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28 December 2017, Volume 29 Issue 12 Previous Issue    Next Issue

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An Empirical Research on the Conversion of Dependency State and Crisis Contagion among Shanghai, Shenzhen and Hong Kong Stock Markets Guo Wenwei, Chen Yanling 2017, 29 (12):  3-16.  Abstract ( 215 )   PDF (1823KB) ( 686 )   This paper builds a regime-switching dynamic copula model to characterize the dynamic dependency structure among Shanghai, Shenzhen and Hong Kong stock markets based on their daily index yield data from 1991 to 2015. The results show that there is high dynamic dependence which shows asymmetric, nonlinear and sustainable feature between Shanghai and Shenzhen stock markets. At the same time, there is low dynamic dependence which shows symmetrical and linear feature between Shanghai and Hong Kong stock markets as well as between Shenzhen and Hong Kong stock markets. Two different dependency states, namely high and low dependency, exist among the three stock markets. These state transition probabilities are time-varying. External financial crises significantly enhance dependency level among Shanghai, Shenzhen and Hong Kong stock markets. Such crises drive the correlation among the three stock markets from low dependence status to high dependence status, indicating that there exists crisis contagion. References | Related Articles | Metrics

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Research on a Combined Method of Subjective-Objective Weighing and the Its Rationality Li Gang, Li Jianping, Sun Xiaolei, Zhao Meng 2017, 29 (12):  17-26,61.  Abstract ( 522 )   PDF (1109KB) ( 2217 )   The main purpose of this paper is to evaluate the combined method of Subjective-Objective Weighing and its rationality. First, we analyze the combined method and the principle of combining the two factors, and on this basis, we set the criteria for a feasible, explainable and distinctive combination. Second, we build up an optimized model for this combined method to maximize the deviations, point out a scientific range of indicators by the combined method under its model and explain the applicability of the method and the model into studying indicators. Third, we propose a combing model of revising subjective weighing method through an objective way. By doing so, we take advantage of the objective weighing to make up for the disadvantages of objective weighing while integrating and maintaining the advantages of both, which is a challenge to the traditional way of relying on objective methods only. Through comparing and analyzing such four subjective weighing methods as the maximized-deviation-based weighing, G1 revised by standard deviation, addition as well as multiplication, the study proves that the two combined methods that this paper focuses on are more explainable and distinctive. References | Related Articles | Metrics

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Open Learning and Business Model Innovation: The Moderating Role of Competitive Environment Wei Zelong, Song Xi, Quan Yiming 2017, 29 (12):  27-38.  Abstract ( 225 )   PDF (1148KB) ( 494 )   Although some companies have improved performance through business model innovation, many others failed. Companies are now focusing on how to identify suitable learning approach to prompt business model innovation in the transition context. This paper investigates the effects of intra-industry learning and extra-industry learning on business model, and also the moderating effects of competitive intensity and dysfunctional competition based on business ecosystem, open learning, and institution theories. We also empirically test our model with data from 183 Chinese high-technology companies. We find that although intra-industry learning and extra-industry learning both promote business model innovation, over intra-industry learning constrains business model innovation. Furthermore, we find that dysfunctional competition weakens the effect of intra-industry learning but strengthens that of extra-industry learning on business model innovation. We also find that competitive intensity strengthens the effect of intra-industry learning but weakens that of extra-industry learning on business model innovation. References | Related Articles | Metrics

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Research on the Relational Contract of IT Product R&D Project Outsourcing Based on the Theory of Dualistic Value Structure Chu Yanfeng, Gong Bin, Zhang Zhuo 2017, 29 (12):  39-49.  Abstract ( 198 )   PDF (1479KB) ( 374 )   Based on the theory of product dualistic value structure, we discuss the relational contract on the long-term cooperation relation of the IT product R&D project outsourcing between the contract-awarding party and the contractor who aim at the basic value function goals and the transcend value function goals, using the principal-agent theory and multi stage game method, and finish a simulation analysis. We find that if the contract-awarding party defaults, then the relational contract about transcend value function goals will not be able to continue. The possibility of breaking relational contract will be increased with the discount rate. When the contract-awarding party obtains enough benefits from the transcend value function goals, then the possibility of default will be small. The total revenue of enterprise from dualistic value goals has a positive correlation with objective weight. The contract-awarding party should weigh the two kinds of value, and regulate the incentive intensity as needed. If the contract-awarding party defaults in the first stage, then in the later stages, it can only increase total revenue by incentive intensity of the basic value goals. The study not only enriches the theory of principal-agent theory, but also has some implications for the practice of IT product R & D outsourcing. References | Related Articles | Metrics

