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28 December 2018, Volume 30 Issue 12 Previous Issue    Next Issue

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The Impact of Breaking Rigid-Payment Promise on the Pricing of Corporate Bonds:An Empirical Study Based on the Default Event of Bond 112061 Peng Diefeng, Cheng Xiaoyuan 2018, 30 (12):  3-12.  Abstract ( 330 )   PDF (1335KB) ( 786 )   Bond 112061 is the first corporate bond defaulted explicitly in China, which broke long-lasting promise of rigid payment in the bond market. We use the bond samples issued in both Shanghai and Shenzhen exchanges from 2013 through 2015 to test whether the break of rigid-payment promises has changed the pricing of issued bonds fundamentally. Empirical results show that the variables of ownership state and credit rating both increase their power in explaining the variation of credit yields. And the former dominates the increase of the explanatory power. Our findings imply that the break of rigid-payment promises strengthens the perception of default risk by investors as well as the role of implicit guarantee supported by state ownership in bond pricing. Our work is helpful in assessing the impact of the first default event on bond pricing in the issuing market as well the role of implicit guarantee by the government, which provides insightful suggestions on how to develop a healthier bond market in China. References | Related Articles | Metrics

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Credit Expansion, Asset Diversification and Liquidity Risk of Commercial Banks Qian Chongxiu, Song Guanghui, Xu Lin 2018, 30 (12):  13-22.  Abstract ( 226 )   PDF (1253KB) ( 469 )   With the financial data of 16 listed commercial banks in China, credit expansion is described by excess lending and non-performing loan and a sample that contains 148 observations is built using the unbalanced panel data model. The influence of credit expansion and asset diversification on bank liquidity risk is empirically researched, together with three research hypotheses. The results show that excess lending has a significant positive effect on liquidity risk, while it is more significant in the non-state owned commercial banks; when non-performing loan ratio rises, commercial banks tend to adopt a conservative liquidity transformation strategy, which decreases their liquidity risk; this conservative liquidity transformation strategy is obvious in both state owned and non-state owned commercial banks; asset diversification has a significant negative impact on liquidity risk, and it is more prominent in state-owned commercial banks. In addition, the influence relationships above are more obvious in economic upturn cycle. References | Related Articles | Metrics

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Theoretical and Empirical Analysis of Interest Rate Corridor Liang Ziling, Song Yinqiu, Lu Ping 2018, 30 (12):  23-31.  Abstract ( 302 )   PDF (1277KB) ( 481 )   The corridor's mechanism of reducing the volatility of interest rate is studied in this paper from two aspects:theory and empirical research. On the one side, by building a partial equilibrium model, the operating mechanism of interest rate corridor is illustrated and it is proved that the function of the corridor would be reinforced once the width is narrowed or the facility of the ceiling is improved. On the other side, by utilizing the dummy variable and GARCH model, an empirical research is conducted on the data from Chinese market. It is shown that the effect of the adjustment of SLF rate in March 2015 is more obvious than the one in November 2015, though the former one has a narrower range of adjustments. It is supposed that the enlargement of the scope of applicants in the first quarter of 2015 led to improved facility of SLF, resulting in the reinforcement of effects of the adjustment in March 2015. References | Related Articles | Metrics

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Financial Efficiency, Spillover Effect and FDI——Based on Spatial Dynamic Panel Durbin Model Zhang Yunping, Yang Youcai, Niu Huan 2018, 30 (12):  32-41.  Abstract ( 334 )   PDF (1270KB) ( 349 )   Based on the measurement of the financial efficiency of 17 cities in Shandong province, this paper discusses the impact of financial efficiency on FDI by using the spatial dynamics model (Spatial Dynamical Penal Durbin Model) with various statistical tests. The empirical results demonstrate that the spatial distribution of FDI in Shandong province is spatially correlated and path-dependent from 2000 to 2016. Although financial efficiency has a certain inhibitory effect on FDI in the locality, the positive effect of spatial spillover is shown among regions, and the effect tends to be stronger in the long term. The inflow of FDI is expressed as "active" rather than "traction". At the same time, the results show that there is a significant positive relationship between the per capita wage and the inflow of FDI at all time, and in the long run, the per capita wage has a competitive effect on the inflow of FDI among regions. To some extent, the "demographic dividend" of Shandong province still exists. The second industry plays a role in promoting the inflow of FDI both in the short and long period, so the development of the second industry remains an effective means of attracting FDI in a given period of time. References | Related Articles | Metrics

