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28 September 2018, Volume 30 Issue 9 Previous Issue    Next Issue

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Analysis of the Correlation between Stock Market and Macroeconomic Operation: A Perspective of Policy Expectation Kou Mingting, Yang Haizhen, Wang Shouyang 2018, 30 (9):  3-11.  Abstract ( 221 )   PDF (1174KB) ( 422 )   The release of forecasted economic data by some forecasters often result in the fact that macroeconomic information, when officially announced, has no longer been completely unknown to financial markets and investors. Accordingly, the resultant estimation of spillover effects between asset prices and macroeconomic policies is biased. On the basis of the specialized discrimination between the expected and unexpected parts of macroeconomic information, we construct a generalized C-GARCH model, and estimate the dynamic correlative relations between stock market and macroeconomic operation from the perspective of policy predictability, which are implemented respectively by accounting for policy heterogeneity and industry differences. Then we employ the generalized T-GARCH model to do the robust test. The empirical results show that the effect of unexpected part of macroeconomic operation on the stock market is greater than the expected part. Due to the difference of the macroeconomic information, the fluctuation difference of stock market between the long-term and short-term levels is significant. Furthermore, the extent of stock price synchronicity varies among industries, and those that are more correlative to macro-economy include energy, material, consumer and pharmaceutical industrials. References | Related Articles | Metrics

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Study on Dynamic Evolution of Product Space Zhang Ting, Liu Linqing, Mei Shiye 2018, 30 (9):  12-22.  Abstract ( 338 )   PDF (5124KB) ( 708 )   The extant researches on product space point out that the heterogeneity of the product space determines the evolution path of the economies' comparative advantages, and then leads to different economic performance in different countries, which challenges the traditional theory on explaining the mechanism of competition. Unlike these researches that focus on the different structural characteristics in different countries from a static perspective, this paper explores the product space from a dynamic evolution perspective, including the nature, extent and time of changes. What's more, we intend to compare the characteristics of product space among different countries across different time period. We show that product space has a dual attribute. One is "stability", and another is "slow development", which has formed the "traditional product space" and "new product space". By comparing the characteristics of product space between the developing countries, including China and India, with the developed countries, including America and Germany, we also find out that the product spaces of developed countries are more competitive by occupying the dense area of product space, which means the de-veloping countries can develop more products that have revealed comparative advantage to increase the density of product space to get the upgrading abilities. References | Related Articles | Metrics

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Analysis of “the First Case of Valuation Adjustment Mechanism” under Newsvendor Model Deng Jie, Yu Hui 2018, 30 (9):  23-37.  Abstract ( 310 )   PDF (1432KB) ( 414 )   In the trial of the first case of Valuation Adjustment Mechanism (VAM)-Haifu investment case in China, the valuation ad-justment mechanism entered into between the investor and financing company was ruled invalid on the ground that it is beyond the company's operating capacity, and will damage the interests of the company and its creditors. This paper refers to the mechanism designed in The First Case of VAM, and establishes a newsvendor model which contains a VAM between the private equity (PE) and the financing company. It studies the setting problem of the performance objective in a VAM under the supply chain perspective. And it discovers a "Cooperation Performance Interval" which benefits both the PE and the financing company and could promote bilateral cooperation. Meanwhile, the main factors affecting this interval is also analyzed. This paper provides a theoretical basis for scientific setting of the per-formance objective. References | Related Articles | Metrics

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Study of the Influence of Human Capital Structure on the Operation Efficiency of Property Insurance Companies and Its Structural Change Chen Hua, Ding Yugang 2018, 30 (9):  38-48.  Abstract ( 245 )   PDF (1168KB) ( 320 )   This paper uses the sample data of 44 property insurance companies from 2008 to 2015 in China, and uses the data envelop-ment analysis to measure the insurance company operating efficiency, and the fixed effect panel and panel threshold model to study the influence of human capital structure on the efficiency of the property insurance company and investigate if there is structural change of this effect with the size of the property insurance company. And finally, we adopt the way of sample grouping to conduct the robustness test. The main conclusions of this paper are that human capital structure has significant influence on the operation efficiency of property insurance companies and that there is structural change on this effect. Improving the level of the employees with higher education and skill level and making the age structure younger will promote the efficiency of property insurance company, but the effect on different size of insurance company is different. References | Related Articles | Metrics

