Management Review

Does the New Share Repurchase Regulation Better Protect Investors?——From the Perspective of Market Reaction to Share Repurchase Plans

Zhang Mengyu, Xie Deren

2022, 34 (3): 3-18.

Abstract ( 282 )

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Based on the market reaction to share repurchase plans of listed companies in China, this paper investigates whether the new share repurchase regulation of 2018 (hereafter, SRR-2018) improves investors' interest protection. We find that, during the post-SRR- 2018 period, there were more announcements of share repurchase plans, and these plans also had positive market reactions; however, the market reactions were significantly weaker than before, and this phenomenon was more pronounced for the share repurchase plans with the market value management motive, the companies with lower ratios of cash holdings to the upper limits of share repurchase funds, those with lockup expiration of non-tradable shares in the next six months, and those with large shareholders' share pledging. On the oth- er hand, the market reactions to the announcements of the first actual repurchases during the post-SRR-2018 period were more positive than before. Furthermore, the long-term stock returns that accompanied the repurchase plans were lower, and the net insider selling was more. Hence, the SRR-2018 may have fallen short of the regulator's expectations and actually do harm to investors' interests.

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Research on the Impact of Network Infrastructure Investment on High-quality Regional Economic Growth： Based on the Estimation of Productive Capital Stock

Cao Yuequn, Guo Pengfei, Yang Yuling

2022, 34 (3): 19-30,54.

Abstract ( 205 )

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In this paper, we carefully estimate the productive capital stock of network infrastructure and its different types of facilities, construct provincial panel data from 1993 to 2017, and use the spatial Dubin model to test its impact on high-quality regional economic growth. Empirical analysis shows that although the direct effect of the overall network infrastructure capital is significantly positive, it has an inverted "U" shape during the sample period, and it is the strongest in the eastern region and the weakest in the western region. The indirect effect of the overall network infrastructure capital is significantly positive, but it is not significant in the early and middle stages of economic development, and it is the strongest in the eastern region and the weakest in the central region. In terms of differences in specific structural types, the direct effects of transportation facilities are the strongest overall and weakest in the central region, communi- cation facilities are second and continue to decline during the sample period, and energy facilities are the smallest and strongest in the central regions. The overall indirect effects of energy facilities are the largest, transportation facilities are the second and weakest in the western region, and communications infrastructure is the smallest and significantly negative in the early stages. In addition, the direct effect of point infrastructure continues to increase after the economy enters the "new normal" and is relatively greater in the western re- gion. Accordingly, countermeasures and suggestions are put forward for further optimizing various infrastructure investment strategies and promoting high-quality regional economic growth.

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Can Hog Price Index Insurance Inhibit Fluctuation in the Swine Cycle?

Liao Pu, He Yeping, He Suyuan, Liu Xiangyu

2022, 34 (3): 31-40.

Abstract ( 720 )

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Given the underdevelopment of the hog futures market and the largest population of medium-sized farmers in China, hog price index insurance can be a constructive attempt to suppress the swine cycle by applying insurance methods. Based on an empirical analysis of hog supply and demand, this paper uses cobweb theory and ARMA model to predict the cycle of hog price and evaluates the effect of the index insurance on the cycle. The results show that the model fits well with the swine cycle, with the large cycle being about 4-6 years and the small cycle being about 5 to 14 months. Under the research framework of this paper, the hog price index insurance shows a significant inhibitory effect on the swine cycle, and within a reasonable range, the higher the pig-maize ratio is, the better the inhibition effect will be. The predictions of the swine cycle also indicate convergent cobweb characteristics, and the further the hog price deviates from equilibrium price, the more effective the hog price index insurance will be in inhibiting hog price fluctuations.

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Effect of Value-added Trade Surplus and Industrial Value Chain Upgrading on Anti-dumping:Based on US Anti-dumping against China

Qiao Xiaoyong, Li Xiangyu, Wu Xiaoxue

2022, 34 (3): 41-54.

