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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 （987）      PDF （10683KB）（304）       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 （600）      PDF （11466KB）（95）       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 （536）      PDF （10413KB）（94）       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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Executives' Overseas Experience and Corporate Innovation Wang Ren, Zhou Yuting, Chen Jiajing, Huang Ruiqin, Zhang Shaoyong Management Review    2024, 36 (11): 98-109.   Abstract （458）      PDF （1284KB）（235）       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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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 （410）      PDF （10948KB）（217）       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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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 （343）      PDF （1309KB）（116）       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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The Impact of Global Key Shipping Channel Disruption on Supply Chain—Case Study on the Grounding of Ever Given in Suez Canal Li Dengyuhui, Jiao Jianbin, Wang Shouyang, Zhou Guanghui Management Review    2025, 37 (2): 237-248.   Abstract （303）      PDF （10371KB）（132）       Knowledge map    The safety and smooth flow of key shipping channels is a prerequisite for supply chain operations. The grounding of Ever Given led to a six-day blockage of the Suez Canal, disrupting the international trade and logistics supply chain seriously. It set the highest record for container shipping in terms of vessel tonnage, congestion degree, and economic loss. This paper scrutinizes the whole process of the grounding of Ever Given and the structural risks faced by the Suez Canal route. The impact is analyzed from the perspectives of the chain reaction of global supply chain, the international crude oil price fluctuation, large-scale congestion in ports, the rapid growth of shipping price, and impacts on China’s foreign trade. Then, this paper summarizes the implications of this blockage for global supply chain risk management, and provides guidance for impact assessment and emergency management of the possible disruptions caused by other blockages of key shipping channels. Reference | Related Articles | Metrics

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Digital Technology Adoption and Employment Structure: Empirical Evidence from Listed Companies Guan Rong, Wang Heting, Wang Huijuan Management Review    2025, 37 (8): 3-15.   Abstract （293）      PDF （1242KB）（214）       Knowledge map    The transformation and development of enterprises applying digital technology is the kernel guarantee to promote the high-quality development of China’s digital economy, and the resulting impact and influence on the micro labor market is an issue that needs to be urgently resolved for the development of the country’s major strategies. Based on the data of Chinese listed companies from 2011 to 2020, this paper takes a micro perspective to explore the impact of digital technology application on the employment structure of enterprises and the mechanism underlying the impact. It is found that the application of digital technology has an “inverted U-shaped” relationship with the total number of employees and the number of unskilled employees, but there is a significant positive relationship with the number of skilled employees, indicating that the application of digital technology can help optimize the employment structure of enterprises and thus has an empowering effect. Further analysis reveals that the application of digital technology affects the employment structure of enterprises mainly by enhancing innovation capability, affecting the level of skill premium, and improving productivity. The spillover effect of digital technology on enterprises varies significantly, depending on their production scale, social burden and likelihood of being substituted. The relevant conclusions bring more empirical support for clarifying the mechanism of how digital technology influences the employment structure of enterprises, and provide certain policy insights for promoting the integration of digital technology with the real economy. Reference | Related Articles | Metrics

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Measurement of Regional Green Development and Exploration of Its Spatial Network Su Yi, Fan Qiming Management Review    2025, 37 (2): 19-30.   Abstract （292）      PDF （10618KB）（121）       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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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 （285）      PDF （1947KB）（133）       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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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 （283）      PDF （11018KB）（233）       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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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 （280）      PDF （3327KB）（2596）       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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Can Executive Opportunistic Stock Selling Restrictions Improve Stock Price Informativeness? Evidence from the “New Regulation on Insider Selling” in China Huang Wan, Luo Hong Management Review    2025, 37 (2): 3-18.   Abstract （265）      PDF （12694KB）（160）       Knowledge map    It is of great significance to effectively regulate executives’ selling behaviors to promote the long-term, stable and healthy development of capital market. Based on the “New Regulation on Insider Selling” in China and using data from A-share listed companies from 2012 to 2021, this paper investigates the impact of restricting executives’ opportunistic stock selling on stock price informativeness. The results show that restricting executives’ opportunistic stock selling can help improve stock price informativeness. This effect is more significant when the selling scale is large and when there are stock sales by core executives. Moreover, this promotion effect is also strengthened for firms that are exposed to a poor information environment and prone to manipulate information disclosure. Further analysis suggests that restricting executives’ opportunistic stock selling can promote firm-level information collection by external investors, as evidenced by wider institutional shareholdings and more attention from investors. In addition, restricting executives’ opportunistic stock selling makes a firm’s current stock price more reflective of its future earnings. The main conclusion still holds after a series of robustness tests. Overall, this paper enriches the literature on both insider trading supervision and stock price informativeness, and has enlightenment for regulatory authorities to improve the design of stock selling system and promote the high-quality development of capital market. 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 （264）      PDF （1240KB）（152）       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

