Management Review

Auction Theory and Design: A Review of the Contributions of the 2020 Nobel Prize Winners in Economics

Cao Zhigang, Qiao Han, Yang Zaifu

2020, 32 (10): 3-10.

Abstract ( 887 )

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This paper briefly reviews the major contributions of Milgrom and Wilson, winners of the 2020 Nobel Prize in Economics, in auction theory and design and its practice. This award is a renewed recognition of fundamental contributions to both theory and practice. The two economists with a solid background in operations research and management science, whose research embodies the distinctive style of pragmatism and truth-seeking and the unity of knowledge and action, are shining examples of the positive interaction between economic theory and practice. The works of the two winners have a big impact on management science and serve as a bridge between management science and economics. We also explore the implications of their works to the development of Chinese economics and management science, and to China's economic development, especially to the question of how to make best use of the market in allocating resources.

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Impact of COVID-19 Pneumonia Epidemic on High-quality Development of Private Economy and Countermeasures

Wang Yan

2020, 32 (10): 11-21.

Abstract ( 676 )

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The global outbreak of the COVID-19 pneumonia epidemic in 2020 has had a huge impact on the high-quality development of private economy in China. Based on the data of the questionnaire survey on the COVID-19 pneumonia epidemic, this paper finds that the epidemic will expose small and medium-sized private manufacturing enterprises to unprecedented survival pressure. By comparing the development path of the private manufacturing industry after the SARS in 2003, this paper makes a pre-judgment on the development of the private enterprises after the COVID-19 pneumonia epidemic:As the COVID-19 pneumonia epidemic is gradually brought under control, the macroeconomic crux is changing from large impact on both supply and demand to insufficient aggregate demand, which will inhibit the recovery of the manufacturing industry. The highly uncertain external environment may further expand the negative impact of the epidemic on manufacturing companies through trade channels. Regarding the high-quality development of the private economy after the COVID-19 pneumonia epidemic, this paper puts forwards the following policy recommendations:(1) Improving the national health and public safety system, and the ability to respond to major public health emergencies. (2) Promoting high-quality development of private economy by adjusting stock economic structure and optimizing incremental economic layout. (3) Supporting and guiding private enterprises to turn crises into opportunities and fully integrate them into the construction of complete industrial system. (4) Increasing the targeted support to small and medium-sized enterprises, and improving the assessment mechanism for small and medium-sized enterprises. (5) Using insurance to resolve risks, and encouraging insurance institutions to participate more risk management and corporate governance of private enterprise.

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Determinants of the Actual Inpatient Reimbursement Rate under the New Rural Cooperative Medical Scheme

Zhang Shunming, Ji Chen, Wang Haichao

2020, 32 (10): 22-33.

Abstract ( 223 )

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Using the data of 2010 to 2014 from Huainan Municipal Health Bureau, we investigate the factors that affect the actual inpatient reimbursement rate under the New Rural Cooperative Medical Scheme (NRCMS), and further analyze the factors affecting the choice of different levels of medical institutions. The result shows that factors affecting the NRCMS actual inpatient reimbursement rates are mainly years, hospital levels, population attributes. Specifically, the actual reimbursement rate increases with time and decreases with higher level facilities. Besides, the rate of lower income population and disabled people is higher than ordinary agricultural residents. In terms of medical facility choice, age, gender and disease degree have significant influences. While population of different attributes does not show obvious preferences except for househo lds enjoying five guarantees. Accordingly, this paper concludes that the NRCMS plays a reasonable role, measured by hospital compensation ratio, in guiding the choices of the medical institution and taking care of the poor and other disadvantaged groups. However, the needs of the patients are too large in all grade hospitals in the city and the uneven distribution of medical resources still persists, which needs to be further improved.

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Mechanism Analysis and Empirical Research on the Formation of Public Housing Price Expectations ——Based on Social Learning Perspective

Dong Jichang, He Jing, Li Xiuting, Dong Zhi

2020, 32 (10): 34-46.

