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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.   Abstract （638）      PDF （1371KB）（2159）       Knowledge map    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. Reference | Related Articles | Metrics

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Research on the Construction Mechanism of Data-driven Dynamic Capabilities of Traditional Manufacturing Enterprises: Based on the Case Study of Digital Practice of Wahaha Group Co., Ltd. Chen Yu, Chen Yantai, Xie Fuji Management Review    2023, 35 (10): 340-352.   Abstract （546）      PDF （1421KB）（1282）       Knowledge map    Traditional manufacturing enterprises are facing both new opportunities and challenges in the digital environment. How to build data-driven dynamic capabilities is the key to the success of traditional enterprise transformation. Taking Hangzhou Wahaha Group Co., Ltd. as a case study, this paper discusses the construction mechanism of data-driven dynamic capabilities. There are some main findings as follows. First, the data-driven dynamic capabilities of traditional manufacturing enterprises are composed of four dimensions: data-driven opportunity perception capability, data-driven industrial chain synergy capability, data-driven organizational transformation capability and data-driven value ecosystem capability. Second, these four capabilities can be subdivided into 13 main categories. Third, these four capabilities are progressive and mutually reinforcing. Among them, data-driven opportunity perception capability is the basis and prerequisite. Data-driven industrial chain synergy capability is the key and means of implementation. Data-driven organizational transformation capability is the guarantee and the supporting condition. Data-driven value ecosystem capability is leverage, with an amplification effect. The contribution of the paper is that a four-dimensional analysis framework is proposed, then the sources and interaction mechanisms of different dimensions are deeply analyzed. The conclusion of the paper has implications for how traditional manufacturing enterprises should carry out digitalization and transform digital resources into their data-driven dynamic capabilities. Reference | Related Articles | Metrics

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The Analysis and Policy Recommendations on the Spread of Network Public Opinion in Major Production Safety Accidents——A Case Study of the 8·12 Tianjin Port Explosion Liu Yijun, Chen Sijia, Huang Yuan, Ma Ning, Wang Guanghui, Niu Wenyuan    2016, 28 (3): 221-229.   Abstract （557）      PDF （4609KB）（2566）       Knowledge map    The 8·12 Tianjin Port Explosion is an extremely serious accident belonging to the category of production safety, In addition, it has been paid great attention by the Party Central Committee and the State Council. After the occurrence of this accident, the emergency disposal was steadily progressing. However, in the meantime, network opinions focusing on this event got out of control rapidly, which had been one of the primary secondary disasters of the Tianjin Port Explosion. Therefore, this paper sets the network opinion caused by the 8·12 Tianjin Port Explosion as the analysis object, and based on some main characteristics of this network public opinion spread, builds a multilayer and multi-attribute model of public opinion spread which contains agent, information, psychology, opinion property, then applies simulation tool for scenario analysis, which aims to comprehensively obtain the opinion public formation and evolution rule of this kind of major emergency accidents, Finally, proposes some disposal recommendations of public opinion in major accident belonging to the category of production safety. Reference | Related Articles | Metrics

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Agglomeration Effect and Selection Effect of Region-oriented Policy—Evidence from Northeast Revitalization Strategy Guo Xu, Fan Shilong, Zhang Ang Management Review    2026, 38 (4): 41-53.   Abstract （73）      PDF （1222KB）（45）       Knowledge map    Under the strategic guidance of regional coordinated development, region-oriented policies serve as a proactive response to the imbalance in regional development and a significant pathway to promote high-quality economic growth in specific areas. This study investigates the impact of China’s Northeast Revitalization Strategy on firms’ productivity, analyzing its dual mechanisms of industrial agglomeration and market selection effects. Theoretically, we construct a model of “agglomeration-selection effects” under the influence of regional policies. Empirically, we employ the “unconditional distribution characteristics-parameter correspondence” method and the difference-in-differences estimation to test the selection and agglomeration effects of the revitalization strategy on enterprises’ productivity. The findings reveal: (1) The policy overall distorts the agglomeration and selection effects in Northeast China, manifesting as negative homogeneous agglomeration effects, positive heterogeneous agglomeration effects, and selection effects, thereby lowering the average regional productivity, widening the productivity gap between high and low-efficiency enterprises, and leading to more low-efficiency enterprises exiting the market. (2) The exit behavior of state-owned low-efficiency enterprises is not significant, and the policy’s negative impact on the productivity of pilot industries is more pronounced. With the subsequent introduction of revitalization strategy opinions, enterprise productivity in Northeast China improved after 2009, mitigating the inefficiencies caused by early policy biases. The dynamic effects test, quantile regression, and Probit model estimations under the difference-in-differences approach are consistent with these conclusions. (3) Mechanism tests show that the first round of Northeast Revitalization significantly reduced innovation investment in high-efficiency enterprises but increased their fixed asset and labor inputs, while low-efficiency enterprises saw reductions in both innovation and other factor inputs. This paper’s evaluation of the first round of Northeast Revitalization Strategy provides theoretical and empirical insights for policy formulation in the comprehensive revitalization of Northeast China in the new era. Reference | Related Articles | Metrics