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Topology and Evolutionary Pattern of Manufacturing GVC Network and Its Influencing Factors: A Study Based on WWZ Method and Social Networks Sun Tianyang, Xiao Hao, Meng Bo, Xu Helian 2018, 30 (9):  49-60.  Abstract ( 485 )   PDF (2969KB) ( 1058 )   Based on value-added decomposition in bilateral exports proposed by WWZ (2013), and using complex network analysis, this paper demonstrates international trade network in manufacturing by DVA, RDV, FVA and PDC networks respectively and analyzes the additivity, correlation, topology, community evolution and other features from 2000 to 2015. Results show that:①During the sample investigated period, China has gradually upgraded to the core of manufacturing GVC network, but still has a big gap with America, Ger-many etc. ②The reciprocity and assortativity are significant in the DVA, RDV, FVA and PDC networks and the whole network can be divided into Asia-Pacific community and Europe community, which have stable structure. ③The evolutionary characteristic of DVA, RDV, FVA, and PDC networks vary, for instance, FVA network is more discrete and PDC network presents obvious "chain" structure. ④QAP analysis shows that factors of traditional gravity model is still able to explain equipment manufacturing GVC network to some ex-tent, but its explanatory power is gradually weakening. References | Related Articles | Metrics

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Combinational Effects of Financial Literacy, Risk Tolerance and Risk Perception on Individual Investment Decision-making for Online Financial Market Wei Liping, Chen Demian, Xie Shengqiang 2018, 30 (9):  61-71.  Abstract ( 433 )   PDF (1211KB) ( 544 )   Based on the data of 348 consumers, we study the combinational effects of financial literacy, risk tolerance and risk perception on individual investment decision-making of online financial market using structural equation modeling. The results are as follows:(1) Investment intention gets higher when the level of consumers' financial literacy becomes higher, or when the level of consumers' risk perception becomes lower. (2) The combinational effects show up as a chain:financial literacy→risk tolerance→risk perception→ decision-making. In this path, financial risk tolerance exerts a completely mediating effect on the relationship between financial literacy and risk perception; risk perception also exerts a completely mediating effects on the relationship between financial risk tolerance and in-vestment decision-making. (3)The direct effect of financial literacy on decision-making is bigger than the indirect effect, which indicates that an improvement of financial literacy can bring an obvious promotion for decision-making directly. Then, we can conclude that consumer's financial literacy is an important antecedent for investment decision-making. We should understand consumers' financial literacy firstly before promoting their on-line financial investment decisions. References | Related Articles | Metrics

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Spatial Spillover and the Club Convergence of Financial Development: A Case Study of the Yangtze River Delta Zhou Di, Zhong Shaojun 2018, 30 (9):  72-81.  Abstract ( 196 )   PDF (1166KB) ( 432 )   This paper introduces the Extended Distribution Dynamics model into the study of club convergence of financial development, and analyses the spatial and temporal patterns of club convergence of financial development of 72 cities and counties in Yangtze River Delta city cluster from 2003 to 2013 based on the extended Markov chain model and spatial Markov chain model. The study finds:The relative position of the four kinds of clubs in the whole distribution of financial development level is relatively stable, which will gradually ease slightly over time, but it is still evident for the high-level club and the low-level club. This means that there is a club convergence phenomenon for the financial development in Yangtze River Delta urban agglomeration. The neighboring regions with different financial development level have significant influence on the financial development in the local area. At the same time, the spatial distribution characteristic of financial development level in the urban agglomeration in Yangtze River Delta show "High-high concentration" and "low-low concentration" which is more and more obvious. This gives a spatial explanation of "convergence characteristics" of the finan-cial development level in the Yangtze River Delta region. Namely, the convergence characteristics of financial development in the Yangtze River Delta cities are gradually changing from "club convergence" to "club space convergence". Finally, this paper puts for-ward some policy recommendations about how to promote the coordinated development of urban agglomeration in Yangtze River Delta. References | Related Articles | Metrics