Abstract ( 177 )

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Based onthe data of US anti-dumping against China from World Bank Global Anti-dumping Database, this paper uses the data from WIOD to calculate China-US value-added trade at the industrial level from 1995 to 2011 and applies logit and negative binary model to examine the effect of value-added trade surplus and industrial value chain upgrading on anti-dumping cases. The main results are as follows:(1) The value-added trade surplus has a positive correlation with the probability and number of US anti-dumping initial investi- gations and final determinations against China; while the upgrading of China's industrial value chain has a negative correlation with the probability and number of US anti-dumping initial investigations and final determinations against China; (2) Compared with the value- added trade surplus, the traditional overall trade surplus is overestimated by 30%-45%, which in turn increases the probability of US an- ti-dumping initial investigation against China by 60%; (3) the combined effect of value-added trade surplus and industrial value chain upgrading on US anti-dumping initial investigation against China is larger than that on final determination; (4) if considering value-add- ed trade surplus and industrial value chain upgrading simultaneously, the combined effect on probability of US anti-dumping initial inves- tigation against China will be larger than when only value-added trade surplus is considered; but the combined effect on the number of US anti-dumping initial investigations and final determinations against China will be smaller than when only value-added trade surplus is con- sidered.

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Research on the Impact of Support Policies on the Promotion of New Energy Vehicles in China

Li Xiaomin, Liu Yiran, Jing Bolun

2022, 34 (3): 55-65.

Abstract ( 484 )

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Quantitative evaluation of the effects of the new energy vehicle industry policy is conducive to providing a basis for the formu- lation and adjustment of China's follow-up policies. Based on the behavioral utility function of consumer vehicle demand and by choosing the monthly data of China's new energy passenger car market share in 2012-2018 as dependent variable, four government policies (re- garding financial subsidies, purchase tax exemption, no restrictions on the use and purchase of new energy vehicles and government/pub- lic procurement respectively) as independent variables and the selling price of new energy vehicles, battery prices, the difference be- tween oil and electricity prices, the number of new energy vehicle battery patent applications and the number of charging piles as control variables, this paper uses the time series cointegration model and error correction model to quantitatively evaluate the effects of the four policies. The findings are as follows. Firstly, in 2012-2018, the four policies all have a positive effect on the promotion of China's new energy vehicles and among them, the financial subsidy policy has the largest effect. Secondly, the effect of financial subsidies gradually increased from 2012 to 2016, but began to decrease from 2017 to 2018. In addition, each 1% increase in the new energy vehicle pro- curement by government and public institutions will lead to an increase of 0.331% in the market share of new energy vehicles; each 1% increase in car purchase demand suppressed by the purchase restriction policy will lead to a 0.312% increase in the new energy vehicles market share. So far as the controll variables are concerned, an increase in the price of new energy vehicles and battery is not conducive to the promotion of new energy vehicles, and the difference in the prices of petrol and electricity, the number of battery technology patent applications, and an increase in the number of charging piles has a positive effect on the promotion of new energy vehicles in the long term.

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Guarantee Network Risk Contagion Mechanism： Path Analysis and Empirical Research

Lv Jing, Wang Ying, Guo Pei

2022, 34 (3): 67-78.

Abstract ( 308 )

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From the network structure of relations in guarantee network, we apply network analysis and the data of listed companies from 2003 to 2017 on the Shanghai and Shenzhen stock exchanges to analyze guarantee network risk contagion mechanism. The results show that negative shock or the increase of relations significantly exacerbates risk contagion. But negative shock can only lead to risk contagion through guarantee chain, which demonstrates that the path of guarantee network risk contagion has relationship transitivity, which de- pends on the relation of guarantee chain. In the process of guarantee network formation, the ineffective guarantee contract and asymmetric information caused by lack of legal environment and the rigid restriction of guarantee contracts or implicit guarantee of state-owned enter- prises caused by low financial marketization are drivers underlying enterprises' motivation to join the guarantee chain and this will finally lead to risk contagion in guarantee network. Furthermore, the negative shock has a great influence on these enterprises with a high be- tweenness and those highly related enterprisess tend to gain prosperity or sufer loss jointly. Therefore, the government should improve in- stitutional environment and visual supervision of network structure of guarantee behavior among listed companies.

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Bibliometric Analysis on Money Theory, Loan Creates Deposit Theory and Deposit Management of Commercial Bank

Wang Zhaodong, Li Xuerong, Liu Jiaqi

2022, 34 (3): 79-87.