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Evolutionary Game Analysis of the Manufacturer Contract Choices and the Retailer Channel Integration Based on BOPS Ma Lin, Qiu Ruozhen Management Review    2025, 37 (8): 219-232.   Abstract （128）      PDF （6556KB）（114）       Knowledge map    This paper considers a two-level supply chain system composed of a manufacturer and a retailer, in which the manufacturer can sell products to the retailer by using the traditional wholesale (WS) contract or fulfill online orders of the retailer by using the drop-shipping (DS) contract, and the retailer can sell products to customers through the online channel or the “buy online and pick up in store” (BOPS) channel. In this context, the relationship between contract choices of the manufacturer and channel integration of the retailer is studied. Firstly, a two-dimensional dynamic game system with the bounded rational manufacturer and retailer as game subjects is established by using the Stackelberg game model with manufacturers as the main player and retailers as the follower to maximize their respective profits. Secondly, the evolutionary game theory is used to analyze the dynamic evolutionary process of strategy selection by two parties in the game, and obtain the evolutionary stable strategies under different scenarios. Finally, the numerical experiment is implemented to verify the validity of the proposed model. The results show that the profits of the manufacturer and retailer decrease with the increase of customers’ waiting cost; the profit of the manufacturer decreases with the increase of the profit sharing rate, and the profit of the retailer decreases with the increase of BOPS convenience coefficient. Further, when the customers’ waiting cost and BOPS convenience coefficient are both too high, the manufacturer tends to adopt the WS contract strategy; On the contrary, the manufacturer tends to adopt the DS contract. When the customers’ waiting cost is low or the profit sharing rate is high, the retailer prefers to adopt the online retail strategy; when the customers’ waiting cost is too high or the profit sharing rate is low, the retailer prefers to adopt the omnichannel retail strategy (Online + BOPS). Reference | Related Articles | Metrics

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Listed Company Credit Rating Division Model Based on Defaulting Customer Distribution Constraint Zhou Ying, Zhang Zhipeng Management Review    2023, 35 (5): 3-18.   Abstract （372）      PDF （1672KB）（508）       Knowledge map    Credit rating division is to divide customers into groups according to their credit score or expected losses, and to rank individuals by their credit risk. This study constructs a goal programming model from two aspects of default risk and risk loss, and gives a novel method of credit rating division for Chinese listed companies. This paper makes innovative attempts in two aspects. First, it puts forward new credit rating constraints to ensure that more defaulting customers are distributed in lower grades, thus avoiding the irrationality of the existing researches that distribute more defaulting customers in higher grades. Second, through the relationship between Expected Loss and Exposure at Default, Probability of Default and Loss Given Default in Basel Accord, this paper approximates the Expected Loss of listed companies and provides a solution for the lack of default loss data of listed companies. The results show that 53 indicators, such as equity ratio, return on equity, audit opinion type and the year-on-year growth rate of cash supply in circulation, can be used to effectively predict the default status of listed companies. The research shows that the corresponding loss rates of nine credit grades, such as AAA, AA, A, BBB, BB, B, CCC, CC and C, are 0.01%, 0.05%, 0.16%, 0.23%, 0.80%, 1.23%, 1.35%, 10.10% and 66.90%, respectively, and this is in line with the fundamental requirement that the higher credit rating, the lower loss rate. Reference | Related Articles | Metrics