Abstract ( 227 )

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Public expectations are a key factor affecting the volatility of housing market as well as the effectiveness of regulatory policies. Studying the formation and influencing factors of public expectations is significant for government to effectively manage public expectations and achieve the goal of "stabilizing expectations". Based on the theory of social learning, we introduce the concept of "cognition" and "emotion" in psychology and behavioral science to clarify the mechanism of perceived objective information, observing learning and prior beliefs on public housing price expectations. Moreover, we explore the intermediate conduction path of agents' cognition and subject emotion, and analyzes the formation mechanism of public housing price expectations from both theoretical and empirical perspective. The empirical results show that perceived objective information, observing learning and prior beliefs are positively related to agent's cognition. There is a negative correlation between prior belief and agent's emotion. The agent's cognition is positively associated with housing price appreciation expectation, while their emotion is negatively correlated with housing price appreciation expectation. The government should maintain the transparency and coherence of policies and scientifically release the real information of housing market to reasonably guide the formation of public rational expectations.

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Find the Better Investor Portrait for the Chinese Stock Market

Gao Ya, Xiong Xiong, Ma Junjun

2020, 32 (10): 47-58.

Abstract ( 323 )

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Based on the research about the trading behavior of retail/individual investors, institutional/professional investors and foreign investors in in previous literature, we analyze the investment profitability and the information sources of these investors, and study the influence of their trading on the market price formation, liquidity and volatility, to give the systematical function portraits of different types of investors. In addition, by using the summary statistics data from some developed stock markets (the U.S., South Korean, Hong Kong and Taiwan stock markets), we compare the evolution program and the current situation between the Chinese stock market (the stock markets in the mainland of China) and them. Finally, we give three possible directions for future improvement of investor structure portrait:narrowing the ratio of individual/retail investors, supporting the development of institutional investors and extending the channels for foreign investors, to provide some reference suggestions for the healthy and stable development of the Chinese stock market.

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The Influencing Factors of Energy Conservation and Emission Reduction Efficiency in China from the Perspective of Green Development —— An Empirical Study Based on Super-efficiency DEA and Tobit Models

Wang Yan, Su Yi

2020, 32 (10): 59-71.

Abstract ( 314 )

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China's energy conservation and emission reduction efficiency has significant regional heterogeneity. Accurately identifying the influencing factors and extent of energy conservation and emission reduction efficiency in different regions is an important prerequisite for improving China's energy conservation and emission reduction efficiency. By constructing a regional energy saving and emission reduction indicator system from the perspective of green development, based on the research methods of super-efficiency DEA and Tobit, and China's provincial panel data from 2008 to 2018, the energy saving and emission reduction efficiency of 30 provinces is measured, and the green development perspective is empirically studied. The results show that there are large differences in the efficiency of energy conservation and emission reduction in China. The efficiency levels of energy conservation and emission reduction in the eastern, central and western regions display a descending order, and the differences in energy conservation and emission reduction efficiency between regions are converging, that is, this difference tends increasing insignificant. Industrial structure, degree of opening to the outside world, and per capita energy consumption at the level of 1% significantly improve energy conservation and emission reduction efficiency. Relying on FDI alone cannot improve China's energy conservation and emission reduction efficiency, and energy conservation and emission reduction can only be promoted on the basis of improving the industrial structure efficiency improvement. Market-driven industrial restructuring in the eastern region can effectively promote energy conservation and emission reduction efficiency. Speeding up the implementation of energy conservation and emission reduction policies in the western region and the implementation of the concept of green development are of great significance to improving my country's overall energy conservation and emission reduction efficiency.

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The Impact of Social Interaction on the Disposition Effect of Individual Investors: Empirical Analysis Based on Social Trading Platform

Sun Yi, Cheng Qing, Jin Quan, Guo Kun

2020, 32 (10): 72-82.

