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    ChatGPT+Finance: Eight Noteworthy Research Directions and Issues
    Wang Shouyang, Li Mingchen, Yang Kun, Lin Wencan, Jiang Shangrong, Wei Yunjie
    Management Review    2023, 35 (4): 3-11.  
    Abstract1111)      PDF (1225KB)(1147)      
    The emergence of ChatGPT marks the beginning of a new revolution in artificial intelligence. The innovative generative AI technology represented by ChatGPT will significantly impact the research paradigm of economics and the systemic ecology of the financial industry. This paper outlines the developmental trajectory of ChatGPT, analyzes its applications and future prospects in the financial field, and discusses the potential impact and regulatory risks. Undoubtedly, ChatGPT will bring many significant challenges to the field of finance. To promote high-quality development in China’s financial industry and related researches, this paper proposes eight noteworthy research directions and issues for the academic community.
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    Research on the Influence of Personalized Intelligent Recommendation on Consumers’ Online Impulse Buying Intention
    Fan Wenfang, Wang Qian
    Management Review    2022, 34 (12): 146-156,194.  
    Abstract624)      PDF (1390KB)(695)      
    With the rapid development of mobile internet era and the continuous application of high-tech such as artificial intelligence, personalized intelligent recommendation has become an important marketing method for e-commerce platform enterprises to meet consumers’ diversified preferences. Practice shows that personalized recommendation has an important impact on consumers’ buying behavior, and it helps to improve the performance of e-commerce platforms. Based on the flow experience theory and the perceived value theory, this paper discusses the influence of personalized intelligent recommendation on consumers’ online impulse purchase intention, and this mechanism of flow experience, perceived practical value and quality of online reviews. Through the investigation of 548 e-commerce platform consumers, the empirical study finds that personalized intelligent recommendation and its related dimensions (information presentation, system interaction and community influence) positively affect consumers’ online impulse purchase intention. Flow experience and perceived practical value mediate the positive relationship between personalized intelligent recommendation and consumers’ online impulse purchase intention. The quality of online reviews plays a moderating role in the impact of personalized intelligent recommendation on consumers’ online impulse purchase intention. The higher the quality of online reviews, the stronger the positive impact of personalized intelligent recommendation on consumers’ impulse purchase intention.
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    Mechanism of How Brand Green Image Positioning Influences Consumers’ Brand Attitude—— The Mediating Role of Competence Perception and Warmth Perception
    Gong Siyu, Sheng Guanghua, Yue Beibei
    Management Review    2022, 34 (8): 157-167.  
    Abstract407)      PDF (1295KB)(558)      
    It has become an important prerequisite for enterprise to gain green market share and win sustainable competitive advantage by implementing environmentally-friendly development strategies at the brand level, especially through green image positioning strategy to convey brand’s unique environmental value and green proposition to consumers. However, existing researches lack discussions on consumers’ psychological decision-making mechanism under brand green image positioning strategies. This study discusses the mechanism of how brand green image positioning influences consumer brand attitudes through two experiments. Experiment results show that green functional attribute positioning is more likely to stimulate consumer’s brand competence perception, while green emotional value positioning is more likely to stimulate consumer’ s brand warmth perception. Competence perception and warmth perception play a dual mediating role in the influence of brand green image positioning on green brand attachment and brand attitude, and the dual mediating effect is further moderated by consumer’s brand self-congruity.
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    The Influence Mechanism and Data Test of Enterprise ESG Performance on Earnings Sustainability
    Xi Longsheng, Zhao Hui
    Management Review    2022, 34 (9): 313-326.  
    Abstract600)      PDF (1343KB)(545)      
    ESG is highly consistent with China’s new development concept, but whether ESG performance has a positive impact on enterprises’ sustainable development, especially earnings persistence, has not reached a definite conclusion.By analyzing the mediating effect of financing constraint, enterprise risk and green innovation, this paper studies the mechanism of how ESG performance influences earnings sustainability, and empirically examines the positive impact of ESG performance on earnings sustainability by taking China’s A-share listed companies from 2013 to 2021 as research samples.The research finds that the better the ESG performance is, the stronger the earnings sustainability is. The mechanism analysis shows that good ESG performance can help enterprises achieve earnings sustainability by alleviating financing constraints, reducing enterprise risks and promoting green innovation. The heterogeneity analysis shows that the promotion effect of ESG performance on earnings persistence is more significant in enterprises in non-polluting industries, state-owned enterprises and enterprises in highly market-oriented regions.This paper expands the research on the economic consequences of ESG performance, which has significant enlightenment for enterprises and investors to attach importance to ESG performance and government departments to improve the ESG information disclosure system.