Abstract ( 199 )

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As China enters the new normal of economy, the efficiency of deposit organization and fund management of commercial banks are crucial to the profitability and competitiveness of banks, and are also one of the important factors for the long-term stable operation of the financial system. The study of bank deposit management based on monetary theory is of great significance. This paper conducts a bib- liometric analysis of 631 Chinese and English literatures published from 1990 to 2019, calculates the overall research scale, and identi- fies important journals, authors and institutions in this field. Based on co-citation networks and clustering, the knowledge base, important turning points and highly-cited papers in this field are analyzed. Through the construction of co-word network and keyword sta- tistics, the development trend and the latest research hotspots in this field are sorted out. The conclusion shows that the development trend of the research in this field shifts from money supply, monetary policy and other issues, to the financial innovation fields such as internet finance and electronic money creation. After 2008, researchers began to focus on financial risks and bank credit creation. At last, this paper puts forward some promising research directions in the future. The conclusions of this paper are beneficial to the academic research, banking practice and relevant policy making.

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Provision Efficiency, City Size and Urban Productivity： Empirical Evidence from Transport Infrastructure

Wang Jia

2022, 34 (3): 88-100.

Abstract ( 152 )

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Improving the provision efficiency of transport facilities and public services to strengthen the support for the agglomeration of population and economic activities is crucial for the sustainable growth of cities. This paper constructs a theoretical model based on the New Economic Geography framework to explore the synergistic mechanism of provision efficiency of transport infrastructure and city size affecting urban productivity. We employ prefecture and higher city level panel data from 2004 to 2016 to do the empirical analysis. The results indicate that the marginal productivity gained as city grows in size will increase with the improvement of the provision efficiency of transport infrastructure and public services. For average-sized cities, every 0.1% increase in the provision efficiency will lead to a 0.13% increase in urban labor productivity. The estimation results remain tenable after endogeneity is taken into consideration and robustness test is conducted. The empirical estimation results of the sub-region suggest that, the agglomeration benefit released by provision efficien- cy improvement is larger in eastern regions than in central and western regions. Large cities can benefit more from the improvement of provision efficiency.

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Relationship between Individual Knowledge Forgetting and Organizational Innovation Performance： Moderating Roles of Ambidextrous Innovation and Personnel Flow

Sun Wen, Liu Renjing

2022, 34 (3): 101-113.

Abstract ( 207 )

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The performance of innovation activities has important theoretical and practical significance for the survival and development of organizations. The research on its influencing factors is the focus of academic attention. Based on the theory of knowledge management and innovation management, breaking through the limitation of single-level thinking, this paper discusses the relationship between individual-level knowledge forgetting and organizational-level innovation performance from a cross-level perspective. On this basis, this research further explores the potential moderation role of factors such as ambidextrous innovation strategy and personnel flow on this relationship mechanism. The results show that the negative relationship between individual knowledge forgetting and organizational innovation performance can be regulated and weakened by such factors as ambidextrous innovation strategy and personnel mobility, and the effects of different proportion of factors combination are different. Specifically, in the case that individual knowledge forgetting has a significant negative impact on organizational innovation performance, maintaining more utilization innovation behavior, less exploratory innovation behavior and lower external flow rate has the most significant positive effect on organizational innovation performance. This study not only makes up for the deficiency of the existing theoretical research, but also enables managers in practice to face up to the objective negative factors and actively seek solutions that can weaken their influence.

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A Meta Regression Analysis on the Effect of Public Subsidy on Enterprises’ R&D： Heterogeneity, Publication Bias and Genuine Empirical Effect

Xie Hongtao, Chen Changxu, Zhang Jianshun

2022, 34 (3): 114-126.

Abstract ( 302 )

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It is controversial in both theory and evaluation literature that public subsidies in China can motivate enterprises to invest more in their R&D activities. This paper uses Meta Regression Analysis (MRA) model to analyze 122 evaluation studies and finds out genuine empirical effects after controlling study heterogeneity and publication bias. Studies with additional private R&D fund as dependent variable show a 30%-50% over-valuation is caused by publication bias, and reveal no evidence to support positive conclusion in studies with patent technology as dependent variable. In future, case study on specific policy and representative industry will be more meaningful.