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An Evolutionary Game Analysis of New Energy Vehicle Industry Development under Government Regulations Cao Xia, Xing Zeyu, Zhang Lupeng 2018, 30 (9):  82-96.  Abstract ( 338 )   PDF (1530KB) ( 870 )   To tackle the major challenges in energy conservation and emission reduction, developing new energy vehicle industry has be-come one of the great national demands and strategic decisions, in which policy support is the necessary measure to boost the automobile industry. This paper analyzes the effects of the government regulations on the new energy vehicle industry using the evolutionary game theory and matlab simulation. The results obtained are summarized as follows. (1)The moderate intensive supervision under the government promotes the healthy and orderly development of new energy automotive industry, and high intensive supervision disturbs the market order, while high intensive supervision curbs the development of new energy automotive industry. (2) The more severe penalties of the government against pollutant emission from the automakers will urge them to develop the new energy vehicles. (3) The sufficient assistance of the government to the manufacturers of the new energy vehicles will help them overcome the technology barriers, conduct the original breakthrough, realize the mass production of new energy vehicles, and promote consumers' active purchasing. (4) When the government invests less in the infrastructure construction, consumers will not choose to purchase the new energy vehicles. However, mod-erate or higher investment will encourage consumers to purchase new energy vehicles, as a result of which automakers will eventually switch to new energy vehicles in response to the government's effective regulations and consumers' purchasing behaviors. References | Related Articles | Metrics

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The Impact of Product Assortment on the Evaluation of Extremely Incongruent New Products Li Dongjin, Jin Huizhen, Zheng Jun 2018, 30 (9):  97-109,163.  Abstract ( 277 )   PDF (1323KB) ( 588 )   Highly innovative products may offer consumers greater benefits than incrementally new products, yet they have a higher fail-ure rate. The current research addresses the challenge faced by new products that are extremely different from existing offerings by draw-ing on the theory regarding the evaluation of schema incongruity. The authors propose that consumers' positive evaluation of extremely in-congruent products will increase when firms use strategies that product assortment and thus the likelihood that consumers will be able to make sense of incongruent new products. The results of study 1 reveal that evaluation of visually extremely incongruent new products will increase when retailers display new product by substitute-based (vs. complement-based) assortment, whereas the conceptually extremely incongruent new products will be evaluated more positively by complement-based (vs. substitute-based) assortment. We use the E-Prime software to explore its underlying mechanism in study 2 and study 3. The underlying mechanism is that substitute-based (vs. complement-based) assortment can be processed more fluently and thus facilitate visually incongruity resolution, which leads to more positive evalua-tion. Whereas complement-based (vs. substitute-based) assortment can be processed more fluently and thus facilitate conceptually incongruity resolution, which leads to more positive evaluation. The current research contributes to the research on new product by finding that product assortment is considered to be one of the major factors of consumers' evaluation of new products. We believe this paper could provide useful implications to companies' strategic extremely incongruent new product promotion. References | Related Articles | Metrics