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    Data Factor Driven High-quality Digital Transformation of Enterprise——A Longitudinal Case Study of Sogal's Intelligent Manufacturing
    Xie Kang, Hu Yangsong, Liu Yi, Luo Tingyu
    Management Review    2023, 35 (2): 328-339.  
    Abstract467)      PDF (1674KB)(527)      
    High-quality digital transformation is a key for an enterprise to seek its high-quality economic development, and this is because digital transformation enables data factors to reallocate corporate resources. This paper conducts a longitudinal case study based on Sogal 's transition from mass customization to intelligent manufacturing between 2008 and 2022, and brings about two theoretical contributions. First, it proposes a routine model of enterprise's high-quality digital transformation by defining the concept of high-quality digital transformation from a data-driven perspective, and extracting three realization paths of it:factor reconstruction, factor creation and factor generativity. Secondly, it contributes to the literature of adaptive transformation by revealing that the high-quality digital transformation is exploiting data factors to promote reallocation efficiency of firms' internal and external resources, and clarifying how such reallocation is adaptive to firm's different development stages.
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    Macroeconomic Conditions and Corporate Capital Structure: Empirical Evidence from Chinese Listed Companies
    Liu Shuntong, Yang Boyu, Wang Chenghao, Hu Yi
    Management Review    2023, 35 (10): 22-32.  
    Abstract150)      PDF (1243KB)(497)      
    Macroeconomic conditions are vital factors affecting the optimal capital structure of a company. Based on the economic situation of China, this paper systematically analyzes the impact of changes in macroeconomic conditions on corporate capital structure, and adds the shadow banking factor into the research framework for the first time. Using the financial data of listed companies, we construct corresponding static and partial dynamic adjustment models for analysis, and focus on the impact of shadow banking on corporate capital structure and adjustment speed. The empirical results can be summarized as follows. First, total market value and profitability are negatively correlated with book leverage, and book-to-market value ratio, capital expenditure and total non-current assets are positively correlated with book leverage. The influence of total assets is heterogeneous, which pushes up the book leverage of state-owned enterprises and reduces the book leverage of private enterprises. Second, the growth rate of industrial added value and the total market value of listed companies reduce the level of capital structure while inflation increases the level of capital structure. The growth of shadow banking reduces the level of capital structure, highlighting the structural contradictions in China’s financial system. Third, the capital structure adjustment cost and the difference in asset liquidity cause the difference between the adjustment of book leverage and market leverage, in which market leverage adjustment is faster. Fourth, shadow banking reduces the optimal corporate capital structure and positively regulates the speed of capital structure adjustment.
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    The Impact of Gender Traits of Cross-gender Stereotype Endorsement and Product Signaling on Advertising Effectiveness: Based on the Context of Male Star Endorsing Female Products
    Jiang Hongyan, Xu Mengmeng, Chen Hong, Liu Bangshun
    Management Review    2022, 34 (7): 175-188.  
    Abstract383)      PDF (1368KB)(455)      
    The phenomenon of male stars endorsing female products (cross-gender stereotype endorsement) appears frequently in marketing. However, there are few studies focusing on star endorsement with different gender traits (masculine trait vs. feminine trait). Hereby the present research aims to explore how the interactive effect between spokesperson's gender traits and product signaling influences advertising effectiveness in the context of cross-gender stereotype endorsement. The analysis results indicate that, when identity signaling (vs. function signaling) is activated, cross-gender stereotype endorsement with masculine (vs. feminine) trait has a greater advertising effectiveness and such effect is driven by perceptions of uniqueness and quality. Furthermore, this study investigates the moderating role of incongruity level between product and endorsement in the above effects based on the Schema Incongruity Theory. This research has important theoretical contributions by expanding and enriching empirical studies of Match-up Hypothesis and Schema Incongruity Theory in the field of cross-gender stereotype endorsement, and practical implications by providing more detailed strategies of spokesperson selection and product advertising for managers.