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Structural Transformation and Updating of Marine Economic Industry in Qingdao:Based on Innovation Efficiency of Science and Technology Gao Tianyi, Chang Fei, Gao Siqi 2018, 30 (12):  42-48.  Abstract ( 264 )   PDF (1712KB) ( 1150 )   This paper investigates the structural transformation and updating of marine economic industry in Qingdao. We firstly measure the innovation efficiency of science and technology of marine economic industry in Qingdao using data envelopment analysis. The results show that the innovation efficiency of science and technology of marine economic industry in Qingdao have potential for improvement. Qingdao is a leading city of marine scientific research, teaching and international academic exchange in China. In contrast to its abundant resources of marine science, technology and talents, the innovation efficiency of science and technology of marine economic industry is comparatively low. Subsequently, the priorities in marine industry development in Qingdao are determined using analytic hierarchy process. The results show that Qingdao should focus on the industries with high technologies, intensive research, good economic effectiveness and comparative advantages. We can adjust industrial structure through the path of "industry-university-institute" cooperation, with an aim to achieve an improvement in innovation efficiency of science and technology, a structural transformation and an updated marine economic industry in Qingdao. References | Related Articles | Metrics

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S&T Resource Allocation Research Progress and Phased Policy Influence Gao Jun, Yue Weizhen, Suo Weilan 2018, 30 (12):  49-62.  Abstract ( 222 )   PDF (3158KB) ( 451 )   In this paper, the research progress on S&T resource allocation is quantitatively analyzed and graphically displayed, where relevant literature is analysis object, bibliometric analysis is used as supporting method, a "Scale-Structure-Quality-Profile" multi-dimension analysis framework is constructed to provide a necessary guidance, and CiteSpace V is used as a visual tool. Furthermore, phased features of studies on S&T resource allocation and policy influence are discussed with the process of S&T system reform. The main conclusions are as follows:firstly, in terms of overall progress, scale development has a bright prospect, structural diversification is obvious, space exists for quality to improve and research direction is becoming increasingly clear. Secondly, the phased features of relevant studies are distinctive. S&T system reform plays a different role in the studies of various phases to achieve the change from "reform leading research" to "research supporting reform" to "reform and research complementing each other". References | Related Articles | Metrics

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Study on the Relationship among Dual Network Embeddedness, Ambidextrous Entrepreneurial Learning and the Growth of Returnee Entrepreneurial Firms Peng Wei, Jin Dandan, Fu Zhengping 2018, 30 (12):  63-75.  Abstract ( 265 )   PDF (1324KB) ( 470 )   Existing studies indicate that both local network embeddedness and overseas network embeddedness have significantly positive effect on the growth of returnee entrepreneurial firms, but the internal mechanism of dual network embeddedness affecting the growth of returnee entrepreneurial firms is still unclear. This paper integrates social network theory and entrepreneurial learning theory to construct a conceptual model on the relationship among dual network embeddedness, ambidextrous entrepreneurial learning and the growth of returnee entrepreneurial firms. Then this paper empirically testifies the conceptual model by using both hierarchical linear regression and structural equation modeling methods based on the questionnaire data of 227 returnee entrepreneurial firms from 8 national-level returnee entrepreneurial park in the south of Jiangsu province. The results show that dual network embeddedness has a significantly positive impact on the growth of returnee entrepreneurial firms and ambidextrous entrepreneurial learning plays a significant mediating role on the relationship between dual network embeddedness and the growth of returnee entrepreneurial firms. Moreover, the mediating effect of exploitative entrepreneurial learning on the relationship between local network embeddedness and the growth of returnee entrepreneurial firms is stronger than exploratory entrepreneurial learning while the mediating effect of exploratory entrepreneurial learning on the relationship between overseas network embeddedness and the growth of returnee entrepreneurial firms is stronger than exploitative entrepreneurial learning. The research result opens the black box of the effect of dual network embeddedness on the growth of returnee entrepreneurial firms and also has great implication for Chinese returnee entrepreneurial firms to embed dual networks to achieve growth. References | Related Articles | Metrics