Abstract ( 295 )

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Social interactions can provide investors with more information and influence their investment decisions through peer effect. Using social and trading data of Snowball, a representative social trading platform in China, this paper constructs four dimensions of social interactions, including social centrality, social release content, social engagement, and social attention. Then the impact of social interaction in different dimensions on the disposition effect of investors is explored. The results show that social interaction can significantly reduce the disposition effect of investors. More social interaction, especially during trading hours, reduces the disposition effect by increasing the proportion of losses realized. This paper gives the influencing dimensions and channels of the impact of social interaction on disposition effect, expanding the existing research on social interaction and disposition effect. Our findings are helpful for the government to carry out investor education from the perspective of social interaction. Promoting positive interactions among investors will be conducive not only to protecting the rights and interests of investors, but also to developing a better capital market.

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System Coupling Study between East Resources-based Enterprises and West Resource-rich Land

Li Cunfang, Wang Meiling, Zhang Xiaoxu, Du Shenyue, Zhang Bo

2020, 32 (10): 83-94.

Abstract ( 191 )

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According to the system coupling between east resources-based enterprises and west resource-rich land, this paper analyses coupling relationship of both sides advantage factors in depth, establishes system coupling model and judge principles on the basis of system engineer and synergy science. The paper also studies the data of Xuzhou Mining Group, Day Xuzhou Coal and Electricity Group, Xinjiang Uygur Autonomous Region, Guizhou Province, Qinghai Province, Shanxi Province from 2005 to 2014 that are selected to do empirical test by principal component analysis and gray slope correlation analysis. The research reaches the following conclusion. First, the coupling between east resources-based enterprises and west resource-rich land is the essence of cross-regional transfer behavior in resource-based enterprises. Second, the realization of cross-regional transfer behavior in east resources-based enterprises depends on the degree of coupling between the east resources-based enterprises and west resource-rich land. Third, the level of coupling degree in east resources-based enterprises and west resource-rich land can be used as a scientific basis for choosing the trans-regional transfer destination. The coupling degree between Xuzhou Mining Group, Day Xuzhou Coal and Electricity Group and Xinjiang Uygur Autonomous Region is higher than that between them and Guizhou Province, Qinghai Province, Shanxi Province, so transferring to Xinjiang Uygur Autonomous Region can be preferentially selected. Fourth, both resources-based enterprises and west resource-rich land should attach great importance to overcoming their own shortcomings in order to further improve the system coupling and strengthen the driving force of cross-regional transfer behavior. The conclusions can provide theoretical basis and practical support for regulating the cross-regional transfer behavior of resource-based enterprises and promoting the coordinated development of regional innovation.

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An Evaluation Model towards Internet Non-public Financing Platforms

Hao Yu, Lu Shan, Xu Xiaolei, Wu Zhen

2020, 32 (10): 95-105.

Abstract ( 188 )

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Recently, Internet Non-public financing has stimulated the innovation and entrepreneurship in China. In order to systematically investigate internet non-public financing, this paper designs an evaluation index system towards platforms based on their characters, and builds a dynamic comprehensive evaluation model to dynamically evaluate platforms' comprehensive performance. In modeling, CRITIC method and subjective weight model are combined to weight indices statically. Different periods of time are given different weights by time degree and the dynamic evaluation model is built by ideal point method finally. This paper collects 30 Chinese internet non-public financing platforms' data of five seasons-from January, 2016 to March, 2017, covering 642 crowdfunding projects and involving "amount of financing", "number of followers", and other six indicators. After conducting an evaluation study with collected data, this paper ranks the 30 platforms by their comprehensive performance. The result shows that this evaluation model has favorable maneuverability and rationality, which can offer suggestions for regulatory authorities, investors and financers to make relevant decisions.

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R&D Internationalization and Parent Firm Innovation Performance: A Literature Review and Future Research Prospects

Li Mei, Yu Tianjiao

2020, 32 (10): 106-119.

