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28 February 2021, Volume 33 Issue 2 Previous Issue    Next Issue
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Economic and Financial Management
Technology and Innovation Management
E-business and Information Management
Marketing
Organizational Behavior and Human Resource Management
Organization and Strategic Management
Logistics and Supply Chain Management
Public Management
Case Studies


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Economic and Financial Management

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Stock Recommendations and Recommendations Change of Analysts and Market Response in China Wang Yutao, Wang Juxian, Zhao Yingxu 2021, 33 (2):  3-14.  Abstract ( 304 )   PDF (1294KB) ( 341 )   This paper investigates the historical trend of stock recommendations and recommendations change issued by analysts in China and market response to them. It is found that in 2001-2013 there is an increasing proportion of optimistic ratings (i.e. “buy” and “strong buy”), with “buy” ratings accounting for a larger portion than “strong buy” ratings, analysts tend to change recommendations by upgrading them, and investors respond positively to optimistic ratings and upgrades. The findings imply that in the special situation of China's capital market, financial analysts are more likely to give optimistic ratings and upgrade them, and investors are also more likely to respond positively to optimistic ratings and upgrades. References | Related Articles | Metrics

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Loan Portfolio Interval Optimization Model Based on Semi-absolute Deviation Chi Guotai, Li Yunhuan 2021, 33 (2):  15-30.  Abstract ( 166 )   PDF (1353KB) ( 112 )   As a main source of profits in China's commercial banks, loan business has direct impact on the operating performance of banks. In this paper, we first establish a risk semi-absolute deviation risk interval based on the principle of semi-absolute deviation risk function. Then we produce an interval planning model by taking the loan portfolio risk represented by the interval number as the objective function and the target rate of return expressed by the interval number as the constraint. This model controls the risk of all loan portfolios, including “incremental portfolio and old portfolio” and solves the optimal allocation of loans. Through empirical analysis, it is shown that this model is superior to the existing models of the same nature. The main contribution of this research liesin three aspects. First, we describe the risk range based on the combined semi-absolute deviation risk function, which reflects the essence of risk. We consider the correlation between multiple loans to remedy the drawback of the existing linear interval algorithm which neglects the correlation between various loans to exaggerate the portfolio risk. Second, the size of the risk is controlled by minimizing the midpoint of semi-absolute deviation interval of the total loan portfolio m(σtotal), and the range of the risk is controlled by minimizing the radius of semi-absolute deviation interval of the total portfolio w(σtotal), and the multi-objective planning model is established to control the size and scope of the total loan risk including “incremental portfolio and old portfolio”. This model solves the problem of the existing interval planning models which ignore controlling the range of risk interval and altering traditional idea that only considers the risk of incremental portfolio and ignore the huge risk of old portfolio. The third is to solve the multi-objective programming model based on fuzzy two-stage algorithm, which solves the problem of uncertain combinatorial coefficient in multi-objective linear weighting. References | Related Articles | Metrics

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Price Discovery on Chinese Steel Markets: Who's Winning? Fang Wen, Feng Gengzhong, Lu Fengbin, Li Zhijun, Wang Shouyang 2021, 33 (2):  31-43.  Abstract ( 250 )   PDF (1445KB) ( 176 )   Price discovery is the timely and efficient incorporation of new information into transaction prices. This paper investigates the price discovery function of futures market for three non-precious metals-rebar, wire, and hot roll bar on Shanghai Financial Exchange (SHFE) using VAR, Granger causality test, cointegration test and VECM. The study uses daily data on spot prices and dominant futures prices of rebar and wire over the period from March 2009 to March 2017, and hot roll bar over the period from March 2013 to March 2017 which are obtained from SHFE website. The study analyzes the differences in the price discovery function of different markets in the theoretical level. The study concludes that all the series of spot and futures prices are closely correlated, synchronized, and codependent in the long-run. The results of VAR model show that rebar futures returns Granger cause rebar spot returns, and there is a bi-directional causality in wire and hot roll bar spot and futures market. The results of VECM and Information Shares model indicate the rebar and hot roll bar futures market is found to be sounder in terms of discounting new information than their spot market, but wire futures market displays weaker price discovery than spot market. Our results of the role of rebar and wire futures market in the price discovery process are robust to different lengths of transaction windows and futures contracts of different types. However, hot roll bar futures market exhibit different price discovery function according to the research method and contracts whichare used. The price discovery of wire futures market has diminished during the period of official launch of hot roll bar futures. If we ignore the role of steel B2B electronic market in the price discovery process, we will overestimate the degree of hot roll bar futures market price discovery function. References | Related Articles | Metrics