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The Impacts of Customer Participation on Innovation Performance of Product Service System:Based on the Moderator Analysis of Product and Service Composition Hu Youlin, Han Qinglan 2018, 30 (12):  76-88.  Abstract ( 310 )   PDF (1391KB) ( 787 )   The innovation of product service system (PSS) is the servitization strategy of most traditional manufacturing enterprises. The key factors affecting the innovation performance of PSS are organizational customer participation, product and service composition. A theoretical model of "customer participation-value co-creation-innovation effect-innovation performance" of the entire product life cycle is built to solve the black box of PSS performance based on the theory of value co-creation and open innovation. This paper analyses the mechanism of customer participation on innovation performance of PSS considering the moderating effect of product and service composition based on theoretical model, and proposes theoretical hypothesis tested by 137 listed manufacturing enterprises as samples. The results show that organizational customer participation, including individual participation and organizational participation, has a significant positive effect on the financial performance and strategic performance of PSS. Product service ratio (PSR) and product service coupling (PSC) moderate the relationship between organizational customer participation and innovation performance. PSR positive u-shaped moderates the relationship between individual/organizational participation and financial performance of PSS, and positive moderates the relationship between individual/organizational participation and strategic performance of PSS. PSC positive moderates the relationship between individual/organizational participation and financial performance of PSS, while inverted u-shaped moderates the relationship between individual/organizational participation and strategic performance of PSS. References | Related Articles | Metrics

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The Influence of Situational Factors on the Online Customer Complaint Methods in Online Shopping Wang Jingyu, Zhuang Guijun, Wu Lianjie 2018, 30 (12):  89-98.  Abstract ( 260 )   PDF (1284KB) ( 930 )   Taking customers who have experienced customer complaint in online shopping as the respondents, this paper makes a logistic regression analysis to investigate how the situational factors, such as consumer involvement, expected benefits and costs, related knowledge and experiences, influence online customer complaint methods. Then we explore the characteristics of the four kinds of main complaints of online shopping including posting negative comments online, contacting online customer service, complaining though personal SNS and complaining though public online platform. The results suggest that (1) all the situational complaint factors have different significant impacts on each kind of customer complaint behavior of online shopping mentioned above. (2) There is a substitutional relation between posting negative comments online and contacting online customer service. That develops the further discussion of the relationship and differences among the four complaint methods of online shopping and the comparison between online and offline complaint behavior. The results can help companies guide customers' complaint methods so that they can manage customers' complaints behavior effectively. References | Related Articles | Metrics

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Research on the Formation Mechanism of the Initial Trust of the Loaner to the P2P Platform Based on the Institution Trust Wang Xiuwei, Hu Longying, Wang Tianyang 2018, 30 (12):  99-108.  Abstract ( 147 )   PDF (1370KB) ( 395 )   The premise of the successful transaction on online lending is the formation of the initial trust from the borrower to the platform. When the borrower gets in touch with the platform for the first time, he can only rely on institutional factors to provide protection and reduce the transaction risk. Based on the institutional theory, the paper builds the formation mechanism model of the initial trust of the borrower to the P2P platform, and uses the structural equation method to do an empirical test. The result shows that the borrower's perception of the effectiveness of institution has a positive impact on the initial trust of the platform. It also has a positive impact on the formation of trust tendency and the perception of the platform's quality. Under the combined action of the institutional environment, trust subject and the platform features, the initial trust of the borrower to the platform is established, which also has a positive impact on the bidding intention. References | Related Articles | Metrics

