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

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Forecasting the Volatility of Chinese Crude Oil Market Based on Geopolitical Risk Yang Kun, Wei Yu, Li Shouwei, Liu Liang Management Review    2023, 35 (1): 16-31.   Abstract （216）      PDF （1473KB）（878）       Knowledge map    Frequent geopolitical events in recent years are often regarded as a main cause of the intense fluctuations in crude oil market. Therefore, this paper first uses the GARCH-MIDAS-GPR-type models which incorporate geopolitical risk (GPR) indexes to analyze the impacts of the geopolitical risks of different countries, categories and severity on Chinese oil market volatility and the forecasting accuracy of the models. Then, the robustness of conclusions is further discussed from six perspectives: volatility forecasting with different lengths, volatility forecasting before and after the launch of Chinese crude oil futures, alternative basic model, direction-of-change of crude oil volatility forecasts, crude oil risk forecasting and portfolio management. Furthermore, three macroeconomic uncertainties and six economic policy uncertainties are introduced to compare how helpful different uncertainties are for prediction. The empirical results show that, first, the country-specific, overall and serious GPR indexes have significantly positive effects on the long-run volatility of Chinese crude oil market. Second, geopolitical risk indicators contribute to improving the accuracy of Chinese oil volatility forecasts to varying degrees, and the three GPR indexes which reflect the overall geopolitical risk of the world perform better than other GPR indexes. Finally, compared with the commonly used macroeconomic uncertainties and economic policy uncertainties, geopolitical risk can provide most useful information for forecasting crude oil volatility. All the above-mentioned conclusions are robust in statistical accuracy and applications. Reference | Related Articles | Metrics

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Emission Reduction Effect of Low-carbon Transition in Power System: Analysis from the Perspective of Structure Optimization Zhang Guoxing, Gao Xiulin, Yang Yang, Yu Lean, Liu Chuanbin Management Review    2025, 37 (5): 3-16.   Abstract （131）      PDF （1501KB）（97）       Knowledge map    Promoting structural decarbonization of the power system, the largest source of CO2 emissions in China, is conducive to slowing down urban carbon emissions and realizing the carbon peaking and carbon neutrality goals. On the basis of decomposing the production data of all power plants of 6000 kW and above in China (14,570 plants in total) to the city level, this paper uses the panel data of 274 urban power production terminals from 2015 to 2019 to analyze the impact of low-carbon transformation of power system on urban carbon emissions and the spatial differences by using a spatial metro-logy model. With the aid of LMDI decomposition analysis, the future carbon emission paths of power systems in seven regions are predicted under two policy scenarios. The results show that:(1) Compared with thermal power generation, renewable energy generation can effectively reduce urban carbon emissions in Central, South, Southwest and Northwest China; (2) The clean transformation of power generation structure can effectively inhibit the increase of urban carbon emissions, and there is a positive spatial spillover effect. Specifically, when the share of renewable energy generation increases by 1%, urban carbon emissions fall by an average of 2.1%; (3) Regional policy scenario analysis shows that power systems in Northwest and Southwest China will be the first to achieve the peak of carbon emissions, while those in North and East China will be the last, and all regional power systems will achieve the peak goal successively in 2026-2030. At present, the overall proportion of clean energy power generation is still small, and it is necessary to fully tap and utilize the potential of wind, sunlight and other renewable energy power generation while promoting power generation technology innovation, and continue to enhance the positive role of renewables in urban carbon reduction and green governance. Reference | Related Articles | Metrics