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Research on the Impact of High Tech Product Export Trade Network Construction on a Country or Region’s Position in the Global Value Chain——From the Perspective of Social Network Analysis

Zhong Zuchang, Yu Peixuan, Xiao Xiao, Meng Fanchao, Huang Qiuyu

2022, 34 (3): 127-140.

Abstract ( 205 )

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The trade network of high-tech products is an important embodiment of a country or region’s participation in the division of global value chain. This paper uses the social network analysis method to analyze the characteristics of a country’s high-tech product trade network and the overall pattern of the global high-tech trade network. Based on the statistics of bilateral trade of high-tech products for 50 economies around the world from 2005 to 2016, this paper empirically tests the impact of the characteristics of a country or region’s high-tech product trade network on its position and indispensability in the global value chain, and discusses the interactive effect between the export and import trade networks of high-tech products and its impact on the hierarchy of global value chain. The results show that: (1) To some extent the global trade network structure of high-tech products has changed gradually since 2005; (2) The network centrality and connection strength of a country or region’s export trade of high-tech products are positively related to global value chain division position, while the network heterogeneity is negatively related to it. This shows that the construction of global export trade network of high-tech products can improve a country or region’s position and indispensability in the global value chain; (3) The high-tech products import and export trade network have significant interactive effect, which helps to improve a country or region’s position and indispensability in the global value chain.

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Research on the Driving Mechanism of Multi-factor Linkage Effect on Business Model Innovation of New Economy Enterprises——Qualitative Comparative Analysis Based on Fuzzy Sets

Wang Liping, Zhang Min

2022, 34 (3): 141-152.

Abstract ( 289 )

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Large data, cloud computing, Internet of Things, artificial intelligence and other new generation of Internet information technology are rapidly upgraded, and a number of new economic enterprises have emerged with the help of business model innovation to achieve explosive growth. In the new economic era, business model innovation has become an important way for enterprises to achieve explosive growth. With the help of qualitative and comparative analysis method of fuzzy sets and the combination of business model canvas theory, strategic network theory, dynamic capability theory, demand evolution law and system theory, this paper explores the multi-factor linkage effects of big data capability, connection capability, re-creation capability, organizational legitimacy, user experience and demand evolution on the business model of new economy enterprises. The research finds that there are three driving modes for business model innovation of new economic enterprises. Among them, big data capability is the key condition for business model innovation, and user experience is the key link for business model innovation. The results provide a systematic causal explanation for business model innovation of new economy enterprises, and also provide a reference for further evolution and transformation and upgrading of business model innovation of enterprises.

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The Effect of Poverty Experience in Childhood on Social Entrepreneurial Orientation of Entrepreneurs

Chen Liangyong, Ruan Rongbin, Wan Wenhai, Lin Chunpei

2022, 34 (3): 153-162,219.

Abstract ( 346 )

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Based on social cognitive theory, the study aims to explore the effect of poverty experience in childhood on social entrepreneurial orientation of entrepreneurs and thus proposes a moderated mediation model to explain the mediating effect of moral attentiveness and the moderating effect of moral identification. Data is collected through questionnaire survey. The final sample includes 367 entrepreneurs from main cities in China. Hypotheses are tested by using multiple regression and bootstrap analysis. Results indicate that poverty experience associated with more social entrepreneurial orientation and moral attentiveness mediates the relationship between poverty experience and social entrepreneurial orientation. Meanwhile, a high level of moral identification strengthens the positive association of poverty experience with moral attentiveness and further moderates the indirect effect of poverty experience in childhood on social entrepreneurial orientation of entrepreneurs. From the perspective of moral cognition, this study clarifies the complex and diverse internal mechanism between poverty experience and social entrepreneurship orientation, and also provides a theoretical basis for decision-making departments to guide entrepreneurs to participate in social entrepreneurship.

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Antecedents Exploration of Effectiveness of University Laboratory Verification in the Process of Transformation of Scientific and Technological Achievements

Lin Jun, Wu Pengfei, Wu Yingying, Zhu Mingwei

2022, 34 (3): 163-173.