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    Innovation of Brand Competitiveness Enhancement Model of FMCG Enterprises——A Case Study of Tsingtao Beer from the Perspective of Dynamic Capability
    Zhang Feng, Huang Yi, Yao Ge, Tan Xiongkai
    Management Review    2022, 34 (9): 327-338,352.  
    Abstract302)      PDF (2071KB)(429)      
    Brand competitiveness enhancement mode has been a focus of concern in academia and industry, but so far as fast moving consumer goods (FMCG) brands are concerned, their competitiveness enhancement is full of challenges due to such factors as product homogenization and fierce market competition. Dynamic capability of a FMCG enterprise refers to its ability to fully mobilize and coordinate existing resources in the dynamic changing market environment and take appropriate response strategies in time according to market changes. From the dynamic capability perspective, this study focuses on the improvement of FMCG brand competitiveness based on the practical experience of Tsingtao Brewery with such phased objectives as customer acquisition, customer maintenance and customer loyalty. According to the development history of Tsingtao Beer, this paper makes a vertical analysis on the product structure optimization stage, the channel segmentation expansion stage and the brand viscosity enhancement stage. We also compare and analyze the successful experience of Tsingtao Beer in Shijiazhuang and its failure experience in Chengde, and develop a novel model for improving the competitiveness of FMCG brands. Finally, we comb out a new path mode to improve the brand competitiveness of FMCG enterprises. This model enriches the relevant theoretical literature of brand competitiveness and provides a reference for other FMCG enterprises to improve their brand competitiveness.
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    The Institutional Logics Perspective in Entrepreneurship Research: Literature Review
    Yang Ling, Wang Xiaoyu, Chen Jin
    Management Review    2022, 34 (7): 95-104.  
    Abstract333)      PDF (1251KB)(425)      
    The institutional logics perspective has become a mainstream organization theory, but its application in entrepreneurship research still remains to be explored. Since entrepreneurship inevitably involves multiple institutional orders (i.e., market, state, family, profession, corporation and religion), institutional logics theory can make its unique contribution to entrepreneurship research. With its focus on change and complexity, the institutional logics perspective is especially relevant in China, which is both a transitional economy and an emerging economy. This paper introduces the institutional logics perspective in entrepreneurship research, explains its future research agenda in multiple entrepreneurship domains, and discusses key problems in engaging with this theoretical perspective in the Chinese context.
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    The Double-edged Sword Effect in Organizational Behavior Research: Typical Patterns and Strategy Suggestions
    Zhang Jiaojiao, Luo Wenhao
    Management Review    2022, 34 (9): 195-207.  
    Abstract349)      PDF (1371KB)(424)      
    Mainstream organizational scholars tend to look at either the positive or negative influence of independent variables on dependent variables. However, this simple approach contrasts with the complicated phenomena in management practices. It is also less conducive to the meaningful integration of different studies. As a result, research on the double-edged sword effect has emerged in recent years. Though there are increasing studies examining the double-edged sword effect, it is worth noting that the interpretation of the effect remains unclear, the underlying mechanism is ambiguous, and the corresponding research pattern is often inappropriately used. By systematically analyzing 137 organizational behavior studies demonstrating the double-edged sword effect in both Chinese and English, this study clarifies the nature of the double-edged sword effect, identifies two major motives for conducting research on the topic, and classifies the existing research pattern into three main types (direct effect, indirect effect and moderating effect) and six sub-types. This study also offers five explanations of the potential theoretical basis for research on the double-edged sword effect. Finally, we offer practical suggestions for future researches. The present study is expected to demonstrate the potential contribution of researches on the double-edged sword effect, and to inspire more valuable future studies.
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    The Connotation and Relationship between Organizational Improvisation and Bricolage: An Integrative Literature Review
    Liu Hailong, Xu Wen
    Management Review    2022, 34 (7): 115-128.  