Abstract ( 304 )

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R&D internationalization and parent firm innovation performance improvement is an important issue of transnational management. Based on existing researches, this paper reviews various arguments about this issue:the relationship between R&D internationalization and firm innovation performance are positively correlative, negatively correlative, non-linearly correlative (inverted U-shaped relationship, U-shaped relationship, S-shaped relationship) or non-correlative. Based on this, we put forward three sources of different relations between R&D internationalization and innovation performance:first, the definition and measurement of key independent variable (R&D internationalization) and dependent variable (innovation performance) introduced in the main model; second, the sources of differences reflected in the main effect model, including research sample choice and R&D internationalization phases; third, the moderate factors that influence the relationship between R&D internationalization and innovation performance, including parent firms' international expanding experience, complementary capability, technology diversity, organizational slack and political resources; subsidiaries' type and absorptive capacity, characteristics of firms' international R&D network, such as R&D alliance partners type, linkages among alliance partners, R&D network efficiency and the position at the R&D network; and host country factors, such as the technical resources endowment and institutions. Based on the literature review, this paper establishes an eclectic theoretical and empirical research framework including both moderating and mediating mechanism on R&D internationalization and innovation performance. Finally, future directions of research on R&D internationalization and innovation performance are presented, which will provide important basis for subsequent researches.

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Does Financing Channels of the Largest Shareholder Affect Enterprise Innovation? ——Evidence from Equity Pledge

Li Shu, Zhai Shiyun, Sun Lanlan, Gu Pu

2020, 32 (10): 120-134.

Abstract ( 469 )

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Based on the theory of agency, this paper explores the impact of largest shareholder's stock pledge on the corporate innovation and the difference of this relationship between enterprises with different property rights and enterprises with different manager types. As shown by the empirical evidences, it is found that the corporate innovation is significantly inhibited when the largest shareholder's shares are pledged. Moreover, the influence of the largest shareholders' equity pledge in the non-state-owned enterprises is more serious than that in the state-owned enterprises. Compared with the corporations without affiliated management, equity pledge of the largest shareholder has more serious impact in the enterprise with affiliated management. This research enriches the empirical evidence of the second kind of agency problem from the perspective of equity pledge. Besides that, it also provides a reference for the increasingly popular phenomenon of equity pledge and the Chinese economy in the transition period.

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Research on the Influence Mechanism of Information Adoption Behavior of New Product Developers in Innovation Community

Tao Xiaobo, Xu Pengyu, Fan Chao, Yang Yiweng

2020, 32 (10): 135-146.

Abstract ( 180 )

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New product developers are increasingly adopting information from the innovation community. This paper draws the following conclusions based on stepwise regression analysis and structural equation model. Main conclusions are:(1) The main factors classified by heuristic clues and systematic clues have positive effects on information adoption behavior. (2) The positive relationship between systematic clues and the willingness to adopt the information will be stronger when the task is of high importance, but heuristic clues have more stronger positive effect on the information adoption intention when the relation strength is stronger. Based on the conclusions, it is advised that new product developers should make full use of the heuristic-systematic clue model to collect and screen ideas in the innovation community, and actively participate in the innovation community interaction, to improve the performance of developing new products.

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The Impact of IT Capability on Open Innovation Performance: The Mediating Effect of Knowledge Integration Capability

Ding Xiuhao, Wu Suming

2020, 32 (10): 147-157.

Abstract ( 307 )

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Open innovation depends on integrating internal and external knowledge and information technology plays a crucial role in promoting open innovation. However, there is no empirical study to explore the inner mechanism of the effect of IT capability on open innovation performance. Based on the theory of knowledge integration, we divide IT capability is into internal IT capability and external IT capability, and then construct a model including IT capability, knowledge integration capability and open innovation performance. By obtaining 192 questionnaires data, we leverage the application of structural equation model to verify the proposed hypotheses. The empirical results show that both internal IT capability and external IT capability can directly affect the open innovation performance; internal IT capability and external IT capability have indirect effect on the open innovation performance through the knowledge integration capability. This study has enriched the influence factors of open innovation performance and provided theoretical guidance for enterprises using information technology to improve open innovation performance.