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Noise Trading, Momentum Effect and Momentum Strategy Yao Yuan, Zhong Qi, Zhai Jia 2021, 33 (2):  44-54.  Abstract ( 305 )   PDF (1248KB) ( 124 )   The momentum effect has long existed in global stock, bond, currency and commodity markets. At the same time, momentum strategy, as an important trend strategy, has been widely used in financial products such as CTA, ETF and other financial products. However, the traditional financial theory system cannot explain the financial vision of momentum effect. Based on the noise trading theory, this paper introduces momentum traders and constructs an extended noise trading theory model to re-explain the momentum effect of the Chinese stock market. Then, based on the performance of noise trading on momentum effect, a noise trading factor is added to the traditional Jegadeesh and Titman's momentum strategy construction method, and a new noise trading based momentum strategy is constructed using the SSE 180 index component data. The results show that: for stocks with a high level of noise trading, investors should choose a momentum strategy; for stocks with a low level of noise trading, investors should choose a reversal strategy. References | Related Articles | Metrics

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Does the Reputation of Actual Controllers Alleviate the Financial Constraint of Firms?——Evidence from Private Companies Listed on SME Board Li Bo, Cheng Yue 2021, 33 (2):  55-67.  Abstract ( 200 )   PDF (1345KB) ( 204 )   Based on the agency conflicts between actual controllers and investors, this paper investigates the reputation mechanism that functions as an alleviator of the financial constraints of private firms. By exploring a sample of private companies listed on SME Board with natural persons as actual controllers between 2009 and 2017, we examine whether and how the reputation of actual controllers alleviates the financial constraints of private SMEs. Empirical results show that the increase in the market reputation of actual controllers significantly reduces the financial constraints of private SMEs, and this reputation mechanism is realized by reducing the agency costs between actual controllers and investors through the ability signaling effect and the behavior restraint effect. Moreover, the impact of reputation of actual controllers on firms' financial constraints is greater for firms operating in areas with lower level of investor protection. With limited investor protection, reputation can serve as a substitute for internal governance to improve the efficiency of corporate governance and contribute to the alleviation of financial constraints of private firms. This paper extends the literature on the determinants of financial constraints of private enterprises and provides new evidence for solving the financing problems of private SMEs from the perspective of external corporate governance in a non-institutional environment. References | Related Articles | Metrics

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The Non-linear Correlation between the Limited Attention of Medium and Small Investors and the Stock Market Index in a Stringent Regulatory Environment Wang Han, Peng Geng, Li Jialin, Lv Benfu 2021, 33 (2):  68-76.  Abstract ( 157 )   PDF (1346KB) ( 130 )   This paper uses empirical methods to study the correlation between the attention of small and medium-sized investors paid to different aspects of information and the Chinese stock market indicators before and after the strict regulatory layout. On this basis, a nonlinear model is constructed. From the perspective of limited attention, the abnormal phenomenon of the Chinese stock market after the strict supervision layout is analyzed. It is found that the interpretation degree of the model reaches 75%. We find that the correlation between limited attention and stock market indicators before and after strict regulatory layout has changed significantly. The limited attention of different aspects has different effects on the stock market. The limited attention of different aspects has different paths to the abnormal fluctuation of stock market, especially the adjustment of attention paid to regulation policy is highly relevant to the abnormal fluctuation of stock market. References | Related Articles | Metrics

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Research on the Impact of Industrial Agglomeration on Dairy Product Quality and Safety: Empirical Analysis Based on Provincial Panel Data in China Zheng Jiyuan, Wang Haiyan, Hu Hao 2021, 33 (2):  77-86.  Abstract ( 178 )   PDF (1260KB) ( 160 )   China's dairy industry is in the stage of high investment and high growth, and is changing to a stage of high quality and safer development. Improving the quality and safety level of dairy products has become a must in the development of China's dairy industry. In this paper, the relationship between industrial agglomeration and dairy product quality and safety and its mechanism are investigated by using the provincial panel data from 2002 to 2016. The results show that: industrial agglomeration can significantly improve the quality and safety level of dairy products in China, and the results are still robust after considering the endogenous problems and index transformation. Regional heterogeneity analysis shows that industrial agglomeration plays a more important role in improving the quality and safety of dairy products in eastern China. Further mechanism verification shows that industrial agglomeration promotes the quality and safety of dairy products through government supervision. Therefore, we should scientifically examine the relationship between industrial agglomeration and dairy product quality and safety, guide industrial agglomeration through reasonable macro policies, improve the effectiveness of government supervision, and promote the safe and healthy development of dairy industry. References | Related Articles | Metrics