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The Effects of Privacy Feedback on Mobile Commerce User's Behavior Intention from the Perspective of Technical Features:The Mediation of Psychological Comfort Liu Bailing, Xia Huimin, Li Yanhui 2018, 30 (12):  109-121.  Abstract ( 176 )   PDF (1449KB) ( 454 )   The privacy issues under the mobile commerce environment have become increasingly serious and outstanding, causing the extensive concerns of both enterprises and users. It is significant to explore effective privacy protection technologies to protect users' personal privacy information, which is of great importance to the healthy development of mobile commerce. Privacy feedback is a privacy protection technology, but its technical features are rarely researched. Therefore, in this paper, based on the innovation diffusion theory and technology acceptance model, we build a model of the impacts of privacy feedback on users' intention to adopt mobile commerce and disclose personal information from the perspective of technical features, with psychological comfort for mediation. Through a scenario method, we collect 362 valid questionnaires, and then use the structural equation model to conduct empirical analysis. The research results show that the users' psychological comfort has significant positive influence on their behavior intention. The compatibility, ease of use and relative advantage of privacy feedback (information effectiveness, timeliness and interactivity) have direct or indirect positive effect on psychological comfort. Compatibility and ease of use have significant positive effects on relative advantage. And Compatibility also has significant positive effect on ease of use. The research conclusions provide some theoretical guidance for mobile service providers to design privacy feedback. References | Related Articles | Metrics

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Research of Classifier Threshold and Expected Risk of Mobile Phone Replacement Based on the Misclassification Cost Wang Chaofa, Sun Jingchun 2018, 30 (12):  122-130.  Abstract ( 233 )   PDF (1413KB) ( 348 )   The traditional classification algorithm treats the correct prediction and the error prediction equally, ignores the subjective factors and can't control the error rate well. Based on the users' consumption data selected from Xi'an branch of a mobile communication company, this paper studies the threshold and expected risk of forecasting mobile phone replacement by using Logistic model with misclassification cost. We find that:the Logistic model with misclassification cost has a good classification effect; different misclassification costs correspond to different optimal thresholds, but the prediction accuracy is basically the same; classification with a traditional threshold of 0.5 not only reduces the accuracy of the forecast but also increases the expected risk; the greater the difference in classification costs between positive and negative categories, the higher the expected risk for the classifier to predict; there is a dynamic equilibrium and mutual restraint between the optimal classifier's value, the optimal threshold and the expected risk. Thus, these results not only provide a multi-dimensional analysis framework for data mining researchers, but also provide a decision-making reference for manufacturers and vendors. References | Related Articles | Metrics

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Research on Customers' Value Co-creation Behavior in Virtual Brand Community Tang Fangcheng, Jiang Yitong 2018, 30 (12):  131-141.  Abstract ( 360 )   PDF (1542KB) ( 773 )   Business practice has proved that the virtual brand community (such as Xiaomi and Haier Community) has become an important scene for enterprises to create and promote the brand. Therefore, understanding the motivation and customers' benefits can promote better business value creation. This paper defines the response behavior and citizen behavior, using the S-O-R theory to build the theory model, combined with the research, to test hypotheses using valid data. The results show that response behavior is positively influenced by consumption function, social achievement and hedonism, and citizen behavior is positively influenced by social achievement and hedonism. Among them, the consumption function interest has a significant impact on customer response behavior, but not significant on citizen behavior; social achievement has a significant impact on citizen behavior. References | Related Articles | Metrics