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Empirical Study on the Influencing Factors of High Technology Industrial Security Cao Ping, Zhang Jian, Xiong Yan 2017, 29 (12):  50-61.  Abstract ( 211 )   PDF (1235KB) ( 409 )   The majority of existing researches focus on industrial security factors from the theoretical perspective. However, empirical analyses are inadequate, especially for some emerging high technology industries. A dynamic multidimensional measurement index of industrial security, for the first time, is put forward in this paper, based on the analysis of the connotation of industrial security and characteristics of high technology industries. Then, a theoretical model for security influence factors of high technology industries is established. Finally, an empirical analysis is made based on 136 groups of data collected from 17 high technology industries in China during 2007-2014, by using PLS structural equation model method. Results show that the three latent variables, i.e. industry reality competitiveness, industry characteristics, and the factors of environment, have a significant impact on industrial security through affecting the independent innovation ability, and two other latent variables, independent innovation ability and competitiveness of domestic enterprises, have direct influence on the industrial security. References | Related Articles | Metrics

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The Modeling and Analysis of System Dynamics about the Effect of Transfer Context on the Knowledge Transfer from Parent Company to Subsidiary Chen Huaichao, Jiang Nian, Fan Jianhong 2017, 29 (12):  62-71.  Abstract ( 305 )   PDF (2998KB) ( 476 )   With the knowledge transfer from parent company to subsidiary, based on the transfer context divided into different and similar perspectives, and respectively selecting institutional difference and physical distance, relation closeness degree and knowledge similarity degree, the paper uses the method of system dynamics to construct causal relationship model and system flow diagram about the effect of transfer context on knowledge transfer from parent company to subsidiary. Based on this, the paper conducts the model test and sensitivity analysis on the system dynamics mode through the Vensim PLE software. The study finds that transfer context has the effect on knowledge transfer from parent company to subsidiary; institutional difference and physical distance both hinder knowledge transfer from parent company to subsidiary; relation closeness degree and knowledge similarity degree both promote knowledge transfer from parent company to subsidiary. The research results can provide advices for enterprises to promote the knowledge transfer from parent company to subsidiary by grasping transfer context properly. References | Related Articles | Metrics

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Evolution of Science and Technology Policies in the Field of Energy Saving and Emission Reduction and Effectiveness of Policies' Synergy——Based on Policy Documents Quantitative Study Zhang Guoxing, Li Jiaxue, Hu Yi, Gao Yang, Wang Fanzhi 2017, 29 (12):  72-83,126.  Abstract ( 235 )   PDF (1364KB) ( 459 )   Based on policy documents quantitative study and in view of the role that science and technology policies play in promoting technological progress and then driving energy saving and emission reduction, this paper characterizes the introduction of China's science and technology policies in the field of energy saving and emission reduction and the application of policy measures from 1998, reveals the evolution of policy measures and constructs an econometric model to analyze the effectiveness of synergy of policy measures and policy objectives. The analysis results show that:from 1998, total number of the science and technology policies in the field of energy saving and emission reduction remains rising, and contents of the policies become increasingly specific; administrative measures are the most often used measures, and the policy measures' form remains changing; each different policy objective matches diffident measures, the effect of different synergy of policy measures and policy objectives has significant discrepancy; in most cases, the effectiveness of synergy between policy objectives and two policy measures is better than that between policy objectives and only one policy measure. Finally, we put forward some relevant suggestions for improving the policy effect. References | Related Articles | Metrics

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Top Management Team Heterogeneity, Government Intervention and Corporate Social Performance Li Dongwei, Wu Jing 2017, 29 (12):  84-93.  Abstract ( 296 )   PDF (1127KB) ( 933 )   On the basis of Upper Echelons theory, this paper examines the effects of top management team heterogeneity on corporate social performance. The empirical results show that top management team social capital heterogeneity, term heterogeneity and education specialty heterogeneity have a significant positive impact on corporate social performance separately while age heterogeneity and educational level heterogeneity have negative impact on social performance, but the statistics is not significant. This paper also shows that government intervention negatively moderates the relationship between top management team heterogeneity and corporate social performance. That is, a low level government-intervention has a significant positive impact on the relationship between corporate social responsibility and top management team social capital heterogeneity and term heterogeneity. References | Related Articles | Metrics