Technology and Innovation Management

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Has the “Belt and Road” Initiative Promoted China's Technology Transfer to Emerging Market Countries along the Belt and Route?——Analysis Based on the Model of DID Chen Yantai, Qi Chao, Li Jing, Li Qianqiang 2021, 33 (2):  87-96.  Abstract ( 306 )   PDF (1359KB) ( 190 )   The “Belt and Road” initiative provides an opportunity for China to transfer technology to emerging market countries along the belt and route. Based on the fundamental idea of policy evaluation, a difference in difference model is adopted in this paper and 56 emerging market countries along the “Belt and Road” and 89 non-“Belt and Road” emerging market countries are selected as research samples, and the research takes the “Belt and Road” initiative as a quasi-natural experiment to empirically examine the policy effect of the “Belt and Road” initiative on China's technology transfer to emerging market countries along the belt and route through counter-factual inference. The study finds that as China's strategic macro-public policy, the “Belt and Road” initiative has played a positive role in promoting technology transfer from China to emerging market countries along the belt and route, and it provides support for elements such as environment, technology, and taxation through the policy tools under the subsystem of policy and their cross-combination. At the same time, the conclusions of this paper provide micro-level support for the deep implementation of the “Belt and Road” initiative and technology transfer form China to emerging market countries along the belt and route. References | Related Articles | Metrics

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Research on the Efficiency of Regional Low Carbon Innovation Network Based on J-SBM Three-stage DEA Model Xu Jianzhong, Zhao Yanan 2021, 33 (2):  97-107.  Abstract ( 220 )   PDF (1619KB) ( 171 )   Under the strategy of innovation-driven development, aiming at meeting the challenges of the sustainable transformation and growth and dealing the impact of external environment on efficiency in the development of low-carbon innovation network in China, this paper builds the evaluation system of regional low-carbon innovation network including undesirable output. Based on the regional panel data from 2006 to 2015, this paper employs modified J-SBM three-stage DEA model to evaluate the regional low carbon innovation network efficiency, also analyzes influence mechanism of the environment factors and the random disturbance, and discusses the production mode of low carbon innovation network. On top of that, in terms of method and content of low carbon innovation network development, the “black box” is revealed in the challenging situation of China. The research shows that: the influence of environmental factors and random disturbance on the input slack variable is heterogeneity, and the low carbon innovation network efficiency is underestimated in most areas without considering environmental factors and random disturbances. Regional low carbon innovation network efficiency has steadily risen, Beijing and Shanghai are at the forefront of efficiency, and in most parts of China, there is still a large space to improve efficiency. The production mode of regional low carbon innovation network occupies the most of quadrant of low input and low efficiency region. References | Related Articles | Metrics

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Research on Mode of Enterprise Technical Standards Alliance for the “Belt and Road” Initiative Based on Proceduralised Grounded Theory Zhou Qing, Wu Tongzhen, Yang Wei, Fang Gang 2021, 33 (2):  108-119.  Abstract ( 171 )   PDF (1360KB) ( 97 )   Based on the study of related literature, this paper summarizes the characteristics and main modes of the enterprise technical standards alliance for the “Belt and Road” initiative, and uses proceduralised grounded theory coding analysis technology to analyze the “Belt and Road” alliance project news materials released by portal sites such as China's Belt and Road Network. The results of the study suggest that the main modes of the enterprise technical standards alliance for the “Belt and Road” initiative include the standard co-consultation application mode, the standard co-construction R&D mode, the standard shared complementary mode, and the standard iterative upgrade mode. The four modes present different characteristics in terms of participation subjects, cooperation methods, and forms of value realization. The standard co-consultation application mode aims at the promotion and diffusion of standards, with emphasis on “co-consultation” and “application”. The standard co-construction R&D mode aims at new standards R&D, including two paths of joint R&D and co-construction of R&D institutions. The standard shared complementary mode is based on the use of technology and standards, focusing on “shared” and “complementary”. And the standard iterative upgrade mode aims at standard localization and iterative upgrade, which includes two main forms of implementation: standard cooperation to build parks and extended standard cooperation. Finally, the cooperation mechanism and operation mode of the main mode of the enterprise technical standards alliance for the “Belt and Road” initiative are further discussed. References | Related Articles | Metrics

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The Dynamic Influential Mechanism of Complementary Assets on Core Technology Competence: A Process Perspective of Technological Catch-up for Latecomer Firms Peng Xinmin, Liu Dianguang, Xiao Yao 2021, 33 (2):  120-129.  Abstract ( 304 )   PDF (1560KB) ( 199 )   Complementary assets play an important role in an enterprise's core technological competence, but the process mechanism of how complementary assets promote core technological competence is unclear. Based on the process perspective of technological catch-up for latecomer firms, through a longitudinal case study of Haitian(2001-2018), this research gets some key findings. In the process of technological catch-up, there is a dynamic change in the dominant mechanism of complementary assets on core technological competence for latecomer enterprises. In the initial stage, complementary assets promote the imitative competence of latecomers through the buffer mechanism. In the transformation stage, complementary assets promote the improved competence of latecomers through the pipe mechanism. In the surpassing stage, complementary assets promote the innovative competence of latecomers through the prism mechanism. This research not only fills the gap in the dynamic mechanism of core technological competence by complementary assets from a process perspective, but also expands the technology catch-up theory from a perspective of complementary assets. References | Related Articles | Metrics