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From Single Variable to Multiple Combination: A Configurational Perspective for Newsvendor Model Liu Lei, Yan Zhanghua, Xi Xi, Lv Yanyi, Hong Xuanjiao Management Review    2025, 37 (5): 251-264.   Abstract （177）      PDF （3478KB）（172）       Knowledge map    As an important operation optimization framework, newsvendor model has been extended from multiple aspects. In order to give a better explanation and guide the practice, this paper introduces the configurational idea of variable combination into the newsvendor model, and analyzes the optimal decisions in the newsvendor model from the perspective of multivariate combination without/with residual value. The result shows that:(1) the risk attitude is affected by objective conditions such as product profitability, decisionmaking structure between subjects (with or without interaction); (2) combinations of variables such as relative risk, residual value rate, product profitability, have important impacts on the optimal decision-making of the newsvendor model, and the impacts are manifested in a variety of regulation effects which separate the decision spaces into multiple domains; (3) the interactive decision-making structure generally improves the risk-taking willingness of decision-making subjects, which is also affected and even reversed by whether interaction is involved. The research results of this paper extend the research conclusions of the newsvendor model from the perspective of configurational theory, and also provide an integrating framework for explaining the conflicting views in literature. Reference | Related Articles | Metrics

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How to Make Your WeChat Brand Posts Popular?——Empirical Evidence from Well-known Brands Peng Chenming, Zhang Sha, Zhao Hong    2016, 28 (12): 176-186.   Abstract （403）      PDF （1148KB）（900）       Knowledge map    WeChat is the largest and youngest mobile social networking app in China. Due to its massive number of users, high user stickiness, and low marketing costs, many companies have used WeChat as a new communication tool to push branded posts to their subscribers. Compared to other social media sites such as Facebook, WeChat is relatively new and has unique features. Thus, there are too few theories that guide companies to implement effective WeChat communication strategies. Based on 334 WeChat posts from 8 wellknown brands across 4 industries, this study investigates possible drivers of WeChat post popularity (measured by the number of reads/likes). Our results show that how a post is positioned, how long it is posted, and how informative it is affect both the number of reads and the number of likes. The presence of promotional information in the post title only affects the number of reads. We also find a marginal significant negative effect of the (warm) color of the cover picture on the number of reads. However, vividness and entertainment do not have a significant effect on WeChat post popularity. Reference | Related Articles | Metrics

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Brand Logo and Firm Performance: A Moderated Mediating Effect Test Zhu Bangzhu, Han Le Management Review    2024, 36 (7): 193-206.   Abstract （236）      PDF （1300KB）（265）       Knowledge map    As an important visual asset, logo plays a critical role in firms’ customer communication and corporate image building. Drawing upon the example of the retail enterprises in Global 500 of 2019, this study uses moderated mediating model to explore the effect of brand logo on firm performance, as well as its mechanism. Results show that there is a significant positive relationship between brand logo and firm performance when other factors remain unaltered. Further mechanism analysis finds that logo leads to a higher profitability by enhancing consumer brand loyalty. The test of moderated mediating effect indicates that consumer familiarity has no influence on the relationship between logo and brand loyalty, but it weakens the positive effect of brand loyalty on firm profitability. This paper expands the relevant theories on the relationship between brand logo and enterprise performance and the underlying mechanism, and has certain practical value for firms to design a logo that can help them improve performance. Reference | Related Articles | Metrics

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U-shaped Curve Relationship between Guanxi and Performance and the Moderating Effect of Marketization Process Lu Tingyu, Zhang Xubing, Zhou Yuting, Zhuang Guijun, He Yong Management Review    2025, 37 (7): 141-153.   Abstract （175）      PDF （1333KB）（184）       Knowledge map    Building on institutional theory, this paper examines the impact of distributor-supplier interpersonal guanxi and government-business guanxi on sales performance, as well as the moderating roles of government information transparency and the marketization index. Drawing on 223 paired survey responses from distributors and suppliers in a business-to-business context, as well as government information transparency, marketization index and gross sales, the authors reach following conclusions. First, there is an inverted U-shaped relationship between interpersonal guanxi and sales performance, while government-business guanxi exhibits a U-shaped relationship. Second, government information transparency strengthens the inverted U-shaped relationship between interpersonal guanxi and sales performance, while the marketization index weakens this effect. Third, government information transparency enhances the U-shaped relationship between government-business guanxi and sales performance, while the marketization index weakens this effect. Additionally, we discuss the theoretical contributions, practical implications, limitations, and future research directions. Reference | Related Articles | Metrics