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A Study on How a Firm's Institutional Capital Influences Its New Product Development——The Moderating Roles of Regional Marketization and Competitive Intensity Gao Shanxing, Xiao Zhenxin, Gao Yu 2018, 30 (9):  110-120.  Abstract ( 199 )   PDF (1219KB) ( 475 )   This paper theoretically discusses and empirically examines the effects of a firm's formal institutional capital and informal institutional capital on new product development (NPD) (NPD speed vs. NP innovativeness), their potential heterogeneities, and their contingencies upon external environment as well. The empirical results of the survey data from 303 paired firm samples in China show that:First, both the firm's formal and informal institutional capitals have positive effects on NPD speed. Second, the firm's informal institutional capital has a higher positive effect on NP innovativeness than the formal institutional capital does. Moreover, marketization index positively moderates the relationships between the firm's informal institutional capital and NPD (both NPD speed and NP innovativeness), but only negatively moderates the relationship between the firm's formal institutional capital and NPD speed. Competitive in-tensity negatively moderates the relationship between the firm's formal institutional capital and NPD speed, but positively moderates the relationship between the firm's formal institutional capital and NP innovativeness. In contrast, competitive intensity positively moderates the relationship between the firm's informal institutional capital and NPD speed, but negatively moderates the relationship between the firm's informal institutional capital and NP innovativeness. This research provides theoretical guidance for a firm's NPD practice and its capital utilization. References | Related Articles | Metrics

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How a Firm's Configuration of Static and Dynamic Capabilities Contributes to Its Performance——A Longitudinal Analysis from the Perspective of Capability Wang Shumin 2018, 30 (9):  121-131.  Abstract ( 194 )   PDF (1222KB) ( 425 )   Different from the extant literature that emphasize impact of one or certain types of organizational capabilities, this paper takes capability configuration and fit perspective, based on capability-based view of the firm, explores the influence of firm's capability config-uration of static capability (i.e., technological capability) and dynamic capabilities (i.e., absorptive capability and ambidextrous capability) on firm performance. Adopting 300 Chinese sample firms, taking multi-source and multi-time research design, this paper discus-ses the mechanism of technological capability on firm performance, and how they interact with absorptive capability and ambidextrous capability to affect differently firm performance. Our findings demonstrate:Technological capability has a U-shaped relationship with firm performance. Absorptive capability and ambidextrous capability positively moderate the U-shaped relationship between technological capability and firm performance. The paper also discusses the theoretical implication, research limitation and future directions. References | Related Articles | Metrics

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Cross-industry Collaboration and Word-of-mouth Communication: The Effect of User Experience and Product Innovativeness——Taking Enterprise Collaboration under “Internet Plus” for Example Zhang Qianfan, Wang Chengjue, Zhang Yajun 2018, 30 (9):  132-142.  Abstract ( 200 )   PDF (1233KB) ( 859 )   This paper aims to investigate the mechanism of how cross-industry collaboration influences customers' intentions of word-of-mouth communication, focusing on the mediating effect of user experience and the moderating effect of product innovativeness. Empirical research shows that there is an inverted U shape relationship between cross-industry collaboration and customers' intentions of word-of-mouth communication; user experience plays a totally mediating role in the relationships between cross-industry collaboration and customers' intentions of word-of-mouth communication; and product innovativeness positively moderates the relationships between cross-industry collaboration and customers' intentions of word-of-mouth communication, that is, the higher the product innovativeness is, the stronger the positive relationship between cross-industry collaboration and customers' intentions of word-of-mouth communication and the later the occurrence time of diminishing effect would be. References | Related Articles | Metrics

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Effects of Asymmetric Information about the Demand and the Cost on the Manufacturer's Direct Sale Channel Strategy Mu Yanfen, Nie Jiajia, Shi Chunlai 2018, 30 (9):  143-151.  Abstract ( 318 )   PDF (1202KB) ( 380 )   This paper studies the impact of the manufacturer's choice of different distribution channel on the sales quality and profit of the retailer when the information about the market demand and the fixed cost of the manufacturer opening the direct sale channel is symmetric, and the impact of the retailer's market demand information disclosing strategy on the manufacturer's direct distribution channel choice when the above mentioned information is asymmetric. It is found that:if the information is symmetric, the manufacturer cannibalizes the retailer's profit partially and causes the retailer's profit decline when the fixed cost of opening the direct sale channel is low. By the contrast, when the fixed cost is high, the manufacturer doesn't open the direct sale channel. If the information is asymmetric, the re-tailer is willing to voluntarily disclose the low demand information and not to disclose the high demand information, but no matter whether the retailer discloses the market demand or not, it does not essentially increase the probability of the manufacturer opening the direct channel. References | Related Articles | Metrics