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Research on the Impact of Complementary Assets and Platform Leadership on Ambidextrous Innovation: Moderating Effect of Environmental Complexity

Zhang Yi, Liu Renhuai

2020, 32 (10): 158-169.

Abstract ( 283 )

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Platform companies changed the linear logic of traditional enterprises and conduct cross-border integration to build an open innovation ecosystem. However, the mechanism of how the platform enterprises use complementary assets to promote the ambidextrous innovation has not yet been clearly explored. Therefore, this paper explores the relationships of complementary assets, platform leadership, ambidextrous innovation and environmental complexity. It is found that common complementary assets and special complementary assets in the ecosystem positively affect platform leadership, exploratory innovation and exploitative innovation. Platform leadership positively affects exploratory innovation and exploitative innovation. Platform leadership plays a mediating role between complementary assets and ambidextrous innovation. Environmental complexity plays a moderating effect role not only in the relationship between platform leadership and exploitative innovation but also in the relationship between special complementary assets and exploitative innovation. This study explains how platform firms use complementary assets to promote the platform leadership and ambidextrous innovation, and analyzes the moderating effect of environmental complexity. This research further enriches the platform firm theory and innovation ecosystem and provides the relevant guidance for platform enterprises to achieve sustainable and innovative development.

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The Dual Effects of Innovation Ecosystem Embeddedness and Political Network Embeddedness on Firm Innovation Performance

Dong Caiting, Liu Xielin, Zhang Si

2020, 32 (10): 170-180.

Abstract ( 233 )

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Based on network pluralism framework, this study explores the impact mechanism of innovation ecosystem embeddedness and political network embeddedness on firm innovation performance. Using the samples in the Innovative Pilot Firm Database for regression analysis, this study finds that innovation ecosystem embeddedness and political network embeddedness both play an active role in increasing firm innovation performance. The results show that both networks can provide resources and support for firms, which can increase the innovation performance. It is also found that the interaction between innovation ecosystem embeddedness and political network embeddedness has negative effect on firm's innovation performance. Specifically, the positive impact of innovation ecosystem embeddedness on firm's innovation performance will weaken with increasing strength of political network embeddedness, and the role of political network embeddedness in promoting firm's innovation performance will be weakened with the strength of innovation ecosystem embeddedness increasing. The results show that both high strength of innovation ecosystem embeddedness and political network embeddedness will lead to resource redundancy and logic conflict, which will have antagonistic effect on firm's innovation performance. The research results are of great significance for firms to manage multiple external networks and improve innovation performance.

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Why do Chinese Partners Breakup: An Analysis of the Evolutionary Path of Entrepreneurial Team Conflict

Wu Jing, Zhou Jianan

2020, 32 (10): 181-193.

Abstract ( 389 )

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Based on the media reports of 14 open conflict incidents of entrepreneurial teams, this paper summarizes the causes and specific manifestations of entrepreneurial team conflict by using qualitative research method and NVivo 11 software, and then uses clear set qualitative comparative analysis method to analyze the evolution of entrepreneurial team conflict based on csQCA 2.0. The results show that the main causes of entrepreneurial team conflict in China are interest disputes among founders, emotional problems, personality differences, communication, trust and management problems in entrepreneurial team. The evolution paths of entrepreneurial team conflict can be divided into three types, namely, relationship-oriented, benefit-oriented and cognitive-transmit-oriented through the integration analysis of antecedent configuration. Cognitive-transmit-oriented is the main evolution path of entrepreneurial team conflict escalation. Interest disputes among founders are the necessary conditions to trigger entrepreneurial team conflicts, and the evolution process mainly comes from the rlationship conflict(include individual differences and emotional problems)between founders. Communication and trust play a key role (buffer/aggravation) in the evolution of relationship conflict.

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The Home Country Culture Positioning Strategy Enable the Brand to Enter the Mind of Consumer in the Host Country: The Perspective of Cultural Identity

Zhao Weihong, Xie Shengcheng, Su Chenting

2020, 32 (10): 194-205.