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Identification of High-tech Enterprises, Tax Incentives and Companies' Technology Innovation: The Moderating Role of Marketization Level Xu Lingling, Yang Zheng, Liu Fang 2021, 33 (2):  130-141.  Abstract ( 317 )   PDF (1286KB) ( 237 )   Using samples of Chinese A-share listed and high-tech companies in the period of validity by the end of 2016 and Bootstrap method, this paper tests the mechanism of the policy of identification of high-tech enterprises stimulating companies' technology innovation and the effect of external environment. The empirical study finds that identification of high-tech enterprises significantly stimulates companies' technology innovation, and tax incentive plays a complete mediating role between them. Marketization level plays a noticeable adjusting function in the relationship between identification of high-tech enterprises and tax incentive, and between tax incentive and companies' technology innovation. This study offers an important reference for scientific evaluation of the effectiveness of the policy of identification of high-tech enterprises and the government to further improve the market environment. References | Related Articles | Metrics

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Developmental Performance Appraisal and Technological SMEs' Open Innovation: A Moderated Mediating Effect Model Xie Minglei, Liu Desheng 2021, 33 (2):  142-152.  Abstract ( 318 )   PDF (1318KB) ( 217 )   In order to explore the influence of developmental performance appraisal on open innovation and its mechanism, a mediating effect model is established and an empirical test is carried out through questionnaire survey data from 472 technological SMEs. It is found that developmental performance appraisal can promote the open innovation performance of technological SMEs. Team potency partially mediates the relationship between them. At the same time, dynamic environment can adjust the relationship between team potency and open innovation. When the environment is highly dynamic, that is, when the market turbulence is higher, the technology turbulence is stronger or the market competition is fiercer, the role of the team potency to open innovation will weaken to varying degrees. References | Related Articles | Metrics

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Interactive Effects of Knowledge Sharing Intention and Tacit Knowledge on Organizational Learning Performance Dong Jiamin, Liu Renjing, Yan Jie, Yang Jingyu 2021, 33 (2):  153-163.  Abstract ( 374 )   PDF (1558KB) ( 294 )   Organizational learning has been regarded as a sustainable competitive advantage of an organization in the rapidly volatile environment. Taking into account the decline phenomena of organization members' knowledge sharing intentions, we extend Miller's (2006) multi-agent simulation to figure out how knowledge sharing intention and tacit knowledge influence the organizational performance within a closed or open system. The simulation results indicate that a slight decline of knowledge sharing intention makes almost no difference to organizational performance in a closed system, while a sharp decline would impede the interpersonal learning, which results in a lower performance. As to an open system with personnel turnover, turnover plays a negative role under the circumstance of a slight decline of knowledge sharing intention. However, an appropriate personnel turnover is beneficial to the organization with a sharp decline of knowledge sharing intention. Intriguingly, our findings indicate that the positive effect of tacit knowledge which was found by Miller (2006) only exists in the closed system with a slight decline of knowledge sharing intention, otherwise, the effects of the tacit knowledge can be negative. Finally, in an open system with environment turbulence, neither the decline of knowledge sharing intention nor the proportion of tacit knowledge is important to the organizational learning. So, it appears that organizations should pay more attention to acquiring external knowledge for achieving better performance. References | Related Articles | Metrics

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Research on Effect of Mobile Academic Virtual Community Governance Mechanism on Knowledge Sharing Behavior——Trust as a Mediating Variable Chi Ming, Bi Xinhua, Xu Yongshun 2021, 33 (2):  164-175.  Abstract ( 242 )   PDF (1358KB) ( 210 )   Based on the existing researches and combined with particularity of mobile academic virtual community, this paper proposes four governance mechanisms in mobile academic virtual community and divides trust into trust in members and trust in community. This paper constructs a theoretical model which posits trust as a mediator in linking governance mechanisms and knowledge sharing behavior in mobile academic virtual community. Structural equation model, Bootstrap method and PRODCLIN program are used to test the model. Through a survey of 542 users from mobile academic virtual community, results show that community building, community motivating, and information protecting are direct driving powers for knowledge sharing behavior. The mediating effect of trust in members only exists in the impact of community building and community monitoring on knowledge sharing behavior while trust in community has significant mediating effect in the impact of governance mechanisms on knowledge sharing behavior in mobile academic virtual community. Trust in community is the key mediator. References | Related Articles | Metrics