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The Influence of Inclusive Leadership on Employees' Proactive Behavior: The Mediating Effects of Organizational-based Self-esteem and Error Management Climate Kong Liang, Li Xiyuan, Zhang Fawang    2020, 32 (2): 232-243.   Abstract （524）      PDF （1207KB）（1309）       Knowledge map    In the new normal economic background, an employer expects its employees not only to meet basic job requirements, but also to break through routine work requirements by showing initiative and thinking proactively to help their company respond effectively to environmental challenges. Globalization has brought about an increase in cross-regional population flows. The new generation of employees has gradually become the main force in the workplace, and staff in the workplace is becoming increasingly diversified. In view of the diversification of employees, a challenge that management team has to face is to find out how to carry out diversified management and give full play to the diversification of the employees' work initiative. This issue has also attracted the attention of academia. Inclusive leadership can inspire the initiative of diversified employees because of its openness, availability, and accessibility. Based on the theory of self-determination, this paper constructs a multiple mediator model with organizational self-esteem and error management climate to explore the influencing mechanism of inclusive leadership on employees' proactive behavior in organizations. Data are collected through paired questionnaire survey of 67 team leaders and 304 employees. The results show that inclusive leadership has a positive effect on employees' proactive behavior. HLM results reveal that organizational-based self-esteem and error management climate play a full mediating role between the two in the individual and the team level. The conclusion of the research reveals the influencing path of inclusive leadership on employees' proactive behavior. This not only confirms the inclusive leadership has the characteristics of fault tolerance, but also enriches the research of the influence factor of error management climate. At the same time, this research also confirms the positive effect of the error management climate on the employee's proactive behavior, and provides a theoretical reference and management inspiration for the cultivation of the leadership's inclusiveness and the construction of organizational error management climate. Reference | Related Articles | Metrics

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Digital Intelligence-driven Retail Ecosystem Model and Its County-level Practice: The Case of Yidu Tian Xin, Lu Zhaoxu, Ren Jianing, Tao Ye, Sheng Huizhan Management Review    2025, 37 (5): 265-276.   Abstract （86）      PDF （1660KB）（58）       Knowledge map    Analyzing the chain retail business models under the commercial environment of a county and promoting the digital and intelligent transformation of local retail enterprises is helpful for the county's economic growth, labor employment, and the cultivation of new quality productive forces in retail. We take the fat headquarters-thin store model, virtual retail model, and ecosystem retail model based on virtual business theory as the theoretical framework, and conduct a case study on Yidu, the only county-level retail enterprise that ranks among the top 20 convenience stores in China. We systematically summarize the business model of county chain convenience stores from the perspectives of development strategy, site selection, assortment management, data decision-making, community group buying, and business intelligence of chain retail operations. On this basis, we propose a retail ecosystem model driven by data and intelligence. Our research findings transcend the limitations of traditional convenience store theory, which posits that convenience stores are primarily concentrated in core urban areas and developed regions. We also expand the research on county-level retail, business ecosystems, and new quality productive forces in retail. In this way, we provide retail business models and a path for counties to accelerate the development of the distribution industry, promote labor employment, and drive regional economic growth. Reference | Related Articles | Metrics

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A Study of Linkage between Crude Oil and Natural Gas in North American Market: Based on the Empirical Analysis of Bayesian DCC-GARCH Model and LSTAR Model Chai Jian, Lin Jie, Liang Ting Management Review    2021, 33 (7): 16-28.   Abstract （302）      PDF （2788KB）（452）       Knowledge map    The characteristic of oil and gas as substitutes for each other makes the two show a certain correlation. The changes and linkage of oil and gas prices in the world's largest oil and gas consumer market will affect the global energy development pattern and investment strategy. Firstly, the paper studies the overall correlation between crude oil and natural gas yields in North America based on the Bayesian DCC-GARCH (Dynamic Conditional Correlation GARCH) model. In the case that the overall correlation between the two was less significant, the dynamic correlation characteristics of the two in trend, season and remainder are studied by STL decomposition. And then we analyze the nonlinear characteristics of correlation between oil and gas in trend through the LSTAR (Logistis Smooth Transformation Autoregressive) model. The results show the dynamic correlation between crude oil and natural gas yields in North American market is always positive, with a correlation range of[0.137,0.216] and a median of 0.181, the result of which could better reflect the time-varying characteristics of oil and gas linkage compared with the CCC-GARCH model (Constant Conditional Correlation GARCH). The correlation range of oil and gas is small, showing that there is no significant correlation between them. The results of STL decomposition show that there is a significant correlation between oil and gas yields in trend. And, LSTAR model could better characterize the correlation fluctuation and have a higher degree of fitting than AR model. The correlation between oil and gas in trend has a smooth transition at 2.026, and the transform speed from low zone to high zone is very fast. The results of the study have guiding significance for investors to increase their income, producers to control their costs, and the relevant government departments to formulate corresponding energy strategies. Reference | Related Articles | Metrics