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The Double-edged Effect of Perceived Algorithmic Control on Work Engagement of Gig Workers Luo Jinlian, Zhang Chao, Zhao Chenfang, Zhong Jing Management Review    2025, 37 (2): 175-186.   Abstract （242）      PDF （11005KB）（152）       Knowledge map    Based on conservation of resources theory and social identity theory, this paper builds a model to explore the mechanism of how perceived algorithm control affects the level of gig workers’ work engagement. By analyzing and testing 385 valid empirical data collected from takeout riders, online ride-hailing drivers and instant delivery workers, this paper examines the “double-edged sword” effect of perceived algorithmic control on the work engagement of gig workers. The results indicate that perceived algorithmic control has a “double-edged sword” effect on the work engagement of gig workers, perceived algorithmic control may, on the one hand, improve the role clarity of gig workers and, on the other hand, lower work engagement by causing a loss of work autonomy. Furthermore, perceived algorithmic procedure fairness may also strengthen the ability of perceived algorithmic control to improve gig workers’ work engagement through role clarity and mitigate its ability to weaken their work engagement through job autonomy, i.e., the higher the perceived algorithmic procedure fairness is, the better able perceived algorithmic control is to facilitate gig workers’ work engagement by increasing their role clarity, while the lower the perceived algorithmic procedure fairness is, the more likely perceived algorithmic control is to dampen gig workers’ work engagement by diminishing their job autonomy. Reference | Related Articles | Metrics

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The Dynamic Process of Overcoming Liability of Ecosystem Integration and Ecosystem Configuration Combination: A Case Study and an fsQCA Analysis Gao Yaqi, Cai Wenxuan, Shi Xianwei Management Review    2025, 37 (3): 261-275.   Abstract （223）      PDF （2560KB）（114）       Knowledge map    The concept of liability of ecosystem integration (LoEI) expands the scope of discussions on liability of foreignness (LoF) and liability of outsider (LoO). Regarding the influencing factors of companies going overseas, LoEI broadens the scope of responsibilities that foreign entrants may face and proposes the establishment of a multi-layered local ecosystem to be effective in the host country market, but the process mechanism of how companies overcome LoEI has not yet been explored. This paper uses case analysis and NCA and fsQCA methods, taking legitimacy acquisition as a clue to analyze the dynamic process mechanism of how overseas enterprises overcome LoEI, and explore the combination of ecosystem configurations that affect the level of overseas enterprises overcoming LoEI. The study concludes that: (1) the dynamic process model of LoEI includes three stages: encountering LoEI at the initial market entry period, maintaining LoEI at the market development period, and defending LoEI at the period of external shocks; (2) ecosystem configuration combinations that produce high LoEI-overcoming levels include institutional distance, Gini index, urbanization rate, foreign capital inflow, trade competitive advantage, and economic complexity. The research provides theoretical support and guidance for overseas enterprises and economically open countries to achieve high local ecosystem embeddedness and build their development environment. Reference | Related Articles | Metrics

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A Preliminary Study on the Value Effect and Economic Consequence of Incorporating Data Assets into the Balance Sheet Lyu Meng, Zhao Lifang, Zhong Yingcai Management Review    2024, 36 (12): 47-59.   Abstract （222）      PDF （11009KB）（62）       Knowledge map    This paper uses the event study and case study methods to analyze the value effect and economic consequence of incorporating data assets into the balance sheet. First, this paper compares the market response to data-related companies vervus other companies around the releases of two key accounting policies related to the incorporation of data assets into the balance sheet. The findings indicate that the cumulative abnormal returns of data-related companies show a significant increase during the event window, suggesting that investors view the inclusion of data assets to the balance sheet as favorable news for these companies. Second, through simulating corporate accounting practices, the paper conducts a comparative analysis of the economic impact of data asset inclusion. It is found that companies’ liabilities, current ratios, and profit margins are all affected to a certain extent after incorporating data assets into the balance sheet. Although incorporating data assets into the balance sheet helps to enhance the market’s recognition of the value of data resources, it may also provide potential opportunities for management to manipulate financial statements. The paper concludes that accounting policies related to data assetization have taken an important step in leveraging the value of data resources, but the full realization of this value still requires the constraints of formal institutions and market intermediaries. Reference | Related Articles | Metrics