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The Effect of Display Format on Consumer New Product Evaluation:The Moderating Role of Brand Quality Zheng Xiaoying, Sun Luping 2018, 30 (12):  142-153.  Abstract ( 278 )   PDF (1392KB) ( 690 )   This paper examines the effect of display format on consumers' evaluations of two different types of new products (i.e., new products of a typical category versus those of an atypical category), and the moderating role of brand quality. We conduct three experiments to test the hypotheses. Experiment 1 finds that consumers evaluate new products of a typical category more favorably in the "display by brand" (versus "display by category") format, where products of the same brands are displayed together. However, for new products of an atypical category, consumers have higher evaluations in the "display by category" (versus "display by brand") format in which the new products are displayed alongside with similar products from different brands. Experiment 2 examines the psychological mechanism and finds that perceived brand capability underlies the interaction effect between display format and new product type. Experiment 3 further investigates the moderating role of brand quality in the above display format effect. The findings in Experiment 1 are replicated when brand quality is high. However, when brand quality is ordinary, consumers evaluate new products more favorably in the "display by brand" format than in the "display by category" format, no matter whether the new products belong to a typical or an atypical category. This paper provides important theoretical and managerial implications for firms' new product development and promotion from a consumer behavior perspective. References | Related Articles | Metrics

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Driving Firm's Involvement in Place Branding:Perspectives of Resource-based and Institutional Theory Zhao Weihong, Sun Ru 2018, 30 (12):  154-163.  Abstract ( 175 )   PDF (1318KB) ( 444 )   The public ownership and cumulativity of place brand equity would make it crucial to drive firms within a region to involve in place branding. Nonetheless, this area has not been investigated deeply so far in the existing literature. In our study, a predictive model for the resource environment resulting in institutional pressures to drive firm's involvement in place branding is proposed and tested. It is found that developing a resource environment consistent with social expectations can form an institutional environment of a region, which contributes to driving firm's involvement in place branding. Amongst them, perceived competitor's involvement and success can form an imitative pressure, and the resource advantages of the government and consumers can form a coercive pressure. Perceived usefulness and involvement value of place branding can form a normative pressure. These institutional pressures have different driving effects on firm's involvement in place branding. References | Related Articles | Metrics

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The Influence of Trust Climate to User Engagement:Based on the Perspective of the Value Co-creation Theory in the Sharing Economy Mode Yang Xuecheng, Tu Ke 2018, 30 (12):  164-174.  Abstract ( 259 )   PDF (1291KB) ( 689 )   Sharing economy model makes customer engagement turn into user engagement. Firstly, from value co-creation of sharing economy perspective, this paper proposes an integrative description for synthesizing the self-determination sense and co-creation citizenship behavior in the user engagement. Next we build a model of the influence of trust climate on user's engagement. Finally, the present empirical research based on 414 data of the travel sharing platform's users show that:in the user engagement the psychological dimension has positive influence on the behavioral dimension, that is, the self-determination sense of user which include perceived autonomy, perceived competence and perceived relatedness has positive impact on the co-creation citizenship behavior; trust climate has positive effect on self-determination sense of user and facilitate the co-creation citizenship behavior of user; self-determination sense plays an intermediary role in the relationship between the trust climate and co-creation citizenship behavior, while there is no significant difference between the intermediary effect of the perceived autonomy, perceived competence and perceived relatedness. References | Related Articles | Metrics

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The Influence of Challenge-hindrance Stressor on High-tech R&D Staffs' Subjective Career Success:Result of Career Self-efficacy and Organizational Career Management Yu Wei, Zhang Peng 2018, 30 (12):  175-186.  Abstract ( 404 )   PDF (1667KB) ( 539 )   The perceived pressure has important effect on the staffs' mind and behavior, but the "black box" still needs to be further clarified. Staffs' perceived pressure can be analyzed from two dimensions:challenge and hindrance. Empirical study based on high-tech R&D staff shows that challenge stressor has complete mediating effect between career self-efficacy and subjective career success, and hindrance stressor has partial mediating effect between career self-efficacy and subjective career success. Organizational career management can directly enhance staffs' career self-efficacy and subjective career success, reduce negative effects from hindrance stressor, but also could enhance the effect of challenge stressor on R&D staffs' career self-efficacy. Therefore, high-tech organizations should identify the different stressors, set challenge stressor reasonably, in particular, reduce the influence of negative pressure sources such as the political behavior, bureaucratic behavior, and work-family conflicts, emphasis on R&D staffs' career management, improve R&D Staffs' occupation guidance and support system, design and implementation of career support scheme for different career, strengthen their perceived support from the organization by failure tolerance, personalized support and non boundary learning to enhance their career efficacy and career development. References | Related Articles | Metrics