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Ethical Leadership and Reporting of Ethical Problems: The Roles of Moral Potency and Moral Identity Zhang Fawang, Liao Jianqiao 2017, 29 (12):  94-105.  Abstract ( 310 )   PDF (1173KB) ( 669 )   Given the prevalence and concealment of unethical behaviors in organizations, reporting of ethical problems to management represents an important ethical management resource for organizations. Based on social learning theory and moral conation perspective, we examine the relationship between ethical leadership and followers' reporting of ethical problems, and especially explore the mediating role of moral potency and the moderating effect of moral identity between them. Through a two-stage survey-based study of 326 employees in multiple organizations, hierarchical regression analysis and bootstrap are applied to test our hypotheses. The results reveal that ethical leadership has a positive effect on employees' reporting of ethical problems and moral potency partially mediates the relationship between the two. When employee has higher moral identity, ethical leadership is more positively related to reporting of ethical problems. For the employee with low moral identity, ethical leadership is more positively related to moral potency. In addition, the mediating effect of moral potency between ethical leadership and reporting of ethical problems is stronger among the employees with low moral identity. The conclusions provide a new perspective for understanding how ethical leadership triggers followers' reporting of ethical problems and has important practical implications for enhancing ethical management in organizations. References | Related Articles | Metrics

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Ethical Leadership and Counterproductive Work Behavior: Mechanism of Trust in Leadership, Leadership Identification and Traditionality Zhang Yongjun 2017, 29 (12):  106-115.  Abstract ( 299 )   PDF (1159KB) ( 699 )   This paper discusses the impact of ethical leadership on employees' counterproductive work behavior in the Chinese context from social exchange and other theoretical perspectives. An empirical research based on 324 samples shows that ethical leadership is negatively related to counterproductive work behavior and the relationship is fully mediated by trust in leadership and leadership identification respectively. Traditionality has different moderating effect between ethical leadership and trust in leadership and leadership identification. Low traditional individuals have more trust in ethical leadership than high traditional individuals and high traditional individuals are more likely to identify with ethical leadership than low traditional individuals. References | Related Articles | Metrics

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Enterprises' Choice of Organizational Structure in Their Initial Stage of Internationalization——Comparative Study on European, American and Japanese Transnational Corporations and Its Revelation Zhou Wei, Wu Xianming, Adel Ben Youssef 2017, 29 (12):  116-126.  Abstract ( 316 )   PDF (1326KB) ( 636 )   The matching between organization structure and strategy is a key factor for enterprises to survive in the initial stage of internationalization. Chinese enterprises are in the initial stage of internationalization and the average survival period of their subsidiaries is only about four years, which is far shorter than expected. Transnational corporations in Europe, America and Japan have entered a stage of stable development since they went through the initial period of international expansion in the 1920s-1930s, 1950s-1960s and 1970s-1980s respectively. Based on reviewing the relevant theories on the matching between organizational structure and strategy, this research compares the strategies and organizational structures adopted by European, American and Japanese transnational corporations in their early stages of internationalization, which can provide reference and inspiration on the organizational structure choice of Chinese enterprises. According to the context of Chinese transnational corporations, it is suitable for them to adopt transnational strategy which has the advantages of both low cost and localization. Given that Chinese enterprises have established subsidiaries in both developed and developing countries, it is better for them to apply the integration network organization to fit transnational strategy. References | Related Articles | Metrics