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The Evolution Mechanism of Value Co-creation between Digital Platform and Cluster Enterprises Wang Jiexiang, Heng Yujing, Hu Qiantao, Zhang Yongqiang Management Review    2024, 36 (11): 274-288.   Abstract （219）      PDF （1823KB）（213）       Knowledge map    Digital platform is an important infrastructure underlying the digital transformation of cluster enterprises, and its construction requires the deep participation of cluster enterprises. However, previous researches study platform construction mainly from a unilateral perspective, making it difficult to reveal the co-creative mechanism between the digital platform and cluster enterprises under the new situation of industrial digital transformation. In order to reveal the evolution mechanism of the value co-creation between the digital platform and the cluster enterprises, this paper analyzes the case of Bincube, an enterprise based on the mold industry cluster in Ningbo, Zhejiang Province, which collaborates with cluster enterprises to build a digital platform and promote industrial digital transformation. This study finds that the value co-creation between digital platform and cluster enterprises covers the processes of “single-point breakthrough”, “vertical depth” and “horizontal extension”. In the “single-point breakthrough” stage, “knowledge coupling” is promoted through “bilateral co-creation concept recognition, user introduction of digital technology, and platform deconstruction of business experience”; in the “vertical depth” stage, “module decoupling” is promoted through “value-compatible conceptual recognition, user feedback on diverse propositions, and platform extraction of common needs”; in the “horizontal extension” stage, “loose coupling of systems” is promoted through “ecological expansion of conceptual identity, user demand traction complementary, platform to stimulate complementary innovation”, thus gradually leading to the value creation evolution of “personalized solution-industry replicable solution-cross-industry overall solution”. This study introduces a value co-creation perspective, contributes to the study of digital platform building strategies in the industrial sector, and extends the mechanisms of value co-creationbetween organisations. Reference | Related Articles | Metrics

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How Startups Achieve Disruptive Innovation in the Digitalization Era: Dynamic Marketing Capability Perspective Wu Chunlin, Zhao Tianyue, Cao Xin, Ouyang Taohua Management Review    2025, 37 (1): 273-288.   Abstract （219）      PDF （1960KB）（163）       Knowledge map    The new generation of information technology has brought new opportunities for disruptive innovation. In the fiercely competitive market scenario, startups can gain mainstream market share and achieve rapid advancement through disruptive innovation. This paper conducts a vertical case study on Tiying Media, a startup company, to explore the evolutionary process and underlying mechanisms of disruptive innovation achieved through dynamic marketing capabilities empowered by digitalization. The findings are as follows. Firstly, compared to traditional disruptive innovation, in the context of digitalization, disruptive innovation in startups has leading, sharing, and leapfrogging characteristics in terms of innovation motivation, innovation process, and innovation results, and is an advanced extension of traditional disruptive innovation. Secondly, startups utilize digital resources to empower dynamic marketing capabilities, forming an integrated framework of “data absorption - data collaboration - data transformation”. Through the dynamic alignment of internal capabilities and external demands, startups drive continuous disruptive innovation. Thirdly, startups leverage digital resources to establish technological chains, business platforms, and value ecosystems, facilitating exponential growth and leading the digital transformation of the whole industry, thus achieving comprehensive and multidimensional disruptive innovation. This paper constructs a dynamic process model for achieving disruptive innovation in startups within a digital context. It not only addresses the limitations of traditional innovation theories in the era of the digital economy but also holds significant practical value for startups in seizing opportunities for digital transformation and upgrading, thereby facilitating latecomer advantages and contributing to the strategic goal of realizing “Digital China”. Reference | Related Articles | Metrics

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Are Professional Livestreamers or Celebrity Livestreamers More Favored by Consumers?—A Mediated Moderation Model Zhang Qilin, Wu Yun Management Review    2024, 36 (11): 156-167.   Abstract （212）      PDF （1350KB）（273）       Knowledge map    Based on the role theory and three experiments, this paper investigates the different effects on sales brought by professional livestreamers and celebrity livestreamers, who equally dominate the livestream marketing sector. The results show that professional livestreamers are better able to increase consumers’ purchase intention than celebrity livestreamers. Furthermore, product type moderates the above relationship. Specifically, the relationship is significant for products not endorsed by celebrities and not significant for products endorsed by celebrities. In addition, livestream marketing type also moderates the above relationship. Specifically, the relationship is significant for products sold for commercial purpose and not significant for products provided for public welfare. These two moderating effects are mediated by perceived fit. These conclusions not only enrich relevant researches on livestream marketing, but also offer valuable insights for social responsibility marketing. Ultimately, our research provides targeted practical guidance for livestreamers to optimize their live-streaming approach, and for governments to improve public welfare live-streaming. Reference | Related Articles | Metrics