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Rookie Independent Directors and Stock Price Crash Risk Cao Feng, Zhang Xueyan Management Review    2023, 35 (8): 268-282.   Abstract （365）      PDF （1317KB）（413）       Knowledge map    Rookie independent directors (RIDs) refer to those who serve as independent directors for the first time and lack experience in the board of directors. Will they lead to ineffective supervision due to their lack of independence and experience or lead to more effective supervision because they are motivated to build personal reputation and more independent? This paper explores the above questions from the perspective of stock price crash risk which has a significant impact on the capital market and investors and can comprehensively reflect the supervision effect of the RID. Research findings:RIDs increase the risk of stock price crash. Further analysis shows that when RIDs have industry expertise, a not very busy schedule, an academic background, overseas experience and exposure to a strict legal environment, their positive impact on the stock price crash risk is weakened. The mechanism test shows that poor performance of RID (as evidenced by their lack of dissenting voices or resulting in lower quality of corporate information disclosure), which is the path through which RIDs influence the risk of stock price crash. On the one hand, this study enriches the literature on the RIDs and stock price crash risk. On the other hand, it has enlightening significance for deeply understanding the governance behavior and effect of RIDs, improving the mechanism of selecting and hiring independent directors, and promoting the steady and healthy development of capital market. Reference | Related Articles | Metrics

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The Effect of Institutional Complexity on MNEs' Innovation Performance: Based on the Perspective of Institutional Logics Theory Shen Liying, Chen Deqiu Management Review    2024, 36 (8): 105-118.   Abstract （346）      PDF （1233KB）（400）       Knowledge map    Emerging economy multinational enterprises (MNEs) not only need to face institutional difference between home and host countries, but also between different host countries. Under the background that China is in a critical stage of high-quality economic development and transformation, it is of great significance to understand the effect of institutional complexity on MNEs' innovation performance from the institutional logics perspective. Based on the data of Chinese A-share listed companies from 2007 to 2017, this paper examines the relationship between institutional complexity of host countries and MNEs' innovation performance. Our findings suggest that institutional complexity has a significantly positive impact on MNEs' innovation performance, which is reflected in the increase of the number of patent applications. In addition, we find that the institutional constraints from home country and MNEs' international experience positively moderate the institutional complexity-innovation relationship. Moreover, our results show that institutional complexity promotes MNEs' innovation performance by improving their absorptive capacity. This paper not only confirms the positive effect of institutional complexity on MNEs' innovation performance, thus providing new empirical evidence for MNEs' strategic responses to institutional complexity, but also has important policy implications for the implementation of innovation-driven development strategy. Reference | Related Articles | Metrics

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Exploring the Construction Mechanism of “the Longping Way”——A Case Study Based on Grounded Theory Liu Fanglong, Qiu Weinian, Wu Nengquan, Zeng Chuhong    2019, 31 (6): 289-304.   Abstract （327）      PDF （1399KB）（567）       Knowledge map    This paper takes Longping Hi-tech as the research object to study the process and mechanism of the construction of "the Longping Way", tries to provide reference for the construction of other enterprises' cultural system, and complements the theory of enterprise culture based on practice. Longping Hi-Tech culture system is based on the spirit of academician Yuan Longping, in the framework of corporate culture theory, through the staff interviews, seminars, questionnaires and video and other methods to obtain material and data, based on the grounded theory of data analysis, refining a series of ideas and cultural factors, and by the sublimation of numbers and concepts, this paper forms a systematic, comprehensive concept culture system. More importantly, through the analysis of the saturation of the grounded theory, we find an important concept neglected in the traditional enterprise culture theory:the Enterprise Culture Character——"rice" culture. Based on the case practice and theoretical framework, the paper deduces the multi-level structure model of enterprise culture, and further expands the enterprise culture theory. The research holds that many famous enterprises in China use the concept of "enterprise culture character" as the core enterprise culture, and the concept of "enterprise culture character" is becoming an increasingly important core connotation in the enterprise culture system. The research results have far-reaching significance to the cultural construction of Chinese enterprises. Reference | Related Articles | Metrics