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A Comparative Study of Indirect Impression Management Strategies between State-owned and Private Enterprises after Negative Reports——Based on the “Two-component” Model Analysis Yang Jie, Guo Lihong 2017, 29 (12):  127-140.  Abstract ( 194 )   PDF (1223KB) ( 435 )   Enterprises with different controlling shareholders have different indirect impression management (IM) motivations and this will lead to different usage of IM strategies between state-owned and private enterprises. Based on ‘two-component model’, this paper makes a contrastive study of different usage of ‘pro-social’ indirect IM strategies between state-owned and private enterprises after they receive negative reports. By using data sample from Chinese Fast-Moving Consumer Goods (FMCG) Quoted Companies' official website during the period 2009-2015, this paper makes a comparative analysis in number of indirect IM strategies under different threat levels, threat type and social status. Findings suggest that:1. Private enterprises will apply more indirect IM strategies than state-owned enterprises after receiving negative report. 2. Type of negative reports has significant impact on indirect IM strategies of state-own and private enterprises. And impacts are contradicted:when facing indefensible negative report, state-owned enterprises will increase the number of indirect IM strategies, while private enterprises will reduce it; when facing defensible negative reports, the result is opposite. 3. Indirect IM strategies of private enterprises are highly correlated with enterprise's social status, while state-owned enterprises don't have such correlation. In general, this paper provides deep insights for understanding the difference of IM behavior of state-owned and private enterprises after negative reports. References | Related Articles | Metrics

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A Study of Preference and Attitude of Customers with Different Social Distances to Service Recovery in Service Encounter Failure Guo Shuai, Yin Chengyue, Su Jinglei 2017, 29 (12):  141-152.  Abstract ( 300 )   PDF (1216KB) ( 506 )   In service encounter failure, customers' preference of service recovery varies from person to person. This paper tries to explain the reasons behind the phenomenon in the light of social distance with construal level theory, to test diverse preference of different social distance customer when given "discount" or "gift" service recovery in study 1, on this basis, to explore satisfaction differences of different social distance customer when given "discount" or "gift" service recovery under severe or mild encounter failure in study 2. The empirical results show that:(1) when receiving recovery of the same value, "close customers" prefer "gift", while "distant customers" prefer "discount". (2) In the case of severe encounter failure, on the one hand "close customers" have a higher satisfaction after recovery than that of "distant customers" when given "gift". On the other hand they have no significant difference when given "discount". In the case of mild encounter failure, "distant customers" have a higher satisfaction after recovery than "close customers" when given "discount", and there are opposite trends in satisfaction after recovery with "gift". References | Related Articles | Metrics

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The Motivations of Customer Voice in the Context of Virtual Brand Community Zhu Chunping, Fan Jun, Gao Mengli 2017, 29 (12):  153-162.  Abstract ( 239 )   PDF (1150KB) ( 500 )   This paper divides customer voice into promotive voice and prohibitive voice in the context of virtual brand community. Based on the analysis of motivation theory, this paper studies the motivation of customer advice behavior in the virtual brand community through questionnaire surveying and statistical analysis of 368 samples from Xiaomi community. The results show:social motivation and economic motivation both have positive impact on customer promotive voice; Social motivation, economic motivation, psychological motivation and functional motivation all have positive impact on customer prohibitive voice; Community identification has negative moderating effects on the relationship between economic motivation and promotive voice, which has positive moderating effects on the relationship between psychological motivation, functional motivation and prohibitive voice. References | Related Articles | Metrics

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Research of Dynamic Relationship between Voluntary Corporate Social Responsibility Disclosure of Private Companies and Financial Constraints Qian Ming, Xu Guanghua, Shen Yi, Dou Xiaochen 2017, 29 (12):  163-174.  Abstract ( 272 )   PDF (1148KB) ( 496 )   A growing number of companies begin to disclose Corporate Social Responsibility (CSR) information, while the economic effect of CSR disclosure hasn't been explored enough, and most of extant literature on CSR disclosure focuses on the cost of capital. This paper mainly studies the relationship between voluntary CSR disclosure and financial constraints. Applying the data of private A-share listed companies in China for analysis, we reach three important conclusions. First, financial constraints can influence voluntary CSR disclosure. Companies with a higher level of financial constraints in previous terms prefer to disclose CSR information in the current term. Second, voluntary CSR disclosure can reduce information asymmetry and help companies obtain financial supports from the government, banks and equity investors, which makes voluntary CSR disclosure affect financial constraints. Companies that disclose CSR information in the last term face a lower level of financial constraints in the present term than the companies that do not. However, the negative association between voluntary CSR disclosure and financial constraints is mainly bound up with whether to disclose rather than the quality of disclosure. Third, there is an "initial" effect of voluntary CSR disclosure on financial constraints. The effect of initial disclosure on financial constraints is more significant than non-initial disclosure. References | Related Articles | Metrics