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The Double-edged Sword Effect of the Use of Intelligent Machines on Employees'Work Engagement: A Stereotype Content Model Approach Zhan Xiaojun, Zhou Wenjun, Wang Tao Management Review    2025, 37 (5): 180-190.   Abstract （52）      PDF （2002KB）（59）       Knowledge map    The usage of intelligent machines (AI, robots, and algorithms) has changed the way employees work. Given the workplace complexity arising from the interaction between employees and intelligent machines, it is critical to understand how the usage of intelligent machines on their work engagement. Based on the stereotype content model, this study explores the double-edged sword effect of employees' perception of the usage of intelligent machines on their work engagement through 325 valid samples. The results show that for employees with low AI identity, the usage of intelligent machines reduces their warmth perception, thus inhibiting their work engagement; for employees with high AI identity, the usage of intelligent machines enhances their competence perception, thus promoting their work engagement. This paper opens the black box of the mechanism of how the usage of intelligent machines influences employees' work engagement and broadens the research field of stereotype content model, thus helpful for organizations to effectively combine intelligent machines with employee work, for employees to reasonably recognize intelligent machines, and for both organizations and employees to benefit from succeed artificial intelligence. Reference | Related Articles | Metrics

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Has the Urban Agglomeration Policy Eased Competition for Industrial Land Prices? -Empirical Evidence from 19 Urban Agglomerations in China Huang Zhiji, Shi Tao, He Canfei Management Review    2025, 37 (5): 17-29.   Abstract （56）      PDF （1427KB）（55）       Knowledge map    Price competition for industrial land transfers is a typical feature of horizontal competition among local governments in China. The implementation of the urban agglomerations' development strategy has adjusted the competitive incentives of local governments at the cross-administrative level and reshaped their industrial land granting behavior. This paper investigates the impact of urban agglomeration approvals on industrial land price competition using panel data from 2007 to 2020 for 281 prefecture-level and above cities across China. The results are as follows. (1) Benchmark regressions find that urban agglomeration approvals mitigate industrial land grant price competition among local governments under the geographic proximity setting, and the estimation results remain robust after changing the proxy variables, urban agglomeration approval time, and spatial weight matrix. (2) The path analysis finds that the administrative and market dividends generated by the urban agglomeration approvals can be manifested as a significant increase in the entropy of manufacturing locations and the share of industrial enterprises in the urban agglomeration and a reduction in the willingness of local governments to engage in land price competition. (3) Expanded analysis reveals that the conditions for industrial land price competition among cities with similar economic development are the existence of geographical proximity or the same provincial administrative division; at the same time, urban agglomeration approvals have the greatest effect on mitigating industrial land price competition among cities with similar economic development in the province. This paper argues that centralizing the authority of urban cluster granting in the central government is an important policy tool to reasonably regulate the incentives of competition and cooperation among local governments. Reference | Related Articles | Metrics

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A Comparative Study on the Performance of Different Industries under the Same Introduction and Development Model -Take Chip Industry and High Speed Rail Industry as Examples Gong Huiqun, Huang Chao Management Review    2025, 37 (5): 30-42.   Abstract （41）      PDF （2465KB）（47）       Knowledge map    In order to explore the feasibility of introducing development mode to national industrial development, as well as the problems faced in improving industrial performance, this paper constructs an industrial performance evaluation index system under the introduction development mode, and makes an empirical analysis based on the data of chip industry and high-speed rail industry from 2009 to 2019. Data analysis results show that:chip industry and high-speed rail industry are important supporting industries to promote China's social and economic development, and their overall performance improvement is far faster than the national economic development speed. The two industries have the highest impact on input-output performance, but the chip industry needs to pay more attention to the government's financial expenditure on science and technology activities, while the high-speed rail industry needs to maintain the growth rate of fixed asset investment. In terms of research cooperation performance, the chip industry needs to enhance joint research and development with universities and scientific research institutions, and the high-speed rail industry needs to strengthen cooperation with foreign countries in technology and standards. In terms of market performance, the high-speed rail industry needs to improve the share of the international market, improve the profit contribution rate of international business, and speed up the overseas patent layout strategy. The chip industry needs to expand the domestic market share and carry out synchronous innovation of the whole industrial chain. At the same time, both industries need to pay attention to the reserve of compound talents. Economic performance of both industries is far from satisfactory. It is urgent to attract more social capital and expand financial investment channels as soon as possible, especially in the high-speed rail industry, which needs to find out how to reduce the asset liability ratio, improve the profit margin of main business and the growth rate of revenue, etc., a problem demanding prompt solution from the industries introducing the development mode. Reference | Related Articles | Metrics