Abstract ( 178 )

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Colleges and universities are important bases for laboratory verification of scientific and technological achievements. To improve the effectiveness of laboratory verification and promote scientific and technological achievements out of the laboratory has become the primary link of transformation of scientific and technological achievements that cannot be ignored. Using grounded theory, through the qualitative research on the verification process of scientific research laboratory in Shaanxi University, this paper draws upon phenomena to capture, describe, code and conceptualize the main factors involved in laboratory verification. It is found that the technology selection ability, experimental scheme design ability, laboratory coordination ability and laboratory resources are closely related to the effectiveness of laboratory verification. After theoretical deduction, the research hypothesis is put forward, and a survey scale is designed to conduct a large sample survey in domestic universities. The verification results show that the other three factors have significant positive influence on the effectiveness of laboratory verification, except the ability of technology selection. The results of post-mortem analysis show that the effectiveness of laboratory verification in “985” and “211” universities is significantly better than that in ordinary universities. These conclusions provide practical evidence for the acquisition and combination of various elements in the realization mechanism of the effective operation of university laboratory verification, which helps to further clarify the process and structure of university laboratory verification.

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Perceived Community Benefits, Community Commitment and Members’ Recommendation Intention： Direct and Moderating Effects of Interpersonal Awareness

Yuan Chun, He Xin, Xue Doudou

2022, 34 (3): 174-185.

Abstract ( 324 )

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Interpersonal awareness can be used to measure the intensity of psychological stress that people generate in interpersonal interactions. However, there is few empirical researches on the role of interpersonal awareness in existing brand management literature. This paper incorporates interpersonal awareness into the analytical model. Based on data from 222 members of the three brand communities of Fan Deng’s Reading, Hundun University, and Wu Xiaobo’s reading club, this paper analyzes the relationships among interpersonal awareness, community commitment, perceived community benefits, and interpersonal recommendation intention with OLS regression method. The empirical research finds that: (1) community commitment has a partial mediating effect between perceived community benefits and interpersonal recommendation intention; (2) interpersonal awareness negatively affects interpersonal recommendation intention and community commitment; (3) community commitment is moderated by interpersonal awareness. Theoretical and managerial implications are also discussed.

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Impact of Online Reviews on Product Sales： The Role of Valence Consistency between Initial and Follow-up Reviews

Zhao Yan, Feng Xiangnan, Li Yiwei, Jia Jianmin

2022, 34 (3): 186-197.

Abstract ( 253 )

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Recently, some e-commerce platforms launched the function of follow-up product review, so consumers can give a follow-up review within a certain period of time after their initial review on the purchased product. Follow-up reviews have become an important factor affecting product sales. Based on the reviews and sales data of 51 kinds (102 pieces) of products, this study examines the impacts of valence consistencies between initial and follow-up reviews given by the same consumers on sales, where the valence of the reviews is evaluated by applying the text mining technology on review contents. Results show that the valence consistencies between homologous initial and follow-up reviews have different effects on sales, and the effects are moderated by product brand. Specifically, for the valance-positively-changed reviews sets, they have a positive effect on sales of low-end products but a negative effect on sales of high-end products; for the valance-negatively-changed reviews sets, they have a negative effect on product sales regardless of brand. It is concluded that the sets of initial and follow-up reviews exhibit recency effect on low-end products and negative deviation effect on high visibility products. For low-end products, managers should pay special attention to after-sale service to improve the follow-up reviews; as for high-end products, after-sale service is only a basis and managers should make efforts to strengthen product quality.

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The Route and Condition of Effect of Leaders’ Emotional Intelligence Congruence on Employee Voice

Luo Jinlian, Li Shuwen, Liang Fu

2022, 34 (3): 198-208.