    Abstract754)      PDF (1386KB)(413)      
    Using currently available resources to execute a plan in real time, also known as improvisation, is an efficient way for entrepreneurship to deal with environmental uncertainty and resource scarcity. Organizational improvisation is often accompanied by bricolage, and the process of bricolage can easily lead to organizational improvisation. Although improvisation and bricolage research has gained momentum in the past decade, the literature is diverse and fragmented especially in terms of their connotation and relationship, thus hindering the development of improvisation and bricolage as a promising research area. Based on the research progress and development trend, this paper summarizes the definition elements of improvisation and bricolage, and presents an integrative definition of them. This paper also finds the symbiotic relationship between improvisation and bricolage, with overlapping connotations and multiple interactive relations, and they cause each other and change with each other in the process of enterprise development. Enterprises can take improvisation and bricolage as an important way to build core competitiveness in the rapidly changing environment of risks and uncertainty.
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    Multiple Driving Paths and Performance of Green Supplier Integration: A Research Based on the Configurational Perspective
    Zhang Qiansong, Cheng Jiazhen, Feng Taiwen, Du Yunzhou
    Management Review    2023, 35 (7): 323-338.  
    Abstract207)      PDF (2543KB)(392)      
    Since 2010, China has become the world's largest industrial producer. However, the traditional energy-consuming and high- polluting manufacturing development model that has brought about increasingly obvious environmental issues is no longer able to meet the requirements of green transformation and high-quality development. Green supplier integration is a significant way to realize green transformation and improve the sustainable competitiveness of firms, and it is necessary to fully consider the matching role of technology, organization and environment to improve the level of green supplier integration. Accordingly, the multiple driving paths and performance of green supplier integration are important issues to be addressed. Based on the TOE framework and configurational perspective, we conduct a configuration analysis on 317 Chinese manufacturing firms and a typical case analysis on configuration solutions by integrating fuzzy set qualitative comparative analysis (fsQCA) and propensity score matching (PSM) methods to explore the differential driving path of supplier green integration and its effect on firm performance. The findings are as follows:(1) Any single factor does not constitute the necessary condition of high green supplier integration, but green training and development play a universal role in producing high green supplier integration; (2) There are four driving paths that constitute high green supplier integration, namely, big data analysis capability and green human resource-driven path under the dual culture of flexibility and control, big data analysis capability and green human resource-driven path under control culture, big data analysis capability and strategic green human resource-driven path under control culture-dominant, incremental big data analysis capability and green human resource-driven path under flexibility culture; (3) The absence of big data analysis capability and green human resource management is the key reason for non-high green supplier integration; (4) High green supplier integration generated by four driving paths has a differential impact on firm performance. The research conclusions can help better understand the complex interaction among multiple factors behind green supplier integration of China's manufacturing industry, and bring practical enlightenment for firm performance management and high-quality development.
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    The Influence of Leader Humor on Employees’ Organizational Citizenship Behavior: A Mediated Moderating Model
    Hu Lili, Ye Long, Guo Ming, Liu Yunshuo
    Management Review    2022, 34 (8): 205-216.  
    Abstract377)      PDF (1387KB)(387)      
    Based on the social cognition theory, this study investigates the relationship between two important leader humor styles (affiliative humor and aggressive humor) and organizational citizenship behavior by focusing on the mediating role of psychological empowerment. Data are collected from 238 knowledge workers and 61 department leaders within several companies. Results show that: (1) Leader affiliative humor is positively related to employees’ psychological empowerment and organizational citizenship behavior, leader aggressive humor is negatively related to employees’ psychological empowerment and organizational citizenship behavior; (2) Employees’ psychological empowerment partially mediates the relationship between leader affiliative humor / leader aggressive humor and organizational citizenship behavior; (3) The sense of coping humor of employees moderates the mediating effect of leader humor on organizational citizenship behavior through employee psychological empowerment. The above research results have potential guiding significance and application value for leader management and enterprise human resource management practice.
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    The Influence of Participative Leadership on Team Performance: The Multilevel Chain Mediating Effect of Perceived Organizational Support and Subordinates’ Moqi
    Qiao Yongsheng, Qiao Risheng, Chen Lihong
    Management Review    2023, 35 (3): 196-206.  