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Why do Employees Engage in Workplace Cheating Behavior in Remote Work? Yang Yang, Yan Rui, Zou Mingyang, Meng Yan Management Review    2025, 37 (5): 157-167.   Abstract （39）      PDF （2296KB）（45）       Knowledge map    Today, organizations are facing serious ethical challenges in drastic environmental changes. Especially in remote work, organizations are always worried about whether they will be deceived by their employees. It seems that employees have more opportunities to cheat their organization, due to the work environment change resulting from remote work. Therefore, this study attempts to use a grounded theory approach to illustrate why employees' cheating behavior is increasing in remote work and address this by analyzing an online open-ended survey from 100 employees. The results indicate that employees' cheating behavior has new causes (i.e. slack and withdrawal) and new motivations (i.e. protecting life and team interests). In addition, this study constructs a new framework based on the theory of personal-environment fit to explain employees' cheating behavior in remote work. This framework reveals the mechanism by which selfdemand and organizational requirements influence employees' cheating behavior through work state from the perspective of needssupplies and demands-abilities misfit and the boundary role of the organizational justice climate. The above results will help managers better understand why and when employees cheat their organization when working remotely, and provide valuable implications for organizations to improve management in remote work. Reference | Related Articles | Metrics

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The Structure and Value Creation Process of Business Ecosystem——A Case of the Xiaomi Eco-chain Tan Zhijia, Wei Wei, Zhu Wuxiang    2019, 31 (7): 172-185.   Abstract （1060）      PDF （3163KB）（1368）       Knowledge map    Eco-chain is an effective instrument for firm growth through network. This paper selects Xiaomi eco-chain as a typical case of firms which catch up from behind. The formation of the business eco-chain is carefully reviewed in time series to answer the core research question, how a business ecosystem is constructed. The discussion of the transaction mode aims at explaining the internal relationship which the literature did not clearly state. We find that the transaction parties are selected based on their resources and needs, just as how Xiaomi carefully constructed Xiaomi eco-chain based on the property rights and requirements of all players, and that the matching process determines the transaction model, that is why the pricing process of sharing rather than giving mechanism is more often used. The paper studies the data from multiple sources, such as face-to-face interview with the person in charge of Xiaomi eco-chain and the start-ups, the company files, the public speeches of the CEO of Xiaomi and so on, and applies the business model theory to describe and explain the formation and value creation of a business ecosystem. The case of Xiaomi eco-chain provides an inspiring example of how an effective business ecosystem can be formed, and enlightens further researches of the business ecosystem. Reference | Related Articles | Metrics

