AI adoption is of great significance for manufacturing enterprises to build dynamic capabilities and thereby enhance the new quality productivity. However, few studies have deeply analyzed the mechanism of AI adoption acting on the new quality productivity of manufacturing enterprises from the perspective of dynamic capabilities. Therefore, this paper, based on the theory of dynamic capabilities, uses the data of manufacturing enterprises listed on China’s A-share market from 2015 to 2021 to empirically analyze the impact of AI adoption on the new quality productivity of manufacturing enterprises, and examines the mediating role of the different dimensions of dynamic capabilities and the moderating role of market competition intensity. The research findings are as follows: (1) Al adoption significantly and positively enhances the new quality productivity level of manufacturing enterprises, with the results remaining robust after multiple robustness tests; (2) Dynamic capabilities mediate the relationship between AI adoption and the new quality productivity of manufacturing enterprises; (3) Market competition intensity plays positive moderating roles among AI adoption and the new quality productivity of manufacturing enterprises；(4) Market competition intensity exerts differential moderating effects: it positively moderates the association between innovation capability and the new quality productivity in manufacturing enterprises, negatively moderates the relationship between absorptive capacity and the new quality productivity in manufacturing enterprises, while demonstrating no significant moderating effect on the linkage between adaptive capability and new quality productivity. The research findings contribute to a deeper understanding of the mechanisms through which AI influences new quality productive forces in manufacturing enterprises, extend the theoretical exploration of dynamic capability into AI-driven contexts, deepen the understanding of the boundaries of different dynamic capability dimensions, and enrich the antecedent research on the new quality productivity of manufacturing enterprises. Furthermore, this study offers actionable strategies for Chinese manufacturing enterprises to cultivate and enhance their new quality productive forces. Reference | Related Articles | Metrics

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Digital Strategy Cognition and Firms’ Green Transformation: The Different Mediating Role of Environmental Attention Ma Meiting, Wu Xiaojie, Luo Ziting, Huang Shan Management Review    2025, 37 (11): 219-231.   Abstract （174）      PDF （2223KB）（82）       Knowledge map    The deep integration of digitization and greening creates possibilities for new quality productive forces. Previous studies mainly focus on the role of macro digital factors in corporate green transformation, but ignore the internal driving force of management’s digital strategy cognition. Taking A-share listed companies in Shanghai and Shenzhen from 2012 to 2023 as a sample and based on the theoretical framework of “cognition-attention-transformation”, this paper investigates the differential mediating role of environmental attention on the relationship between management’s digital strategy cognition and corporate green transformation from the combination perspective between upper echelons and attention-based view. The results show that: (1) The stronger strategic cognition a firm has toward digitalization, the better able it is to improve its total factor productivity and green innovation; (2) Compared with environmental attention centralization strategy that causes high operating costs initially, digital strategy, once cognized deeply, will motivate firms to adopt environmental attention decentralization strategy to search for diversified information and resources to improve their total factor productivity. However, in contrast to environmental attention decentralization strategy that brings about redundant information, digital strategy, once cognized deeply, will motivate firms to adopt an environmental attention centralization strategy to search for information resources in depth to make breakthroughs in digital technology, thus realizing green innovation. Itis essential to clarify the differential theoretical mechanisms of how management’s digital strategy cognition affects enterprises’ green transformation, and this not only helps to expand the existing literature on digitalization promoting enterprise green transformation, but also has theoretical and practical implications for pushing the formation and development of new quality productive forces. Reference | Related Articles | Metrics