    Abstract216)      PDF (1345KB)(371)      
    Subordinates’ moqi is believed to be a particularly salient construct in certain Chinese management contexts. How does participative leadership affect team performance through subordinates’ moqi in the context of Chinese culture? Based on the path goal theory and social learning theory, this study analyzes the data of 63 team leaders and 673 employees by using the multilevel structural equation model, and explores the multilevel chain intermediate effect of perceived organizational support and subordinates’moqi between participative leadership and team performance. The results show that (1) participative leadership is positively related to perceived organizational support and subordinates’ moqi; (2) there is significant positive correlation between perceived organizational support and subordinates’ moqi; (3) perceived organizational support and subordinates’ moqi is positively related to team performance; and (4) perceived organizational support and subordinates’ moqi play a multilevel level chain mediating effect between participative leadership and team performance. The results not only provide reference for future researches on the dynamic relationship between individuals and collectives, but also have certain enlightenment for the practice of organizational management.
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    From Product Orientation to Ecosystem Orientation: Construction of Innovation Ecosystem of High-tech Enterprises——A Longitudinal Case Study Based on Dajiang
    Zhou Changbao, Feng Zhihong, Lin Runhui, Wang Lingling, Zhang Yanfang
    Management Review    2023, 35 (3): 337-352.  
    Abstract238)      PDF (1543KB)(364)      
    This paper aims to explore how a high-tech enterprise could build an innovation ecosystem where it can build up its capabilities for developing new core technologies in complex and changing external environment. Based on the integrated view of ecosystem structure and evolution as well as the resource orchestration theory, this paper exemplifies Dajiang innovation ecosystem under the theoretical analysis framework of Context-Construct-Capability and divides its formation and evolution into three stages (i.e. birth, expansion and leadership) to explore the interaction between the knowledge networks and business networks. And then a dynamic evolution process model of innovation ecosystem for high-tech enterprises is constructed. The results show that first, the dynamic mutual adaptation of knowledge networks and business networks promotes the emergence of innovation ecosystems of high-tech enterprises; second, the construction of the innovation ecosystem of high-tech enterprises starts from product innovation, to the module-based integration of software and hardware technology and then to the opening of technology platform. The conclusions have important theoretical value and practical enlightenment for cultivating and constructing innovation ecosystem of high-tech enterprises in China.
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    The Impact of Leader Humor on Team Creativity
    Yang Chen
    Management Review    2022, 34 (7): 268-279.  
    Abstract321)      PDF (1327KB)(360)      
    Leader humor (LH), a new leadership style, is one of the frontier subjects in the field of organization behavior study. Although researches on LH have yielded great insights into the effects of leaders on followers' attitudes and behaviors, the existing knowledge on LH's role in team creativity remains incomplete. Taking as the theoretical basis the theory of the social information process theory, this paper probes the mechanism of how LH influences team creativity. Results from a 2-phase analysis of 62 working teams show that LH is positively related to team creativity, and team playfulness climate mediates the relationship between LH and team creativity. In addition, group traditionality negatively moderated the relationship between LH and team playfulness climate, leader social astuteness positively moderates the relationship between LH and team playfulness climate. Furthermore, the indirect effect of LH on team creativity via team playfulness climate is stronger when leader social astuteness is much higher.
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    Research on the 10-year Promotion Effect of New Energy Vehicles in China: A Spatial Effect Perspective
    Liu Yingqi, Song Zeyuan, Gao Hongwei, Feng Ruiyu
    Management Review    2023, 35 (3): 3-16.  
    Abstract301)      PDF (1570KB)(352)      
    In the past 10 years, the new energy vehicle industry has developed rapidly under the policy support of the central government and the joint attention of local governments and enterprises. In order to clearly see the effects of industrial promotion at the national city level over the past 10 years, this paper uses the data of 296 prefecture-level cities across China in 2018, takes a spatial perspective to construct an indicator system for the promotion of the new energy vehicle industry, and uses spatial autoregressive model (SAR) and spatial error model (SEM) to empirically investigate, through two levels (i.e. demonstration and non-demonstration cities) and five typical urban agglomerations, the degree of influence of major factors (e.g. urban government support, urban public transportation and urban scientific research capabilities) on the promotion of new energy vehicles across the country. The study finds that no matter whether in demonstration or non-demonstration cities, the promotion of new energy vehicles is related to the degree of economic development, but the promtion effect is more visible in demonstration cities; in the five major urban agglomerations, the impact of R&D capabilities and the spatial spillover effect are obvious and the effect of other factors varies greatly. On the basis of quantitative research, this paper further explores the possibility to increase the space spillover effect of China’s new energy vehicle market promotion by increasing R&D investment and constructing an industrial system under a competitive landscape, and thereby promoting the development of the new energy vehicle industry. Our research shows that in the future, the promotion of new energy vehicles in China should be based more on the regional perspective to give full play to the spatial spillover effects of cities and ultimately realize the development of the new energy vehicle industry in cities, urban agglomerations and the country. The research conclusions of this paper provide important policy reference for the improvement of the competitiveness of China’s new energy automobile industry and its market promotion.