Abstract ( 332 )

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Based on cognitive resource theory and social exchange theory, we examine how the congruence of leaders’ emotional intelligence assessed by leader themselves and their subordinates respectively influences employee voice from the perspective of dual system. Using 43 leader-subordinate matched samples, we conduct a congruence test and a moderated mediation test through polynomial regression, response surface analysis and bootstrapping. The results show that: (1) there are four conbinations about the congruence between other-reported leader’s emotional intelligence and self-reported leader’s emotional intelligence, which are top-down, down-top, down-down and top-top. Among the four conbinations, top-top conbination can strength ambidextrous leadership’s influence most. (2) Employees are more likely to make their voices heard under situation of down other-reported and top self-reported emotional intelligence congruence. (3) Ambidextrous leadership partly mediates the relationship between emotional intelligence congruence and employee voice. (4) Leaders’ self-awareness negatively moderates the indirect relation via ambidextrous leadership between emotional intelligence congruence and employee voice. This finding sheds some light on the antecedents of ambidextrous leadership and employee voice, and provides new perspective to study leader-member exchange.

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The Impact of Basic Psychological Needs on Employees’ Creative Performance and Mental Health： A Latent Profile Analysis from the Perspective of Thwarted Psychological Need

Zhang Dalong, Zhang Jian, Tian Huirong

2022, 34 (3): 209-219.

Abstract ( 242 )

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Researchers based on the framework of self-determination theory have recently proposed that both need satisfaction and need thwarting exist in individuals, that lack of psychological need satisfaction does not mean the same as need being thwarted and that need being thwarted can better predict the decline of performance and unhealthy psychology. Our study introduces a human-centered approach and latent profile analysis method to help understand the combination impact of psychological needs satisfaction and psychological need being thwarted. The results show that there are three types of employees in the workplace of Chinese enterprises, namely, those whose needs are highly satisfied, highly thwarted and both highly satisfied and highly thwarted respectively. Among them, those whose needs are highly satisfied maintain a high level of both creative performance and mental health, those whose needs are highly thwarted stay at a low level of both creative performance and mental health and those whose needs are both highly satisfied and highly thwarted have a high-level creative performance but a low-level mental health. Finally, some unexpected findings are discussed, and the significance, limitations and future research directions of this research are expounded.

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The Influence of Joy of Winning, Frustration of Loss and Inequality Aversion on Rent-seeking Contests Behavior

Su Hao, Zhang Si, Liu Jun

2022, 34 (3): 220-228.

Abstract ( 256 )

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The conflict of rent-seeking competition will lead to significant waste of resources. Based on the basic framework of rent-seeking competition theory and introducing two kinds of utility: “joy of winning” and “frustration of loss”, this paper gives further proof of the overbidding behavior in competition and to get the minimum allocation amount for the agents to avoid competition conflict. In addition, based on inequality aversion model, considering ex ante inequality aversion preference and ex post inequality aversion preference, this paper builds a rent-seeking competition conflict utility model and uses it to conduct a theoretical deduction. The result shows that, affected by advantage inequality aversion preference and disadvantage inequality aversion preference, the Nash equilibrium solution of the parties avoiding rent-seeking competition is not consistent with that of basic theory. Our research shows that the influence of “joy of winning” and the preference of fairness will increase the overbidding behavior of rent-seeking competition. The utility of “frustration of loss” will lower the expectation of competition investment. Furthermore, this paper probes into the causes of excessive irrational and inefficient rent-seeking competition in reality from the perspective of behavioral economy and then seeks an equilibrium solution to avoid rent-seeking competition.

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Adaptive or Disruptive?A Cross-level Research on the Contingencies of the Effect of CEO Outside Succession on Firm Performance

Liu Xin, Lv Rongjie, Xue Youzhi

2022, 34 (3): 229-242.

Abstract ( 186 )

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The paper integrates the “organizational adaptive view” with “organizational disruptive view” on basis of the context characteristic of Chinese culture to explore the boundary conditions that affect the relationship between outside CEO and post-succession firm performance. By analyzing the dynamic situation confronting outside CEOs from three dimensions: person, team and organization, the paper puts forward the boundary conditions that affect the relationship between outside CEO succession and post-succession firm performance, followed by an empirical test with Chinese listed companies from 2008 to 2015. The results indicate that the similarity between CEO and TMT member negatively moderates the relationship between outside CEO succession and post-succession firm performance; the munificence of CEO functional background and firm performance upon succession positively moderate the relationship between outside CEO succession and post-succession firm performance.

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The Impact of Corporate Philanthropy on Firm Performance: The Moderating Effect of Corporate Life Cycle Stage

Gu Leilei, Peng Yang

2022, 34 (3): 243-254.