E-business and Information Management

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Content-specific Ranking Prediction for Online Reviews——Case of Douban Book Reviews Nie Hui 2021, 33 (2):  176-186.  Abstract ( 339 )   PDF (1806KB) ( 276 )   In this paper, under the theory of dual-route model, the impact on book review helpfulness exerted by five aspects of its content, namely informativeness, structure, linguistic style, argument and subjectivity, is investigated. Thus, the significant content features can be confirmed and used for review helpfulness modeling. Two models are involved in the study. The interpretation one, built by employing a feature selection algorithm, is used for identifying the content features impacting on review helpfulness significantly; while the tree-based regression model is used for predicting review helpfulness and rank. For interpretation model, the research result indicates that informativeness, structure and argument related features are much more significantly related with review helpfulness. As for prediction model based the optimal features, its R2 achieves 78% and the error index MSE is less than 0.001. Specifically, the predictive rank is basically in line with vote based ranking for reviews with higher score helpfulness. Overall, all results indicate the helpfulness of a review can be predicted quite accurately according to its content only, which means the study contributes to find out feasible solutions for the review quality control and effective utilization. References | Related Articles | Metrics

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Research on User's Honest-trading Mechanism under Crowdsourcing Platform Le Chengyi, Li Peipei, Zeng Ya, Song Zhanzhao 2021, 33 (2):  187-194.  Abstract ( 305 )   PDF (1448KB) ( 124 )   Integrity mechanism is not only an important factor to ensure the participation of users of crowdsourcing platform, but also an indispensable guarantee for the sustainable development of the platform. This paper selects the network crowdsourcing platform as the research object and constructs a honest-trading game model, to compare the changes in user transaction decisions in the presence and absence of crowdsourcing platform supervision and third-party agent authentication; according to the analysis results, honest-trading mechanisms based on crowdsourcing platform supervision are designed (paying trading margins and penalizing fraud). Finally, the effectiveness of the honest-trading mechanism is proved by numerical simulation, and management suggestions for constructing the honest-trading mechanism are proposed from the perspective of crowdsourcing platform. References | Related Articles | Metrics

Marketing

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Partner versus Servant: The Impact of Consumer-brand Relationship on Consumers' Attitude to Brand Failures and Apologies Zhou Yijin, Lin Jie, Wang Yanyan 2021, 33 (2):  195-206.  Abstract ( 467 )   PDF (2167KB) ( 323 )   As a new marketing trend, lots of marketers try to anthropomorphize the brand as a partner or servant to consumer. However, the risk of it is seldom considered, nor is academically studied. This study focuses on the “servant” and “partner” brand in the face of brand failure crisis. We discuss their different performance in consumers' reaction and the internal mechanism. Two experiments are conducted to test the hypotheses and the findings are as follows. Firstly, consumers give more competence-based trust to partner brand, while more integrity-based trust to servant brand. Secondly, when brands are trapped in competence-related failures, compared with servant brands, partner brands make consumers perceive stronger betrayal and show more negative attitude. When brands have integrity-related failures, servant brands make consumers perceive stronger betrayal and show more negative attitude than partner brands. Thirdly, when brands fall into competence-related failures, compared with servant brand, apologies work better for partner brand. This paper enriches theory of brand anthropomorphism and brand relationship, as well as offers new materials for studies in brand failures and failure response field. In addition, this paper provides some marketing suggestions for brand management. References | Related Articles | Metrics

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A Study of Purchase Intention in Mobile Devices Based on Takeaway Apps Liu Huan, Zhao Hong 2021, 33 (2):  207-216.  Abstract ( 412 )   PDF (1359KB) ( 604 )   This paper combines the perspectives of perceived service quality and perceived value to explore consumers' purchasing behavior in takeaway apps, and proposes important hypotheses of how purchase intention is influenced. The authors use the convenient sample method to collect 342 valid samples and adopt the structural equation model to test their conceptual model. The conclusions include: (1) perceived service quality and perceived value are primary elements and have positive effects on customers' purchase intention in the apps. (2) Perceived benefit positively affects perceived value and purchase intention. However, contrary to previous findings, perceived cost and perceived risk do not have significant direct effects on perceived value and intention in our case. Nevertheless, (3) they significantly influence perceived value and purchase intention through affecting perceived benefit in the takeaway apps. This paper first examines and confirms the importance of perceived service quality in mobile shopping environment. Second, the conclusions provide insightful implications that deep promotions and discounts offered by B2C platforms (or firms) are changing consumers' purchasing decisions. Specifically, this strategy weakens customers' awareness of risk and cost during the purchase journey and enhances their expectations of benefit. References | Related Articles | Metrics