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Executive Pay Gap and Enterprise Digital Transformation: Evidence from A-share Listed Companies Rui Zhengyun, Zhang Yunpeng Management Review    2025, 37 (7): 178-188.   Abstract （214）      PDF （1994KB）（187）       Knowledge map    Based on the data of Shanghai and Shenzhen A-share listed companies from 2008 to 2020, this paper empirically tests the impact of executive pay gap on enterprise digital transformation and its action path. Research shows that both the internal and external pay gaps of senior executives significantly promote the digital transformation of enterprises. The conclusion is still valid after a series of endogeneity and robustness tests. The channel mechanism test shows that the executive pay gap can promote the digital transformation of enterprises by improving the radical degree of corporate strategy and enhancing the quality of internal control. The moderating effect test shows that the size of the firm and the business social capital of the executive team play a negative moderating role. This study not only enriches the literature results related to the executive pay gap and enterprise digital transformation, but also provides experience and enlightenment for enterprises to improve the executive pay system and corporate governance system in the process of digital transformation. Reference | Related Articles | Metrics

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A Picture may Not Tell the Truth! The Influence of Online Review Picture Beautification on Review Adoption Intention in Online Consumption Context Zhang Yannan, Tang Yao, Zhu Yanghao, Tu Ming Management Review    2023, 35 (11): 142-152.   Abstract （409）      PDF （1360KB）（427）       Knowledge map    There are two main forms of online reviews, verbal reviews and pictorial reviews. Most of the current researches on online reviews have focused on verbal reviews, with limited attention on pictorial reviews. Even the limited researches on pictorial reviews only discuss the contrast effect of pictorial and verbal reviews, number of pictures and type of pictures, while ignoring photo beautification, an increasingly common phenomenon in online review. In this paper, we integrate the S-O-R theory and the heuristic and analytical dual-system model, and design three experiments to explore the mechanism of how picture beautification influences review adoption intention and its boundary conditions. The results show that the direct effect of online review picture beautification on review adoption intention is significant, and the indirect effects through the single mediation of perceived authenticity and the chain mediation of perceived authenticity and perceived diagnosability are significant. In addition, product type (search VS experience) moderates the negative effect of online review picture beautification on perceived authenticity and thus moderates the chain mediation effect. The research results not only enrich the research content of online reviews, expand the research scope of pictorial reviews, and put forward the authenticity-diagnosability-adoption model, but also have important practical enlightenment on how to guide consumers to make picture reviews. 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 （749）      PDF （1237KB）（985）       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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Relieving the Hardship: How does Digital Inclusive Finance Facilitates SMEs’ Digital Transformation?—An Empirical Study Based on the Dual Effects of Institutional and Resource Provision Yin Ximing, Zhang Shuxin, Li Jizhen Management Review    2026, 38 (7): 3-15.   Abstract （223）      PDF （1221KB）（174）       Knowledge map    As an emerging financial innovation, digital inclusive finance provides new opportunities for improving the multi-tiered capital market, promoting the innovative development of small and medium-sized enterprises (SMEs) and accelerating the development of new quality productive forces. However, few studies systematically explore the impact of digital inclusive finance on the digital transformation of SMEs and its process mechanism. Based on the 2012—2020 panel data of SMEs listed on SME Board and ChiNext Market, this paper empirically examines the process mechanism between digital inclusive finance, firms’ internal and external financial constraints, and digital transformation, as well as the contingent impact of market environment and institutional environment from the perspective of the integration of resource and institutional provision. The findings are as follows: Digital inclusive finance significantly promotes the digital transformation of SMEs and plays a significant role in alleviating firms’ difficulties; Digital inclusive finance has the dual effects of resource provision and institutional provision, which can effectively alleviate the internal and external financing constraints faced by small and medium-sized enterprises, thus promoting the digital transformation of enterprises. The degree of market competition will strengthen the alleviating effect of digital inclusive finance, and the better the regional institutional environment, the more significant the enabling effect of digital inclusive finance. This paper systematically reveals the process mechanism and contingency factors of digital inclusive finance enabling the digital transformation of SMEs, and has important practical guiding significance for further releasing the dividends of digital inclusive finance helping with industrial digitalization and accelerating the development of modern industries. Reference | Related Articles | Metrics