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    The Coupling and Coordinated Development of Marine Economy and Pilot Free Trade Zone in China's Coastal Provinces
    Wang Mingli, Lu Feng, Cai Xing, Huang Yangyang
    Management Review    2022, 34 (7): 71-80.  
    Abstract112)      PDF (1681KB)(351)      
    China's 11 coastal provinces have not only the regional advantage of "marine economy", but also the institutional advantage of "free trade pilot zones". In order to deeply study the impact of the two advantages' interaction on regional economy, this paper constructs a coupling and coordinated development model between "marine economic development" and "development of free trade pilot zone" in 11 coastal provinces of China. Our research shows that the higher level of coupling and coordination between the two a region has, the better economic development the region will enjoy. This paper demonstrates the great significance of coordinating the two factors to coastal economic development. As the model shows, the coupling and coordination coefficient in the past 8 years averages at 0.7616, which means the two are coupled and coordinated only to a medium extent and need to be improved. At the same time, it is also found that there is strong regional heterogeneity, the degree of marine economic development in more developed areas does not match the economic and trade level, the coupling development level of the newly established pilot free trade zone is greatly impacted by COVID-19, and Hainan free trade port is at the worst level in China. Therefore, this paper puts forward targeted countermeasures and suggestions on the basis of this analysis.
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    The Cross-level Impact of Servant Leadership on Thriving at Work——The Role of Relational Energy and Learning Goal Orientation
    Ye Pu, Xu Yan, Li Chaoping
    Management Review    2022, 34 (7): 224-235.  
    Abstract286)      PDF (1328KB)(326)      
    Based on self-determination theory and conservation of resource theory, this paper constructs a multi-level linear model to explore the cross-level impact of servant leadership on thriving at work and the impact mechanism. A questionnaire survey to 61 team samples (61 team leaders and 345 team members) is conducted. The results show that on the team level, servant leadership and relational energy have a significant positive effect on employees' thriving at work; relational energy mediates the relationship between servant leadership and employees' thriving at work; and learning goal orientation positively moderates this relationship. For employees with high learning goal orientation, the positive relationship between relational energy and thriving at work is stronger, and the mediating effect of relational energy is more significant. By testing the moderated mediation model, we discuss the impact of service leadership on thriving at work, and the spiral development mode of them is worth exploring in the future.
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    Research on CEO’s Transformational Leadership, Organizational Identity and Organizational Routine Updating: Based on the Collectivism Tendency
    Wang Yongwei, Wu Xiangfan, Ye Jinhua, Liu Yuzhan
    Management Review    2023, 35 (1): 209-221.  
    Abstract262)      PDF (1400KB)(317)      
    In the digital era, organizational routines updating is an important source for enterprises to achieve strategic transformation and obtain sustainable competitive advantages. It is also the focus of organizational routine updating and management practice. Based on the theory of social identification, this paper explores the mechanism and context in which CEO’s transformational leadership behavior influences the updating of organizational routines. Through the analysis of 203 matching data of senior management teams and middle managers by statistical software SPSS and AMOS, this paper finds that CEO transformational leadership behavior has a positive effect on organizational identity and organizational routine updating, and organizational identity plays a mediating role in the relationship between CEO transformational leadership behavior and organizational routine updating. And collectivism tendency not only adjusts the relationship between organizational identity and organizational routine updating, but also further regulates the mediating role of organizational identification in the relationship between CEO transformational leadership behavior and organizational routine updating. To be specific, when the collectivism tendency is lower, the impact of CEO’s transformational leadership behavior on organizational routine updating through organization identification will be more indirect. The conclusions of this study will help scholars to understand the potential intermediate mechanism and boundary conditions of the impact of CEO transformational leadership behavior on the renewal of organizational routines, and effectively guide the practice of the organizational routine updating.
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