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Enterprise-value Effect of Carbon Disclosure Li Xueting, Song Chang, Guo Xuemeng 2017, 29 (12):  175-184.  Abstract ( 302 )   PDF (1098KB) ( 607 )   Low-carbon economy is a trend of the current global economy. And carbon disclosure has been increasingly concerned by governments and investors. The empirical studies in this paper draw a conclusion that Chinese companies' carbon disclosure can enhance their enterprise value, and the enhancement is more obvious for the companies with more carbon emissions. Meanwhile, as an external factor, institutional investors also strengthen the sensitivity between carbon disclosure and enterprise-value. Our research explains the rationality and usefulness of carbon disclosure at the micro level. References | Related Articles | Metrics

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Distributionally Robust Optimization for Shared Vehicles Allocation under Partial Demand Information Ran Lun, Wu Donglai, Jiao Zihao, Yuan Shuning 2017, 29 (12):  185-194.  Abstract ( 230 )   PDF (1371KB) ( 468 )   In recent years, under the background of sharing economy and supply-side reform, vehicle sharing service becomes an innovative service model to mitigate the urban traffic congestion. However, in the process of vehicle sharing services operation, there are many uncertain factors which make the normal operation less efficient. To explore the approaches to solve this problem, this paper takes the electric vehicle as the main component of vehicle sharing service. In the initial stage of vehicle configuration, considering the partial moment information under the uncertain requirement, and combining the minimizing the worst-case theory, we propose distributionally robust vehicle allocation model. Further, partly considering three categories of situations namely "determined rental requirement", "stochastic rental requirement" and "partial uncertain rental requirement with known moment information", we also put forward corresponding vehicle sharing service vehicle configuration model, compare the results of the three models combining information of the 15 rental point in Beijing, and compare the corresponding allocation quantities and vehicle allocation cost through Monte Carlo simulation. The results show that the proposed method has better robustness relative to the other two models. At the same time, it can better reduce operating costs in an uncertain environment. It has strong practical application value for operators to make decisions on initial vehicle allocation through partial demand information. References | Related Articles | Metrics

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Review and Prospect of Buffer Sizing of a Critical Chain Project Zhang Junguang, Ran Wenjuan, Jia Saike, Yang Shuang 2017, 29 (12):  195-203.  Abstract ( 199 )   PDF (1146KB) ( 1239 )   Project buffer sizing is a key element of critical chain project management. This new method not only shortens the project duration, but also improves the on-time completion probability of the project. As a new project management technique, the buffer sizing issue has attracted many explorations and researches. However, the existing researches on buffer sizing methods are scant and not systematic. Through a comprehensive review of the literatures, we summarize the methods of buffer sizing, and classify it scientifically. By the investigation of the existing buffer sizing methods, this paper proposes a clear research context. Specifically, we propose the further research directions based on the present research situation and its insufficiency. References | Related Articles | Metrics

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Literature Review and Research Prospects of Supply Chain Resilience under Disruption Wang Yuqi, Gao Yan, Teng Chunxian 2017, 29 (12):  204-216.  Abstract ( 257 )   PDF (1315KB) ( 641 )   Supply chain resilience is an important attribute to ensure the continuity of supply chain operations. With the increasing of the emphasis on emergencies, researches on supply chain resilience are becoming more and more abundant. Lack of supply chain resilience will probably lead to supply disruption, but the enhancement of resilience will also increase the cost input for creating supply chain resilience. Therefore, creating an optimal or suitable resilience of supply chain through supply chain optimization and coordination has already become important means to deal with supply chain disruption. Through literature review, the latest researches related to supply chain disruption, the evolution mechanism, assessment and control of supply chain resilience, and the optimization and coordination of supply chain are analyzed and summarized in this paper. Then, a cycle control framework of supply chain resilience with appropriate resilience as the core is constructed, and some research prospects of supply chain resilience are suggested for future study, which provides a theoretical basis for scholars to carry out elasticity related researches and scientific decision-making. References | Related Articles | Metrics