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The Impact of Influencer-generated Content on Consumer Engagement Zhang Honghong, Gong Xiushuang, Lu Jiawen Management Review    2024, 36 (5): 126-136，163.   Abstract （385）      PDF （2588KB）（504）       Knowledge map    As an essential tool for corporate brand marketing, social media influencer marketing brings significant traffic to brand com-munication. Based on the Elaboration Likelihood Model and the Persuasion Knowledge Model, this study utilizes real data from social media platforms to investigate the impact of four core factors of influencer-generated content on consumer engagement behavior. The re-sults reveal that the format of influencer-generated content, contents' hedonic value, campaign incentives, and campaign intent all have significant direct effects on consumer engagement behavior. Specifically, influencer-generated content presented in video format, with high hedonic value, campaign incentives, or brand-promoting intention, is more likely to elicit consumers' likes, comments, and sha-ring behavior. These effects are further moderated by campaign intent. Specifically, posts using videos (vs. text-image) and campaign in-centives (vs. no incentives) are more effective in generating comments and sharing behavior when the intent is to promote brand, where-as posts high in hedonic value (vs. low hedonic value) are more effective in generating comments when the intent is to increase trials. Reference | Related Articles | Metrics

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Institutional Pressures, Top Managers' Environmental Awareness and Environmental Innovation Practices:An Institutional Theory and Upper Echelons Theory Perspective Xu Jianzhong, Guan Jun, Lin Yan    2017, 29 (9): 72-83.   Abstract （675）      PDF （1118KB）（1082）       Knowledge map    Although institutional pressures have a significant impact on the environmental innovation, there is no comprehensive multi-theoretical analysis framework formed yet, especially lacking empirical researches into the impact of top managers' environmental awareness on the environmental innovation under China's Economic New Normality. Based on Institutional theory and Upper Echelons theory, this paper examines links among institutional pressures, top managers' environmental awareness and environmental innovation. Survey data from the 209 manufacturers in China shows that:Coercive pressure(CP) has an inverse U-shape relationship with environmental innovation strategy(EIS), and mimetic pressure(MP) has an inverse U-shape relationship with environmental innovation activity(EIA). We also find that top managers' environmental general awareness(GA) fully mediates the relationship between CP and EIS, and the relationship between MP and EIS. Besides, further analysis reveals that top managers' environmental awareness is positively correlated with the interaction of institutional pressures and EIS, while its correlation with the interaction of institutional pressures and EIA is not significant. Finally, based on these empirical results, we provide the relevant managerial implications and policy suggestions. Reference | Related Articles | Metrics

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Monetary Market Funds Valuation and Performance Inflation Behavior at Quarter-end Yang Zhen, Liu Hailong, Wu Wenfeng Management Review    2022, 34 (10): 9-23.   Abstract （217）      PDF （1675KB）（381）       Knowledge map    Monetary market funds can attract capital inflow from investors due to their low risk, good liquidity and ability to generate significant returns in short term, thus serving as an important tool for fund companies to increase their scale at quarter-end. This paper uses returns and holdings data of China’s monetary market funds from 2006 to 2018 as its sample to examine the funds’ quarter-end performance inflation behavior. The paper finds that the annualized rate of return of monetary market funds in the last two weeks of a year increases by 32.21 basis points, compared with other dates. The performance inflation is thereby significant. Monetary market funds are evaluated using the amortized cost method, where the investment gains or losses are not realized until assets disposal. Using short-term commercial paper’s issuance and trading data, the paper finds that for monetary market funds with large positions, the trading activeness of commercial paper is significantly higher at quarter-end than on other dates. Therefore, the performance inflation behavior affects the activeness of short-term commercial papers. Reference | Related Articles | Metrics