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A Study on How TMT Heterogeneity Affects Organizational Performance: A Meta-Analytic Examination Cui Xiaoyu, Chen Chunhua, Su Tao 2018, 30 (9):  152-163.  Abstract ( 445 )   PDF (1212KB) ( 709 )   Based on the meta-analysis of 118 independent empirical papers including 341 effect sizes, 82278 independent samples, this paper shows that TMT heterogeneity can slightly promote organizational performance.TMT functional background heterogeneity is most significantly related with organizational performance. But TMT age heterogeneity is negatively related with organizational performance. Com-pared with financial performance, TMT heterogeneity is more positively correlated with innovative performance. Regional culture and data sources can both adjust the relationship between TMT heterogeneity and organizational performance. Western culture is more significant than eastern culture and first hand data is more significant than second hand data. The result of this paper can draw a periodical conclusion on the relationship between TMT heterogeneity and organizational performance. We can draw inspirations from the conclusion. The efficiency of TMT heterogeneity is limited, so we shouldn't overstate the role of TMT heterogeneity in the management practice. We should emphasize the importance of TMT heterogeneity in the innovation-oriented organizations. But we have to pay attention to that in the task-oriented organizations. References | Related Articles | Metrics

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Ethical Leadership and Employee Discretionary Behavior: A Social Learning Perspective Fan Heng, Zhou Zucheng 2018, 30 (9):  164-173.  Abstract ( 360 )   PDF (1182KB) ( 527 )   Drawing upon social learning theory, we propose a cross-level mediation model to uncover the relationship between ethical leadership and employee discretionary behaviors through the mediation of moral efficacy and moral courage. We hypothesize that ethical leadership is positively related to employee organizational citizenship behavior and negatively related to workplace deviant behavior. We further hypothesize that employees' moral efficacy and moral courage mediate the cross-level relationship between ethical leadership and employee organizational citizenship behavior and employee workplace deviant behavior. To test these hypotheses, we collect data from 500 employees and their supervisors of 130 teams in high-tech manufacturing enterprise, and the findings support our hypotheses. The cross-level mediation model proposed in this study helps researchers find the underlying mechanism between ethical leadership and employee discretionary behaviors. We hope that this study can practically promote employees' organizational citizenship behavior, mean-while prevent employees from workplace deviant behavior. References | Related Articles | Metrics

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Study on the Mechanism and Path of CSR Influencing Virtual Operation Strategy Heng Liang, Jia Xudong, He Guangyuan, Li Fei 2018, 30 (9):  174-185.  Abstract ( 162 )   PDF (1554KB) ( 470 )   Choosing the typical enterprise cases, resorting to the normative Classical Grounded Theory, and combining the cognitive map, this paper attends to explore how the Corporate Social Responsibility(CSR) influences virtual operation strategy. From the view of CSR, the paper integrates the process of social, organizational, and individual factors influencing the virtual operation strategy in primary and mature development stages of a company. In the research process, the theoretical facts of CSR's individual level merging and displaying the social level,organizational level and individual level are considered as the main dimension to directly influence strategy. So, the influencing factors and mechanism are composed of the vivid qualitative model and its factor model, the mathematical idea of spatial vector is utilized and the effect path function is formulated to identify the effect process. Finally, the qualitative model and quantitative model offer a theoretical framework for potential large sample empirical research in the future. The conclusion lays a theoretical foundation for further research of the related issues about CSR and virtual operation strategy. References | Related Articles | Metrics