Abstract ( 335 )

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Transnational brands often find it difficult to enter the mind of consumer in host country (e.g., trust and purchase) due to trade barriers and cultural differences. Based on the perspective of cultural identity, this paper proposes a prediction model for transnational brands to gain brand trust and purchase intention of consumers in host country through the cultural (identity and emotional) positioning strategy of home country. Empirical results from large sample data show that transnational brands can use cultural resources of home country to enter the mind of consumer in host country through identity positioning strategy and emotion positioning strategy, and drive the brand trust and purchase intention of consumers in host country. Among them, using the regional characteristics and values of the brand's home country to implement identity positioning, and using the cultural symbols, regional characteristics and values of the brand's home country to implement emotional positioning, can drive brand trust of consumers in host country. Compared with emotional positioning, the identity positioning of home culture has a greater impact on brand trust of consumers in host country. As environmental factors, the level of home country's economic development and the matching of the brand product type and home country's economic form, have different effects on brand trust of consumers in host country driven by the (identity and emotional) positioning strategy of home country. These conclusions are helpful for transnational brands to develop internationalization positioning strategies based on cultural resources of home country.

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Does Language Style Matching Matter for Replying to Consumers' Complaints in Social Media Context? An Analysis Based on Communication Accommodation Theory

Zhao Jing, Xie Zhipeng, Wang Tao, Huang Rui

2020, 32 (10): 206-216.

Abstract ( 448 )

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The fast development of social media has significantly changed the way information is spread. This brings huge challenge for firms to effectively manage consumers' complaints. Existing studies have examined how to manage consumers' complaints from various perspectives. However, few studies have investigated how to reply to consumers' complaints better by utilizing the characteristics of communication in social media context. This study proposes that companies can reply to consumers' complaints by mimicking consumers' language style based on communication accommodation theory. The perceived similarity and the trust caused by perceived similarity mediate the effects of langue style matching on product evaluation. Furthermore, the type of online community that consumers participate in moderates the effects of language style matching on product evaluation. The results of this study enrich the literature about consumer complaint management and also contribute to the development of communication accommodation theory.

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Dual-Focused Transformational Leadership and Multi-level Creativity: The Mediating Role of Knowledge Sharing and Perspective Taking

Shi Guanfeng, Niu Yulin, Liu Zhaohui

2020, 32 (10): 217-228.

Abstract ( 348 )

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The relationship between transformational leadership and creativity is a research topic in the context of today's organizational change. A hotspot for organizational scholars and management practitioners is to explain the mechanism systematically. Based on the recognition of the team level view of creativity, this study takes the free flowing of knowledge at the team level and the absorption and transformation of knowledge at the individual level as clues, using the theory of social interdependence and the theory of motivational information processing to explore the mechanism of dual-focused transformational leadership on multi-level creativity. The results show that: dual-focused transformational leadership has a positive impact on multi-level creativity. Team oriented transformational leadership has a positive indirect effect on team creativity via team knowledge sharing. Individual oriented transformational leadership has a positive indirect effect on employee creativity via employee perspective taking. Meanwhile, it's also found that team knowledge sharing plays an intermediary role in the relationship between team oriented transformational leadership and employee perspective taking. Finally, the research results are discussed and summarized from the perspective of theory and practice.

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Narcissistic Chairmen of State-owned Enterprises and Corporate Social Responsibility

Jin Xiaocui, Zheng Baohong

2020, 32 (10): 229-244.

Abstract ( 266 )

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Based on the psychological characteristics of managers, using behavioral consistency theory, and choosing Chinese companies' data listed in SSE board from 2013 to 2017, this paper studies deeply the influence of narcissistic chairmen of state-owned enterprises on corporate social responsibility, the problem of potentially excessive social responsibility, and the influence of this behavior on corporate performance. On the basis of this, the paper further studies the mediating role that the power distance between chairmen and CEOs plays in excessive corporate social responsibility. The conclusions show that enterprises under the leadership of narcissistic chairmen will assume more social responsibilities. However, because of the agency problem of state-owned enterprises, narcissistic board chairmen are more likely to take excessive social responsibility for the sake of their own interest. This problem is negative for corporate performance, especially when the chairman has more power in his company. This paper examines the relationships between managers and CSR from the perspective of managerial psychological characteristics, which breaks through the current framework of CSR research, enriches the contents of CSR research, and provides evidences for manager selection and opportunistic governance in reality.