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An Analytical Framework of Derivatives Sniper Attack Risk Based on the Case Study of Tsingshan Group’s Forced Liquidation Incident in LME Nickel Xu Yang, Bu Hui Management Review    2024, 36 (2): 257-272.   Abstract （249）      PDF （3628KB）（414）       Knowledge map    The nickel futures prices on the London Metal Exchange (LME) experienced a sharp surge during the two trading days from March 7th to 8th, 2022. As a result, Tsingshan Holdings Group, a Chinese company heavily involved in nickel hedging, suffered a significant loss, which marks another risk event where a domestic enterprise participating in overseas derivative trading was targeted by international capital. This paper provides a detailed case analysis of the sniper activity among “LME nickel futures incidents”, and proposes an analytical framework for analyzing sniper events and sniper risk in the futures market from four dimensions: objective conditions, market environment, sniper strategies, and sniper motivation behind. The study reveals that the weak physical delivery capacity caused by cross-hedging became an objective condition for Tsingshan Group to be targeted, and the market environment of low-level nickel inventories triggered by geopolitical risks further limited Tsingshan Group's inventory control and delivery capacity. The design of LME contracts exposes trading positions and motivations, while the LME trading system facilitates short-term price manipulation and other sniper behaviors, allowing the inference of the using contract, timing, and price manipulation ways employed in this sniper attack. Analysis of large position reports reveals that the essence of this sniper attack may be a battle for nickel resources. Finally, this study utilizes event analysis to confirm that the sharp increase in nickel futures prices on March 7th, 2022, was driven by trading factors rather than fundamental factors. The analytical framework proposed in this research, which combines case analysis, data analysis, and empirical analysis, is of significant value in identifying sniper risks, recognizing market manipulation, and better evaluating related risks for early warning and prevention. Reference | Related Articles | Metrics

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Digital Technology Investment Rhythm, Interentrainment and Green Innovation Performance Sun Zhongjuan, Li Huaqian, Liu Xuexin Management Review    2025, 37 (5): 94-107.   Abstract （47）      PDF （1309KB）（44）       Knowledge map    Existing researches of digital technology investment mainly focus on the perspective of "quantity", while ignoring the "temporal" perspective of digital technology investment process. Based on the "Rhythm View" and "Entrainment View" of corporate strategy, this study uses the panel data of listed companies in the heavy polluting industries from 2013 to 2020 to study the mechanism of how the rhythm of digital technology investment influences green innovation performance, and addresses the research gap in the temporal dimension of digital technology investment. The results show that:(1) there is an inverted U-shape relationship between technician investment rhythm and green innovation performance, and CEO's environmental cognition can enhance the relationship; (2) there is a U-shape relationship between digital asset investment rhythm and green innovation performance, and pressure-sensitive institutional ownership can enhance the relationship; (3) there is a U-shape relationship between the interentrainment of technician investment rhythm and digital asset investment rhythm and green innovation performance, and political connection can enhance this relationship. In the process of leveraging digital technology to drive green innovation, firms should pay attention to the rhythm of digital asset investment and technician investment, as well as the interentrainment between them. Reference | Related Articles | Metrics

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The Formation Path and Mechanism of Cross-border Integration of Business Models in the Context of Digital Transformation: Hybrid Research Based on Grounded Theory and fsQCA Wang Bingcheng, Sun Yuxin, Zhao Jingyi Management Review    2025, 37 (5): 277-288.   Abstract （58）      PDF （1326KB）（43）       Knowledge map    Digitization has blurred industry boundaries and promoted industrial integration. Many enterprises choose to gain competitive advantages through cross-border integration of multiple business models. However, existing researches lack a systematic analysis of its driving factors and formation paths. This paper first uses classical grounded theory to extract the driving factors for cross-border integration of business models in the context of digital transformation, and then uses a combination of NCA and fsQCA methods to configure and analyze these factors, in order to explore the formation path and mechanism of cross-border integration of business models in the context of digital transformation. The findings are as follows. (1) The cross-border integration of business models in the context of digital transformation is influenced by resource and capability factors such as unabsorbed slack resources, cross-border knowledge search and digital technology embedding, external environment insight, organizational coordination flexibility and employee skill malleability; (2) The above six factors cannot constitute the necessary conditions for cross-border integration of business models, but improving external environmental insight and cross-border knowledge search level plays a relatively universal role in achieving cross-border integration of business models; (3) There are four groupings that drive the cross-border integration of business models, which can be categorized as stepby-step, employee-technology matching, rapid advancement, and flexible response based on the extension of employees' skills, led by the dual elements of cross-border knowledge resources and environmental insights. The research conclusion provides systematic thinking and useful insights for enterprises on how to achieve cross-border integration of business models in the context of digital transformation. Reference | Related Articles | Metrics