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The Research on the Rules of Corporate High-level Female Career Growth Based on Individual-Organization Fit Luo Jinlian, Yang Yijia, Sun Caixia 2018, 30 (12):  187-199.  Abstract ( 311 )   PDF (1421KB) ( 1069 )   High-level female talents, as outstanding contributors to social development and progress, are pursuing higher career development, and how to make it better for them to display their talents is an urgent problem. In the paper, based on the relevant theories, with high-level corporate female talents as objects, we use grounded theory research method to explore the key factors of career growth in both women's individual level and organizational level, and try from individual-organization matching perspective to explore the effects of the degree of matching between these two levels on women's career growth. The study finds that individual values, individual goals and personality traits in individual-level match organizational values, organizational goals and organizational atmosphere in organizational-level respectively. The higher the degree in individuals-organization fit is, the higher the level of organizational commitment, job performance and job satisfaction will be and naturally the more strongly females career development will be promoted. References | Related Articles | Metrics

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Delay on Scheduled Annual Report Disclosure, Financial Ecological Environment and Cost of Debt:Evidence from Information Risk Identification and Transformation of Risk Compensation Xie Shengwen, Liao Jia, Tao Ran 2018, 30 (12):  200-211.  Abstract ( 350 )   PDF (1279KB) ( 353 )   Using the samples of listed firms on Chinese A-share market during 2007-2014, this paper investigates the effects of delay in the scheduled disclosure of annual report on cost of debt. We find that delay in the scheduled disclosure of annual report is associated with a higher likelihood of a firm's future cost of debt and the effects may be stronger for firm located in regions with better financial ecological environment. Moreover, the private listed firms bear higher cost of debt due to delay in annual report disclosure and this relationship is significant even in regions with good financial ecological environment. The guarantee mitigates the positive relationship between scheduled annual report disclosure and cost of debt. These findings suggest that banks and other financial institutions can effectively identify information risk behind delay in the scheduled disclosure of annual report, good financial ecological environment enhances the ability of creditors to identify information risk, but could not fundamentally change the credit discrimination of private firms. For debt that has been guaranteed, creditors are less concerned about the risk of delay in the scheduled disclosure of annual report. References | Related Articles | Metrics

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Earnings Management, Negative Media Coverage and Performance Change an Empirical Evidence from GEM Listed Companies Li Ming, Zheng Yanqiu 2018, 30 (12):  212-225.  Abstract ( 308 )   PDF (1303KB) ( 407 )   In order to explore the decreasing post-IPO performance of GEM-listed companies, we use of the companies listed in 2010-2012 and 2014 as example to analyze the dynamic relationship among earnings management, negative media coverage and company performance from the viewpoint of media. Research results show that the more earnings management of companies before IPO, the more decrease in performance after IPO; before IPO, the higher degree of earnings management, the more negative media coverage of the company; and the more negative media coverage before IPO, the more decrease in performance after IPO; furthermore, compared to companies located in lower legal environment level area, the influence of negative media coverage on the performance change is greater in higher legal environment level area. This study indicates that as an information intermediary, media has the function of information mining. References | Related Articles | Metrics