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The Influence Mechanism of Power Distance Belief on Charity Donation and Volunteering

Cao Qian, Wang Xi, Yu Bin

2020, 32 (10): 245-258.

Abstract ( 294 )

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Charity donation and voluntary service are important ways for people to take part in charity and public welfare and fulfill their civic responsibilities. Although charity donations and volunteer activities play an important role in philanthropy, the factors that affects people's money donation and volunteering is yet not clear. Based on the perspective of individual cultural values, this paper explores the influence of power distance belief on money donation and volunteering intention, as well as its internal mechanism. Results show that although individual's power distance belief has a significant negative influence on money donations and voluntary service intention, their influence mechanism is different. The moral identity internalization plays a complete mediating role between power distance belief and money donation intention; and the moral identity symbolization plays a complete mediating role between power distance belief and voluntary service intention. Finally, the theoretical contributions and management implications of the findings are discussed, and the limitations and future directions of the research are proposed.

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“Efficiency Contract” or “Management Power”? —— Research on the Influence of Corporate Governance on CEO's Equity Incentive

Yu Zhen, Zhang Xing

2020, 32 (10): 259-275.

Abstract ( 294 )

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Efficiency Contract Theory and Management Power Theory both discuss the relationship between corporate governance and executive equity incentive, but their conclusions are not consistent. In order to verify which theory is more suitable, the paper uses and expands the existing researches to empirically test the impact of corporate governance on CEO equity incentive. The results show that:1) there is an alternative effect between corporate governance and CEO equity incentive, as equity compensation is a corporate governance tool and effective corporate governance can replace the incentive effect of equity compensation; 2) There are three types factors that influence the CEO equity incentive effectiveness:corporate governance intensity, economic factors (such as corporate profitability) and other factors (such as CEO personal characteristics); 3) Strongth of corporate governance is not negatively correlated with economic factors, but there is a negative correlation between degree and equity incentive level. 4) Management power theory is more suitable to explain the relationship between corporate governance intensity and CEO equity incentive. Because the goal of organizational incentive management is consistent with that of CEO's equity return, there is an alternative relationship between corporate governance and CEO's equity incentive. The organization will adjust the equity incentive plan according to the level of corporate governance, such as adjusting the proportion of equity compensation in CEO's compensation structure.

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A Construction Method of Hazard-affected Region for Disaster Scenario Evolution

Qie Zijun, Rong Lili

2020, 32 (10): 276-292.

Abstract ( 245 )

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This paper focuses on the construction method of hazard-affected regions in order to adapt to the disaster scenarios building and the inference of scenario evolution for regions with different characteristics. Disaster scenario of a region can be described through disaster consequence and evolution trends of disaster consequence. Since the states of elements at risk directly reflect the disaster consequence and the complicated interrelations between elements at risk lead to the diversity of evolution trends, elements at risk and interrelations between elements at risk are chosen as the core to construct the disaster scenario of a hazard-affected region. Firstly, from a system point of view, the components of disaster scenario are determined. Base on the evolution attribute of states of elements at risk, an Egg-Yolk model of the affected area of an element at risk is proposed and a kind of topological interrelation of impact among elements at risk is defined. On this basis, a generation process of regional interrelation network of elements at risk is proposed. Then three regions are designed to illustrate the feasibility and effectiveness of this method. The results show that constructing a disaster scenario with regional characteristics will help with not only the pre-event recognition and evaluation of regional disaster risk, but also the post-event analysis of disaster evolution trends.