Organizational Behavior and Human Resource Management

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How Stressors Influence Change of Burnout? The Moderating Role of Vocational Delay of Gratification Yu Kun, Liu Xiaoyan 2021, 33 (2):  217-226.  Abstract ( 357 )   PDF (1366KB) ( 452 )   The current study investigates the impact of challenge and hindrance stressor on the intercept and slope of the trajectory of employees' burnout (e.g., emotional exhaustion). The moderating role of employees' vocational delay of gratification in this relationship is also examined. Using the Latent Growth Modeling (LGM) method and with a four-wave longitudinal data of 143 employees, the results first reveal that, employees' level of emotional exhaustion goes up over time. Moreover, both challenge and hindrance stressors positively predict intercept of the change of emotional exhaustion, and hindrance stressor buffers the upward slope of emotional exhaustion. In addition, employees' vocational delay of gratification moderates the relationship between challenge stressor and the slope of emotional exhaustion. Specifically, under a higher level of vocational delay of gratification, the strengthening effect of challenge stressor on the slope of emotional exhaustion is stronger. The present study also discusses the findings and their implications to the management practice. References | Related Articles | Metrics

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Concept and Measurement of Decent Work: Scales Development and Confirmatory Factor Analysis Based on Qualitative Interview Liu Dun, Xu Yan 2021, 33 (2):  227-238.  Abstract ( 282 )   PDF (1593KB) ( 351 )   Based on the preliminary qualitative analysis in which 7 dimensions and subordinated factors of decent work are defined, this paper establishes an indicators system of decent work consisting of 7 level-1 indicators and 14 level-2 indicators, and develops corresponding self-rated scale with 38 items. Based on the questionnaire data from 4,240 employees in Beijing, the second order confirmatory factor analysis reveals that the measurement model shows high validity and fitness. Furthermore, the measurement model invariance test verifies that the same indicator weights specification applies to different employees grouped by gender, working years, institution types and occupational identities; henceforth the indicator weights are determined according to the factor score weights matrix. The indicators system and scale proposed by this study could serve as the practical tool for empirical studies related to decent work and promotion of decent work agenda by business and public managers. References | Related Articles | Metrics

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The Influence of Social Network Users' Personality Traits on Social Capital Accumulation——WeChat Based Research Han Jin, Zhang Shengtai, Bai Shaoyi 2021, 33 (2):  239-248.  Abstract ( 332 )   PDF (1272KB) ( 302 )   The purpose of this study is to explore the relationship between the five personality traits of individual users in WeChat and their social capital, and to examine the mediating role of WeChat use intensity between the five personality traits and social capital. Using the results of questionnaires, the collected questionnaire data are analyzed using SPSS statistical software. The results show that (1) extroversion, openness to experience, agreeableness have a significant positive impact on bridging social capital. Openness to experience and agreeableness have a significant positive impact on bonding social capital. (2)WeChat use intensity plays a mediating role between extroversion and bridging social capital, agreeableness and bridging social capital, agreeableness and bonding social capital. Extroversion and agreeableness positively affect the WeChat use intensity. WeChat use intensity has a significant positive impact on bridging social capital and bonding social capital. (3)There is no significant relationship between conscientiousness, neuroticism and WeChat use intensity, social capital. This study has important theoretical and practical value for users to build social capital through mobile social networks on the basis of understanding their personality traits. References | Related Articles | Metrics

Organization and Strategic Management

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Uncertainty and Idiosyncratic Risk: Based on the Mediation Test of Implied Equity Capital Cost——Mediating Effect of Independent Directors Hua Fengtao 2021, 33 (2):  249-262.  Abstract ( 222 )   PDF (1325KB) ( 116 )   Most of the existing studies analyze the formation mechanism of idiosyncratic risk from the perspective internal factors, with little attention paid to external environmental factors. Using a sample of listed companies in Chinese stock exchanges from 2003 to 2016, this paper investigates the effect of environmental uncertainty on idiosyncratic risk based on mediating effect test of implied equity capital cost and moderating effect test of independent director. And the conclusions are as follows: firstly, There is a positive correlation between environmental uncertainty and idiosyncratic risk, indicating that volatility of external business environment will promote it. Secondly, implied equity capital cost has a mediating effect between environmental uncertainty and idiosyncratic risk, which clarifies the influence mechanism of the former on the latter. Thirdly, higher proportion of independent directors can reduce the mediating effect of implied equity capital cost and alleviate the influence of environmental uncertainty on idiosyncratic risk. The significance of this study is that it shows external risk factors not only determine systemic risk, but also have an important impact on idiosyncratic risk, thus making the two risks significantly correlated to each other in theory. On the other hand, the internal characteristics of enterprises, such as corporate governance mechanism, have a significant moderating effect on this correlation. References | Related Articles | Metrics