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Meta-analysis of Individual Production Safety Behavior Restraint Mechanism Teng Eryue, Zhang Li, Qiu Yang, Shi Liping 2018, 30 (12):  226-236.  Abstract ( 187 )   PDF (1325KB) ( 387 )   The existence of serious production safety accident has affected the development of manufacturing industry and employees' individual security. Using meta-analysis and path analysis methods, this study based on social learning theory explores the constraint factors of individual production safety behavior, the constraint mechanism and the moderating role of cultural factors. Through the meta-analysis of 65 independent samples derived from 57 empirical researches, we find that:(1) both safety climate and safety leadership have significantly positive impact on individual production safety behavior; (2) safety communication partially mediates the relationship between safety climate and production safety behavior, completely mediates the relationship between safety leadership and production safety behavior; (3) cultural factors moderate the relationship between safety climate and individual production safety behavior, as well as the relationship between safety leadership and the individual production safety behavior. Specifically, both high power distance and collectivism positively moderate the positive relationship between safe climate and production safe behavior; high power distance positively moderates the positive relationship between safe leadership and production safe behavior. The results of the study provide theoretical guidance for enterprise safety production management from the perspective of constraining individual behavior and potential direction for future researches. References | Related Articles | Metrics

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Can Corporate Social Responsibility Reputation Backfire? The Research on Consumer's Retaliation Behavior in Genetically Modified Product-Harm Crisis Wang Hanying, Tian Hong, Xing Hongwei 2018, 30 (12):  237-246.  Abstract ( 151 )   PDF (1299KB) ( 303 )   The widespread development of genetic engineering technology has given birth to a new type of Product-Harm Crisis (PHC) related to genetically modified products. In the new type of PHC, consumers are generally confronted with an increased dread risk and unknown risk compared to conventional PHC. It makes the traditional risk prevention strategy of building good corporate social responsibility (CSR) reputation fail. Given that, we explain the relevant psychological motivation of the failure according to cognitive dissonance theory. Then on this basis we identify the critical situation and mechanism that CSR reputation strategy work or fail referring to criminal psychology. Several conclusions are achieved:in the new type of PHC, how CSR reputation affects consumer's retaliation behavior depends on the level of the corporation's greed that consumer perceived. When the perceived greed is low, good CSR reputation plays a similar role with that in conventional PHC. That is to say it still acts as a buffer on retaliation behavior through reducing righteous anger. On the contrary, when the perceived greed is high, good CSR reputation will act as an assistor on retaliation behavior through stimulating righteous anger. The results illuminate the importance of developing crisis prevention strategy on consideration of types and situations of PHC. Simultaneously, when a corporation has good CSR reputation, it should be more meticulous in case of its backfire effect. References | Related Articles | Metrics

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Local Officials and Economic Development:A Literature Review Guo Rui, Wen Yanbing, Shi Jinchuan 2018, 30 (12):  247-256.  Abstract ( 277 )   PDF (1281KB) ( 1303 )   China's economic development is praised as "China Miracle" and "China Model" since the reform and opening. Researchers in different disciplines and different fields try to reveal the dynamic mechanism and development logic behind China's economic growth and regional disparity. Unlike mainstream economics, which emphasizes the role of direct factors (labor, capital, technology) and the interpretation of "market function theory", this paper is based on China's national conditions and existing literature:Firstly, it emphasizes the role of indirect factors (institutions, governments and officials) and extracts three interpretations:"Institutional Function Theory", "Government Function Theory" and "Official Function Theory". Secondly, in view of the important role of local officials in the economic development of the jurisdiction, this paper focuses on the representative theory and empirical literature of the role of local officials in economic growth in China, and analyzes the mechanism of action and points out the lack of research. Last but not least, we proposes future research directions. References | Related Articles | Metrics