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Research on Fractal Emergency Organization Reconstruction Based on Nested Loop Structure

Zu Fuhao, Zhao Qiuhong, Deng Xiuquan, Xi Menghao

2020, 32 (10): 293-306.

Abstract ( 260 )

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This paper focuses on the efficient response to emergencies. Based on the similarity between fractal system and emergency organization, this paper constructs a new type of nested loop fractal emergency organization structure and designs the response and rebuild process for it. The structure consists of fractal emergency units, which build an inter-level relationship of authorization-execution, and a relationship of collaboration-cooperation in the same level. Based on the two kinds of relationships, the fractal emergency units in this structure have clear responsibilities and powers, and the information flow among them is more accurate. The information loss during emergency response can also be effectively reduced by units' self-organization and authorization, which will improve decision-making efficiency and increase flexibility. The emergency organization structure is applied to the response to COVID-19 in China, which verifies the rationality and feasibility of it.

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Opportunity-resource Integration Behavior from the Perspective of Entrepreneurial Supply Chain: Based on the Multi-case Study of Member Enterprises of Automobile Supply Chain

Zheng Xiulian, Ma Hongjia, Xiao Bin

2020, 32 (10): 307-323.

Abstract ( 302 )

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Opportunity development and resource development are inseparable in the process of entrepreneurship, and the integration of opportunities and resources is becoming a focus of scholars' study. As a special kind of entrepreneurial network, entrepreneurial supply chain can bring a lot of opportunities and resources to enterprises and positively affect the entrepreneurial process. This paper selects 4 companies:Faw Volkswagen, two suppliers and one dealer of Faw Volkswagen, to carry out an exploratory case study and explore the process of opportunity-resource integration from the perspective of entrepreneurial supply chain and its mechanism of action on entrepreneurial supply chain capability. The findings are as follows:(1) in entrepreneurial supply chain, opportunities for core enterprise mainly come from market demands of end users, and the opportunity development by core enterprises brings opportunities for non-core enterprises. In terms of resources, entrepreneurial supply chain will bring complementary resources to upstream and downstream enterprises. (2) The core enterprise in the entrepreneurial supply chain identifies the opportunities in the end-user market and realizes the utilization of opportunities by combining utilization and exploration resource development. Non-core enterprises in entrepreneurial supply chain identify the opportunities brought by the development of core enterprises, and realize the utilization of opportunities through utilization and exploration of resources development. (3) Resource utilization and exploratory development of member enterprises of entrepreneurial supply chain lays a good foundation for opportunity development. Once opportunities are identified, they can effectively realize the utilization of opportunities. (4) From the perspective of entrepreneurial supply chain, the process of realizing opportunity-resource integration of member enterprises is a process of repeated practice and experience accumulation, which improves the entrepreneurial supply chain capability of enterprises.

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The Genetic Inheritance, Expression and Growth of Sharing Service Innovation: Grounded Analysis Based on Vertical Cases of Manufacturing Industry

Dai Keqing

2020, 32 (10): 324-336.

Abstract ( 201 )

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Sharing Service Innovation (abbreviated as SSI) is a theoretical result of innovation in the new era and environment, which may become an important way to upgrade China's manufacturing industry to manufacturing service industry. Based on the programmatic grounded theory method, the research selects a vertical case of Shenyang Machine Tool (SMYG) with eighty-three years' developing history. According to the case interviews, case analysis and literature research, the study conducts open decoding, spindle decoding and selective decoding by a longitudinal qualitative research, which clarifies the genetic sources, four genetic categories of SSI including the earlier gene, structural gene, regulatory gene and later gene. The corresponding 21 core constructs and 48 gene elements and the mechanism of gene expression is revealed. The value co-creation and ecosystem construction as two dynamic source bases of SSI is demonstrated. Finally, the genetic growth path of SSI is deconstructed and the concept of SSI is clarified. The construction of the basic theory of SSI not only enriches and refines the theory of service innovation, but also provides a new idea for the development of the theory of sharing economy. Meanwhile it also can provide a realistic path for the transformation and upgrading of China's manufacturing industry.

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