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The Relationship among Information Technology Capability, Trust and Supply Chain Integration Zeng Mingang, Lin Qian, Pan Huanwen, Zhu Jia 2017, 29 (12):  217-225,257.  Abstract ( 292 )   PDF (1125KB) ( 412 )   As the era of Internet and big data is coming, manufacturers have to improve their information technology capacity to manage the information flow of the supply chain. Based on resource-based view and transaction costs theory,the relationship among IT capability, trust and supply chain integration are examined in this paper. According to the sample of 162 manufacturing companies in Pearl River Delta, the study uses hierarchical regression modeling and method of testing mediating effect to validate our hypotheses. Result indicates that the information technology and the trust are also the driving factors which affect supply chain integration. Information technology capability has a significant positive impact on supplier integration, internal integration, customer integration. Supplier trust has a significant positive impact on supplier integration and customer trust has a significant positive impact on customer integration. Supplier trust plays a fully intermediary role in relationship between information technology capability and supplier integration, and customer trust plays a partial intermediary role in relationship between information technology capability and customer integration. References | Related Articles | Metrics

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Empirical Study on the Influencing Factors of China's NGOs Development Based on 31 Provincial Regions' Panel Data from 2007 to 2014 Lai Xianjin, Wang Dengli 2017, 29 (12):  226-237.  Abstract ( 227 )   PDF (2952KB) ( 467 )   Many macro-factors influence and constrain the development of China's NGOs including social groups, foundations and private non-enterprises. What are the main factors closely related to the development of NGOs in addition to their own internal factors? By analyzing the panel data of NGOs and their three main types in 31 provincial regions from 2007 to 2014, we draw the following conclusions:Firstly, economic development, marketization and the level of opening up are significantly positively related to the development of NGOs. Secondly, urbanization rate and higher education factors are not positively related to the development of NGOs. Thirdly, public culture, government management and social self-organization are positively related to the development of NGOs. Based on the above empirical study conclusions, thoughts and prospects are given for the development of NGOs in China. References | Related Articles | Metrics

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Corporate Entrepreneurship Strategy——A Longitudinal Case Study on Group Company A from 1984 to 2015 Shi Shengmin, Xu Yanmei 2017, 29 (12):  238-257.  Abstract ( 190 )   PDF (1735KB) ( 468 )   Through a longitudinal single case study on continuous entrepreneurship of group company A from 1984 to 2015, this paper examines corporate entrepreneurship strategy (CES) model by verifying the feasibility to achieve both growth and competitiveness through implementing CES. Relations indicated by propositions in the model are found to vary as corporate entrepreneurship moves forward through different phases and this finding shows that implementing CES is an incremental process of learning. The current research also gives some supplementations and deeper explanation to some of the original propositions. In consideration of the particularity of Chinese equipment manufacturing industry (EMI) and equipment products, this paper theoretically points out how Chinese EMI enterprises should walk out of the dilemma of lacking both growing impetus and competitiveness through implementing CES. Finally, managerial implication and research suggestions are presented. References | Related Articles | Metrics

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An Empirical Research on the Matching Relationships between Relationship Governance and Contractual Governance Orientation from the Viewpoint of Life Cycle——Taking PPP Projects as an Example Zheng Chuanbin, Feng Jingchun, Lu Qianqian, Zhang Ke, Xue Song 2017, 29 (12):  258-268.  Abstract ( 258 )   PDF (1175KB) ( 493 )   There are many researches on relationship governance (RG) and contractual governance orientation (CG), but few of them empirically look into the matching relationships between relationship governance and contractual governance orientation from the viewpoint of life cycle for PPP projects. Hence, using the stepwise regression analysis method, this paper makes an empirical analysis on the matching relationships between RG and CG from the viewpoint of PPP projects lifecycle. Our research shows that the matching relationships between RG and CG from the viewpoint of PPP project life cycle are different. The matching relationships between RG and CG in the early stage show a linear function relation, the matching relationships between RG and CG in the construction period show a concave function relation, and the matching relationships between RG and CG in the operation period show a convex function relation. The conclusions are helpful for understanding the matching mechanism between relational governance and contractual governance orientation, and are of great theoretical and practical implications for realizing the effective matching between them. The results provide a reference for both public and private sectors to effectively match RG and CG from the viewpoint of PPP project life cycle. References | Related Articles | Metrics