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The Knowledge Structure and Dynamic Evolution of China's Market Segmentation Research Based on the Bibliometric Analysis from 1998 to 2015 Wu Xiaojie, Tan Xiaoxia, Wang Xiuqiong 2018, 30 (12):  257-275.  Abstract ( 306 )   PDF (2382KB) ( 467 )   By searching local market segmentation research literature from 1998 to 2015 based on CSSCI (2014-2105) database, this paper uses bibliometric analysis and content analysis to investigate the external features, scientific knowledge structure and the dynamic evolution of Chinese market segmentation literature, and obtains the following results: First, there are six parts in the domain of China's market segmentation scientific knowledge structure:causes and effects of market segmentation; measurement of market segmentation; regional economic and market integration; local governments and corporate behavior in the situation of market segmentation; labor market segmentation; capital market segmentation, which also can constitute the research framework of "2W1H". Secondly, through social network and content analysis with three dynamic stages, we find the following three conclusions about the dynamic evolution of market segmentation research themes:first, the study on economic impact of market segmentation has developed rapidly and has become the mainstream of research; second, the study on labor market segmentation is relatively stable; third, the study on capital market segmentation is gradually reduced. Finally, from analysis level, theory, research design and method aspects, some suggestions are made for the future directions about the domain of Chinese market segmentation. References | Related Articles | Metrics

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The Impact of Entrepreneurial Platform's Empowerment on Entrepreneurial Performance:A Case Study Based on “Haier + Thunderobot” Zhou Wenhui, Li Bing, Zhou Yifang, Chen Lingzi 2018, 30 (12):  276-284.  Abstract ( 386 )   PDF (1292KB) ( 890 )   As there is not enough literature explaining how entrepreneurial platform's empowerment affects entrepreneurial performance, this paper selects "Haier + Thunderobot" as the research object and uses case study method to construct a theoretical model for the impact of entrepreneurial platform's empowerment on innovation performance. The study finds that:①Entrepreneurial platform's empowerment for start-ups consists of five aspects, i.e. structure empowerment composed of rights to information, rights to opportunity and rights to resources, leadership empowerment composed of delivering experience, solving problems and improving abilities, psychological empowerment composed of control, influence and self-efficacy, resource empowerment composed of resource identification, resource acquisition and resource utilization, as well as culture empowerment composed of fans culture, interactive culture, share culture and innovative culture. ②Excellent user experience brings increase in number of users, user viscosity and R&D efficiency, while users' negative comments would be able to inspire and promote the R&D of the product, thus effectively promoting sales volume, income, capital valuation and financing ability and finally, entrepreneurial performance has been improved. The implication of this paper is that the entrepreneurial platform empowers start-ups, in addition to offering management and incentive. Empowerment from multi-dimensional perspectives can promote the impact of entrepreneurial platform on the entrepreneurial performance. The user oriented competitiveness index is suitable for the evaluation of entrepreneurial performance based on Internet entrepreneurial platform. A detailed understanding of users' negative comments plays an important role on the improvement of start ups' competitiveness. References | Related Articles | Metrics

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Research on the Evolution Transition and Mechanism of Innovation Ecosphere under the Dominant Logic of Enterprise——An Exploratory Case Study of Dong-E-E-Jiao Group Yu Chao, Zhu Jin 2018, 30 (12):  285-300.  Abstract ( 367 )   PDF (2545KB) ( 992 )   This study is based on the analysis of the development process of Dong-E-E-Jiao Group, and explores the growth path and the mechanism behind the development of innovation ability and innovation ecosystem under the dominant logic of enterprise. Through the analysis of enterprise product innovation logic, marketing innovation logic, human capital innovation logic, service innovation logic and strategic innovation logic, the growth path of enterprise innovation ecosystem is divided into the internal innovation cultivation stage marked by the product core value function as the symbol, and the open innovation characterized by cross boundary multi innovation integration. At the same time, the three operating mechanisms of the linkage self-development mechanism, the self-repairing mechanism of the topology and the mechanism of the interface self-coupling mechanism are precipitated, and the evolutionary transition path and the mechanism model of the innovation ecosystem are constructed. It is found that the essence of the innovation ecosystem is the co-evolution of the three major operational mechanisms under the dominant logic of enterprise, and the regeneration and upgrading of innovation capability. The research results provide theoretical reference and practical significance for enterprises' innovation practice. References | Related Articles | Metrics