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Is Integrity a Hindrance to Innovation? Research on the Impact of Leader Moral Ownership on Enterprise Business Model Innovation Wang Xuedong, Cui Yang, Meng Jiajia Management Review    2025, 37 (5): 108-120.   Abstract （52）      PDF （1346KB）（42）       Knowledge map    Although the cross-research on leadership and business model innovation is flourishing, existing literature still lacks a deep understanding of how leadership moral traits affect business model innovation. Based on the Upper Echelon Theory and attention-based view, introducing managers' exploratory attention and exploitative attention as mediating variables, and dividing business model innovation into novel and efficient types, this paper explores the mechanism of how leader moral ownership influences different types of business model innovation and the boundary conditions. An empirical research based on a questionnaire survey of 135 enterprises shows that:leaders' moral ownership has a negative impact on novelty-centered business model innovation, with exploitative attention and exploratory attention playing a mediating role between the two; Leaders' moral ownership has a positive impact on efficiency-centered business model innovation. Exploitative attention still plays a mediating role, but exploratory attention presents a masking effect, that is, the moral ownership of leaders hinders efficiency-centered business model innovation by inhibiting exploratory attention. As the dynamics of the environment increase, the negative impact of leader moral ownership on exploratory attention and the positive impact on exploitative attention both show a weakening trend. This study reveals the differentiated impact of leader moral ownership on different types of business model innovation, as well as its intermediary mechanisms and boundary conditions, providing new insights for the cross-research of leadership and business model innovation. Reference | Related Articles | Metrics

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Can Cooperation Enhance the Operational Capabilities of Charging Operators? A Study from the Perspective of the Platform Economy Gao Xin, Jia Fuyuan, Song Ruizhen, Nan Haonan, Zeng Ruochen Management Review    2025, 37 (5): 233-242.   Abstract （35）      PDF （15263KB）（39）       Knowledge map    As one of the key development areas in new infrastructure, the operational capabilities of operators are a significant factor affecting the healthy development of China's charging market for new energy vehicles. The establishment of charging platforms provides a space for matching the supply and demand between charging pile operators and users. However, due to the uneven operational and maintenance capabilities of charging operators within the platform, operators with low capabilities tend to free-ride, damaging the economic interests of operators with high capabilities. This can lead to the tragedy of the commons within the charging platform. Therefore, this study adopts a platform economy perspective to examine the interactions among charging operators with heterogeneous operational and maintenance capabilities within charging platforms. Utilizing game theory and public goods theory, a public goods game model is constructed to analyze the decision-making behaviors of different charging operators regarding the enhancement of their operational capabilities and to identify key influencing factors. The research reveals that spontaneous cooperation among charging operators is insufficient to resist the invasion of operators employing the hitchhiking strategy. Increasing population density and learning range promote a gradual shift from cooperation to hitchhiking strategy among operators, while an expanded migratory range fosters the formation of stable spatial clusters by operators choosing the cooperation strategy. This research offers important insights for improving the operational capabilities of charging operators within charging platforms, fostering the healthy development of charging platforms and markets, and realizing the construction objectives of new infrastructure projects. Reference | Related Articles | Metrics

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A Study into the Mechanism of How High-performance Work System Influences Employee Proactive Behaviors： A Cross-level Model Based on Social Context Theory Cao Man, Xi Meng, Zhao Shuming Management Review    2020, 32 (6): 244-254.   Abstract （598）      PDF （1237KB）（661）       Knowledge map    In recent years, proactive behavior has become an important research topic in the field of organizational behavior. Based on social context theory, this paper intends to explore the influence mechanism between high-performance work system and employee proactive behavior. We collect data from 110 senior managers, 110 human resources managers and 1105 employees. Research results show that high-performance work systems have a positive effect on proactive behaviors and employee relations climate fully mediates the relationship. And, environment uncertainty plays a moderating role in the relationship between high-performance work systems and employee relations climate such that the relationship between high-performance work systems and employee relations climate will be weaker when environmental uncertainty is high rather than low. This study contributes to both strategic human resource management and proactive behaviors literature. By examining the mediating role of employee relations climate, this study investigates the mechanism between high-performance work system and employee proactive behavior. Furthermore, the paper considers the effect of environmental uncertainty, thus extending the boundary conditions of proactive behaviors. Reference | Related Articles | Metrics