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Opening Schrödinger Black Box between Flexible Contracts and Behavior:——A Competitive Mediation Model Based on Principal-Agent and Contracts as Reference Points Chen Menglong, Yin Yilin, Peng Feng 2021, 33 (2):  263-277.  Abstract ( 179 )   PDF (1430KB) ( 80 )   The Lakatos' criticism of principal-agent analysis paradigm reveals that there exists a “Schrödinger black box” between flexible contracts and agents' behavior. The study loosens the auxiliary assumption of Coase-style renegotiation, and integrates the analytical paradigm of principal-agent and contract reference point to build a competitive mediation model with price adjustments conflict as the mediator to explore the two opposing mechanism of how flexible contracts affecting agents' behavior. Empirical test results based on 213 valid samples of construction project transactions show that first, controlling the price adjustments conflict, flexible contracts could improve agents' behavior; second, the price adjustments conflict plays a negative mediating role between flexible contracts and agents' behavior and; third, the flexible contracts is the necessary, but not sufficient, condition for improvement of agents' behavior. The findings of this study provide theoretical guidance and management implication for using the flexible contracts scientifically in practice. References | Related Articles | Metrics

Logistics and Supply Chain Management

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Analysis of Supply Chain Extended Warranty Service Modes Based on Product Quality Zhang Yongfen, Wei Hang 2021, 33 (2):  278-288.  Abstract ( 270 )   PDF (1461KB) ( 149 )   Considering the important impact of product quality on supply chain extended warranty (EW), this paper takes the quality as an endogenous variable, and develops three Stackelberg game models, i.e., model of no EW, model of EW provided by manufacturers and model of EW provided by retailers. The optimal solutions of each model are analyzed and compared. The research shows that: both the product quality levels and the product demands are higher when EW exists than when no EW exists. Both retailers and manufacturers can get more profits from each other's EW. In most cases, EW provided by retailers can get higher product quality levels, product demands and EW demands. From the perspective of retailers, who is the favorable EW provider depends on the EW cost coefficient ratio between manufacturers and retailers, the correlation coefficient between the product failure rate and product quality, etc. From the perspective of manufacturers, it is optimal for manufacturers to offer EW by themselves when manufacturers' EW costs have a greater advantage than that of retailers. Otherwise, it is optimal for manufacturers to ask retailers to offer EW. References | Related Articles | Metrics

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Transmission Characteristics of Fluctuation among Shanghai(Export) Containerized Freight Indices Based on Complex Network Theory Tang Xia, Kuang Haibo, Guo Yuanyuan 2021, 33 (2):  289-297.  Abstract ( 213 )   PDF (1293KB) ( 169 )   In this paper, we introduce the complex network theory and Granger causality approach to build the Granger causality network of Shanghai (Export) Containerized Freight Index (SCFI) from 13 routes. We explore the sub market of SCFI's market position, function and transmission characteristic from a systematic prospective. Our findings are as follows. The fluctuation's average transmission distance is short and therefore the speed is fast among SCFI freight routes. Different route has different fluctuation which is differed by impact range, intermediation capacity and cohesion. The fluctuation network of all 13 freight routes can be divided into 4 different clusters which include different quantities, degree of connection and intermediation capacity. The main routes: cluster 2 and 1 transmit the fluctuation to cluster 3 and then cluster 4. The above findings suggest the port and shipping administration together with the shipping enterprises need to closely monitor the shipping market fluctuation and take advantage of this factor as an important part of making precise management decisions. References | Related Articles | Metrics

Public Management

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The “Public”/“Private” Debate: How does the Preference Cognition Structure Influence the Creation of Public Issues? Lang Mei, Jian Nantao 2021, 33 (2):  298-310.  Abstract ( 204 )   PDF (1406KB) ( 240 )   The cognition on “the public” and “the private” is a precondition to cause citizens' cognition differences between public domain and private domain. It is featured with the fuzziness of the boundary, the situationality and the structuredness. Considering the cognition on “the public” and “the private” in the process of historical evolution, we divide citizens' preference cognition structures into four types: selfish type, separate type, mixed type and moral-dominated type, and based on it, try to construct a theoretical framework and then analyze whether citizens' preference cognition structures cause the cognitive differences on different public issues. By conducting hypothesis tests according to the data from CGSS2015, we concludes that, citizens' preference cognition structures on “the public” and “the private” are different; the cognitive preference on public domain and private domain and the four citizens' preference cognition structures significantly influence the recognition on social effectiveness-type issues and governmental responsibility-type issues. References | Related Articles | Metrics