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The Influencing Factors Model of Corporate Social Responsibility Management Patterns and Improving Policies Li Yanli, Gao Lan 2018, 30 (9):  186-198.  Abstract ( 274 )   PDF (1347KB) ( 668 )   This research explores the influencing factors of corporate social responsibility management patterns and their acting mechanism through interviews based on grounded theory. The results indicates:(1) the cognition on corporate social responsibility, consciousness levels and behaviors of stakeholders, corporate institutional and economic environment, characteristics of products, corporate development level and cost-benefit of corporate social responsibility behaviors have influence on the corporate social responsibility management patterns. The cognition of corporate social responsibility is the decisive factor of the corporate social responsibility management patterns. The other variables are moderators of the relationship between the cognition and the management patterns that influence the directions and intensity of acting. Based on the above, this research tries to construct the influencing factors model of corporate social responsibility management patterns, ‘the cognition on corporate social responsibility-context-corporate social responsibility management patterns’. (2) Sources of cognitions of corporate social responsibility influence the predictive abilities of cognition on corporate social responsibility management patterns. Intensities of contextual variables, sources and levels of cognitions of corporate social responsibility influence the moderating effect degrees of contextual variables on the relationships of cognitions and behaviors. The conclusions of this research offer directions and references to the government to make relating decisions. References | Related Articles | Metrics

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Switching Cost and Signaling Effect: A Test Based on CSRC Punishment Li Xiaohui, Sun Longyuan 2018, 30 (9):  199-208,267.  Abstract ( 275 )   PDF (1211KB) ( 478 )   We use 27 firms punished by CSRC from 1999 to 2016 to study the customer alteration after CSRC punishment and find customers owning high-quality finance statements will leave the original firms while those who focus on audit discount and intimate relation-ship with auditors cooperated for a long time will choose to stay. The results show high switching cost will adjust signaling effect while lower audit fees and long-period cooperation between auditors and customers will increase the switching cost and decrease signaling effect. This will retard the customer loss. However this kind of adjustment cannot change the fact that customers whose financial statement quality is high will still choose to leave. References | Related Articles | Metrics

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The Effect of Sales Rebate and Penalty with Return on Coordination of Supply Chain via Conforming Warehouse Lin Qiang, Shi Honghong, Zhang Baoyin 2018, 30 (9):  209-217.  Abstract ( 260 )   PDF (1744KB) ( 475 )   As a typical method to finance supply chains through cooperation among manufacturers, retailers and banks, confirming ware-house financing (CWF) provides working capital to small and medium enterprises, enhances supply chain competitiveness through win-win solutions and reduces credit risk of banks. However, when decisions are decentralised, CWF cannot coordinate the entire supply chain because of double marginalisation, and manufacturer's promise to buyback unsold products makes the retailer tend to order much more products than market demand but not to pay enough effort to sell it. Assuming that final consumer demand is influenced by retailers' sales efforts, we construct a Stackelberg model of supply chain financed via CWF. This paper studies optimal order quantities and sales efforts when decisions are centralised and decentralised and shows that traditional CWF cannot coordinate the supply chain. Two co-ordinated policies are examined:one that employs sales rebates and penalties and the other that employs sales rebates and penalties with merchandise return privileges. We show that only the latter can coordinate a supply chain financed via CWF. A numerical example illustrates the findings of this study. References | Related Articles | Metrics

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Study on Low-carbon Supply Chain Coordination Strategy with Sales-rebate Contract Li Youdong, Xia Liangjie, Wang Fengzheng 2018, 30 (9):  218-228.  Abstract ( 271 )   PDF (1213KB) ( 585 )   Aiming at the cooperation strategy problem of enterprises' carbon emission reduction in low-carbon supply chain, we construct three different kinds of sales-rebate contract models namely sales-rebate and revenue sharing contract, downward sales-rebate contract, sales-rebate and reduction-emission cost sharing contract. This paper studies how the three types of sales-rebate contracts influence the performance of low-carbon supply chain under the circumstance of carbon tax and low carbon preference. Assuming the manufacturer is the core enterprise with linear demand, the paper analyzes effectiveness and flexibility of proposed contracts by game theory model. It is shown that under certain conditions both manufacturer and retailer can gain more profit by means of appropriate coordination contracts. At the same time, the performance of the supply chain is also improved. The range of bargaining strategies of the two parties under different contracts is determined and several important implications are derived analytically to point out relationship among characteristically differ-ent contracts. Results are illustrated with numerical examples. References | Related Articles | Metrics