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Research on the Relationship between Resource Slack and Innovation Performance -A New Mechanism with the Introduction of Time Perspective Jiang Zhenyu, Li Zhubo, Wang Zongjun Management Review    2025, 37 (5): 67-80.   Abstract （64）      PDF （2488KB）（38）       Knowledge map    Appropriate slack resources have an important impact on corporate technological innovation. Taking the listed companies from 2006 to 2017 as a research sample, we deeply explore the direct effect of financial slack, personnel slack and time slack on innovation performance and further reveal the moderating effect of time slack. The results are as follows. First, financial slack and personnel slack are in an inverted U-shaped relationship with corporate innovation performance, while time slack is positively related to corporate innovation performance. Second, as time slack increases, the inverted U-shaped curve of financial slack and personnel slack becomes steeper, while the vertex of the curve of the financial slack moves to the right, and the vertex of the curve of the personal slack moves to the left. In addition, this paper further explores the impact of corporate ownership and R&D intensity on the above results and deeply discusses the interactive effects of financial slack and personnel slack on corporate innovation performance and the reasons why excessive resource slack is not always better. This research not only helps to deepen the understanding of the relationship between organizational slack and innovation performance in academia but also provides guidance for organizational resource management and innovation practice. Reference | Related Articles | Metrics

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How Managers' Decision Making Efforts Promote Their Voice Aversion: The Critical Role of Power and Illusion of Control Guan Tao, Zhang Xiang, Chen Ying, Wu Riyuan Management Review    2025, 37 (5): 168-179,205.   Abstract （45）      PDF （1437KB）（38）       Knowledge map    This paper aims to explain when and why managers are more aversive to seeking and adopting advice. Based on the resource conservation theory, we study the effect of decision-making effort on voice aversion. We propose that decision-making effort promotes voice aversion via the mechanism of illusion of control. Moreover, this relationship is contingent on the power of managers. To examine our theory, we conduct questionnaire surveys among 191 managers and find that managers' decision-making effort is negatively related to voice solicitation and endorsement, which provides support on the promoting effect of decision-making effort on voice aversion. The results also support the mediating effect of illusory control on the relationship between decision-making effort and voice aversion. Finally, power moderates the relationship between decision-making effort and illusion of control such that low-power managers have higher illusion of control after their endeavor in decision-making than high-power managers, which reduces the likelihood of soliciting and endorsing others' advice. The study highlights the need to examine the antecedents of voice aversion from the perspective of managerial decisionmaking effort and furthers the understanding of when and why managers are more aversive to seeking and adopting advice via the role of illusory control and power. Reference | Related Articles | Metrics

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Advanced Information, Strategic Trading and Price Reversal: The Impact of Information Technology on Financial Market Zeng Qingduo, Xu Yang, Chen Binbin, Liu Shancun Management Review    2025, 37 (5): 43-52.   Abstract （39）      PDF （1315KB）（35）       Knowledge map    The perfect application of big data and other information technologies has strengthened investors' ability to obtain information, forming the advantage of obtaining advanced information. In this paper, we explore the influence of advanced information on investors' strategic trading behavior and equilibrium prices in light of different investment horizons preferences. The results show that, in the shortterm trading environment, if and only if the accuracy of the advanced information is greater than a certain critical value, the trading intensity of technical traders as for the advanced information is greater than that of the private information, and vice versa. In addition, compared with long-term traders, short-term traders face the risk of price fluctuations in the second period, and they are more cautious in the first period. For private information, the trading intensity is lower than that of long-term traders, while for advanced information, the trading intensity is greater than long-term traders. Further research proves that as the advanced information is incorporated into the price in the first period, the price reverses in the second period. The research conclusions will make theoretical contributions to clarifying the strategic trading mechanism and pricing mechanism under different investment horizons, and will also provide meaningful theoretical guidance for preventing financial risks caused by information technology. Reference | Related Articles | Metrics