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Has Chinese Public Procurement Policy Promoted Regional Environmental Quality Improvement?——An Empirical Evaluation Based on Spatial Econometrics Gui Huangbao, Hu Zhen, Sun Pu, Liu Qixiang 2021, 33 (2):  311-322.  Abstract ( 254 )   PDF (1375KB) ( 175 )   Government procurement policy, as one of the important environmental policies in the world, has attracted widespread attention in recent years. For a long time, the Chinese government has taken environmental protection and energy conservation as one of the important goals of government procurement policy, and fruitful progress has been made in practice. However, the scientific evaluation of the effects of government procurement policy on the improvement of environmental quality is rarely involved. In this study, the important scientific question of whether the policy of 30 provinces and cities in China have improved the environmental quality is explored by constructing spatial econometric models based on Chinese provincial panel data (2001-2017). The research finds that: (1) Environmental pollution in China has a significant spatial correlation in geographical space. (2) The empirical results indicate that Chinese government procurement policy has a positive correlation with the degree of regional environmental pollution with a significant level of less than 10%, which shows that the effect of Chinese government procurement policy in promoting regional environmental quality improvement is not obvious in general. (3) Before and after the establishment of the government compulsory procurement system of energy-saving products and the accession to the government procurement agreement (GPA), the effect of Chinese government procurement policy on the improvement of regional environmental quality has significant differences. Before that, there is a significant positive correlation between the government procurement policy and the degree of environmental pollution, indicating that the expansion of government procurement inhibits the improvement of environmental quality; but after that, there is a negative correlation between the two, which is significant at the level of 5%, which shows that the government procurement policy has an obvious effect on environmental quality in recent years. Finally, this study puts forward policy implications from the aspects of strengthening the system design, improving the legal system of government green procurement; using international rules rationally to build a procurement system in line with China's interests; setting up green procurement departments, improving the performance evaluation and supervision mechanism of rewards and punishments, in order to provide a scientific basis for the improvement and perfection of Chinese government procurement policy in the future. References | Related Articles | Metrics

Case Studies

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Research on the Process of Brand Meaning Reconstruction from the Perspective of CSR——A Case Study Based on Dong'e Ejiao Wang Xuedong, Meng Jiajia, Chen Xiaoyu 2021, 33 (2):  323-337.  Abstract ( 403 )   PDF (3830KB) ( 378 )   In recent years, corporate social responsibility (CSR) has become an emerging logic of brand meaning reconstruction. However, most of the existing researches are mainly based on quantitative empirical research, which not only leads to contradictory understanding of the relationship between CSR and brand meaning reconstruction, but also fails to reveal the complex relationship between them from the perspective of the process of vertical evolution. To solve this issue, this study takes Dong'e Ejiao as the research object and employs exploratory case study method to explore the process of brand meaning reconstruction under the view of CSR from the dynamic perspective of vertical evolution. It is found that the process of brand meaning reconstruction under the view of CSR consists of four key sub-processes: the chaotic period of brand meaning with CSR recession, the return period of brand meaning with CSR reversion, the dimensional expansion period of brand meaning with CSR embedding and the conflictive period of brand meaning with CSR deviation. CSR recession leads to vague brand meaning, CSR deviation leads to conflictive brand meaning, and both of them are not conducive to the brand meaning reconstruction. CSR reversion leads to brand meaning refocusing, CSR embedding leads to multi-dimensional brand meaning, and both of them are conducive to brand meaning reconstruction. The research finding reconciles the existing theoretical conflicts, reveals the black box of brand meaning reconstruction process under the view of CSR, describes the complex mechanism in the process, and provides theoretical implications and case reference for enterprises to implement brand meaning reconstruction. References | Related Articles | Metrics

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How Can the University-Industry Collaboration Improve the Academic Performance of Researchers from University Scientific Research Teams——Multiple Case Study Based on Behavioral Perspective Yang Xiaowan, Zhu Guilong, Lv Fengwen, Dai Yong 2021, 33 (2):  338-352.  Abstract ( 220 )   PDF (1322KB) ( 311 )   The university-industry collaboration is a double-edged sword for the development of universities. It has not been effectively explored how to leverage university-industry collaboration to help universities strengthen their scientific research. Based on the researchers of the three university scientific research teams in the field of engineering, this paper explores the influence path of university-industry collaboration on academic performance with the framework ‘motivation-behavior-performance’ from the perspective of behavior through multiple case research methods: (1) the collaborative motivation is the starting point and determines the needs and levels of collaboration. Funding motivation is extrinsic motivation, mission motivation is intrinsic motivation, and learning motivation is between internal and external motivation. The more intrinsic the motivation-driven university-industry collaboration is, the more it contributes to the improvement of academic performance; (2) collaborative behavior is a mediator and moderator. The resource input behavior under the individual's own dimension determines the intensity of collaboration. The partner matching behavior under the interaction dimension between individual and environment determines the quality of collaboration. Moderate resource input and matching partners can better promote academics performance. This paper enriches and expands the micro-level theory of university-industry collaboration, and provides practical guidance for the academic and commercial incentives in the university scientific research teams. References | Related Articles | Metrics