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Study on the Evaluation of Emergency Logistics Network Cascading Failure Invulnerability Based on CI-TOPSIS Fuzzy Multi Criteria Group Decision Making Tactics Zhu Jiaxiang, Cai Jianfei, Jiang Taotao, Lin Xuxun 2018, 30 (9):  229-238.  Abstract ( 268 )   PDF (1332KB) ( 402 )   An evaluation method based on CI-TOPSIS fuzzy multi-criteria group strategy is proposed to assess the cascading failure invulnerability of emergency logistics network in order to evaluate the dynamic network topology under emergent events. Firstly, the definitions of emergency logistics network cascading failure invulnerability and its evaluation indexes are given. Secondly, the clustering operator based on Choquet integral and interval-valued intuitionistic fuzzy set is given considering the interdependence of evaluation criteria in multi-criteria group strategy. Finally, the evaluation model to assess the cascading failure invulnerability of emergency logistics network based on CI-TOPSIS fuzzy multi-criteria group strategy is constructed, and the feasibility of this method is verified by the simulation anal-ysis of Nanjing emergency logistics network evaluation. The simulation results show that the proposed method is more suitable for deci-sion-making of dynamic network topology under sudden events. It is a very effective scientific method and can be applied to other deci-sion-making fields. References | Related Articles | Metrics

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Multi-period Reputation Effect Model of Governmental Emergency Strategy in Environmental Pollution Incidents Liu Dehai, Zhao Ning, Zou Huawei 2018, 30 (9):  239-245.  Abstract ( 206 )   PDF (1132KB) ( 340 )   In dealing with emergency PX events such as environmental pollution group event, local governments, for the sake of dimen-sional stability, tend to order the trouble-causing project stopped and relocated, but such disposal results in a strong diffusion effect when PX events break out elsewhere. In this paper, a multi cycle reputation effect model of environmental pollution group event of government emergency strategy is constructed, which explains the diffusion effect of PX event under the local government's stability-maintaining strategy. The research shows that in the single-cycle sequential game model of the non-government reputation effect, the local government should not move in advance when the surrounding people adopt a compromise strategy, which will reduce the cost of the local government. Considering the government reputation effect of multi-periodic sequential game model, the local government that orders production stopped will have a reputation effect in the future period (or other areas), not only the local government's expected costs will rise, but the greater the reputation effect, the greater the expected cost of local government. References | Related Articles | Metrics

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The Impact of Emergency Information on Pork Price Volatility Miao Shanshan 2018, 30 (9):  246-255.  Abstract ( 191 )   PDF (1240KB) ( 408 )   Information is an important foundation for the stable development of pork market. Frequent information exchange makes the pork market volatility greatly enhanced. The interaction between information shock and pork price is becoming more obvious, which has a significant impact on the pork market, residents' living standard and the farmers' income. In this paper, pork price and epidemic information data are incorporated into the model to analyze the influence of emergency information on pork price fluctuation from January 2008 to April 2015. The PPM model is employed to analyze the price volatility characteristics and change point. Moreover, TARCH model is utilized to explore the impact of emergency information on pork price fluctuations. The results show that the epidemic information and pork retail price have correlated change point, that is, the impact of emergency information has a leverage effect on the fluctuation of pork retail price, which leads to the clustering, asymmetric, memory and persistent characteristics. Therefore, government should imple-ment price stability policy based on pork price volatility features; establish price risk warning system, to countermeasure the impact of price fluctuation on pork industry and ensure the stable operation of pork market. References | Related Articles | Metrics

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Social Exclusion and Life Satisfaction: The Effect of Social Self-efficacy and Social Support Chen Jian, Zhao Yiran, Chen Chen, Shi Kan 2018, 30 (9):  256-267.  Abstract ( 467 )   PDF (1263KB) ( 990 )   The relationships among social exclusion, life satisfaction, social self-efficacy, social support are discussed by multi-wave questionnaire survey for 174 migrants in China. The result shows that:(1)Perceived social exclusion negatively correlates with life satis-faction; (2)social self-efficacy serves as the mediating variable between social exclusion and life satisfaction;(3)Social support moder-ates the relationship between social self-efficacy and life satisfaction. That is, the relationship is less positive when social support is low rather than high. References | Related Articles | Metrics

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Analysis on Graduates' Cognitive Level of Open Government Data Zhao Chengcen, Liu Hong 2018, 30 (9):  268-274.  Abstract ( 195 )   PDF (1114KB) ( 297 )   The research indicates that people of high academic qualifications achieve higher cognition to Open Government Data(OGD), and have a certain demands and experience in this regard. Analyzing cognition of this group can make the OGD more pertinent. This pa-per uses the method of questionnaire to analyze the data by SPSS. The research reveals that graduates' cognition of OGD remains the lev-el of government information exposure; graduate students do not pay enough attention to potential secure problem of private data; and the majority of graduates don't know how to download and use government data. References | Related Articles | Metrics

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Study on Enterprise Strategic Change Driven by Strategic Flexibility from an Ambidextrous Perspective Chen Qi, Feng Yuqiang, Liu Luning 2018, 30 (9):  275-291.  Abstract ( 266 )   PDF (1845KB) ( 497 )   This study engages a large-scale well-known clothing manufacturing company in China as a study case to examine the enter-prise strategic change process and its internal mechanism from the angle of an ambidextrous strategic flexibility. The study opens the "black box" of the enterprise strategic change and explains how strategic change can be achieved through the development of strategic flexibility from an ambidextrous perspective based on the process and renewal models of our study. The results show that strategic flexibil-ity plays an important role in an enterprise's strategic change and that these elements of strategic flexibility support each other. Our study identifies how this case enterprise effectively developed strategic flexibility through the exploration and exploitation perspectives. It further analyzes the mechanisms of explorative and exploitative balance in the development of strategic flexibility that helps in promoting the im-plementation of the strategic change. The study is significant in enriching the relevant theories of ambidexterity, strategic change and stra-tegic flexibility and also in helping Chinese traditional enterprises achieve strategic change. References | Related Articles | Metrics

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Analysis of Sustainable Business Model at the Base of Pyramid——Multi-case Study Based on Northeastern Guangdong Du Helen S., Xu Jiahong, Luo Zichan, Li Dongxia, Yu Xiuli 2018, 30 (9):  292-304.  Abstract ( 429 )   PDF (1353KB) ( 764 )   The Base/Bottom of Pyramid (BoP) is a neglected market with huge commercial potential. The BoP sustainable business model established by enterprises is of strategic significance for our country to build a moderately prosperous society and to go for the path of sustainable development. At present, from the theoretical perspective of sustainable development, it is a hot issue to explore the mech-anism of constructing BoP business model in the BoP field. Based on 8 typical cases of Northeastern Guangdong, we code the data by Grounded Theory, combining the theory of Social Network and Native Capability to explore the impact and mechanism of constructing BoP sustainable business model from three theoretical dimensions:technical native capability, social native capability and social embed-dedness, and then summarize 4 propositions of BoP sustainable business model. This study provides a theoretical foundation and practical guidance for enterprises to establish sustainable business models in the BoP market, and also provides reference for BoP region to achieve sustainable development in an economic, social and natural manner. References | Related Articles | Metrics