Abstract ( 279 )

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Corporate philanthropy is an important manifestation of corporate social responsibility, and can increase firm performance. However, the impact of corporate philanthropy on firm performance in the whole corporate life cycle has not yet been studied in depth. Employing resource-based theory and panel data between 2008 and 2015 retrieved from CSMAR, this paper investigates how the corporate philanthropy leads to heterogeneous performance at growth, mature and shake-out stages, and explores the influencing mechanism. The results show that corporate philanthropy has greater positive impact on firm performance at mature stage; due to the existence of resource constraints, corporate philanthropy for firms at growth stage has a crowding-out effect on investment resources, thus leading to limited impact on firm performance; due to the agency problem, corporate philanthropy for firms at shake-out stage has limited impact on firm performance. Introducing corporate life-cycle stage in philanthropy-performance relationship, this paper proves that corporate philanthropy has distinctive impact on firm performance at different stages. Integrating resource-based theory and agency theory, the paper explains the reason of insufficient contribution of philanthropy to firm performance at growth stage and shake-out stage. The conclusion of this paper extends the related literature, and also provides managerial suggestions.

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Dancing Alone or Together： Organizational Duality and Place Co-branding

Zhu Rong, Zhao Jiaxin, Xiao Jianqiang

2022, 34 (3): 255-267.

Abstract ( 232 )

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Based on the case study of Wuyi Cooperative in Zhejiang Province, this paper analyzes the multiple dimensions, management process and results of the duality of the cooperative. Drawing upon the data gathered from semi-structured interviews, archives and participant observation, and using ATLAS.ti 8.3, we identify three dimensions of duality:(1) imprint stability and novelty, (2) government governance and corporate governance, and (3) idealism and pragmatism. We find the directivity of duality to product yields, product quality, product differentiation, brand culture, brand awareness and cooperation network. We analyze how to manage the tension brought by the cooperative duality to realize the inclusive development of stakeholders. This paper contributes to the research of organizational duality by revealing three dimensions and the outcomes of it. The inclusive development literature also benefits from our discussion.

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Research on Performance Commitment in M&A and Corporate Financial Constraints——Empirical Evidence Based on Text Analysis

Pan Xin, Yu Pengyi, Su Ru, Wang Lin

2022, 34 (3): 268-277.

Abstract ( 274 )

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Based on 1,316 M&A events that occured in the SME Board and ChiNext from 2016 to 2019, this paper focuses on the behaviors and types of performance commitments in M&As, and constructs the relevant indexes with text analysis method to investigate such commitments’ impacts on corporate financing constraints. The findings are as follows．Firstly, the performance commitment behaviors in M&As can significantly reduce corporate financing constraints. Secondly, voluntary performance commitments in M&As can better relieve corporate financing constraints than mandatory ones. If the influence of M&A risk factors is taken into consideration, it is not hard to conclude that excessive M&A’ premiums will inhibit the mitigating effect of performance commitments on corporate financing constraints. The findings above validate the signal effect of performance commitment in M&As, and provide theoretical basis and practical enlightenment for the application of performance commitment in M&As.

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Analysts’ Background, Company Characteristics and Cash-flow Forecast

Wang Juxian, Ma Mengdi, Li Shuo

2022, 34 (3): 278-289.

Abstract ( 278 )

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The reputation of financial analysts in China is doubted by more and more market participants, yet the issuance of cash-flow forecasts by financial analysts is increasing. Based on the institutional background, this paper investigates why financial analysts issue the cash-low forecast of the listed firms, through which we can examine the decision procedure of analysts’ forecasts. Empirical results show that financial analysts are more likely to issue cash-flow forecasts if they work in a large and experienced brokerage house that covers a small number of industries. Further, financial analysts are more willing to give cash-flow forecasts in relation to the firms with sound corporate governance, simple business and significant operating risks. These results imply that when analysts are making cash-flow forecasts decisions, they consider mainly their personal advantages and firms’ characteristics. Their decisions are based on benefit-cost maximization principle. This research can provide new evidence on how investors should regard financial analysts’ role in Chinese capital market and correspondingly make a better use of analyst reports.

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Low-price Tour Regulation under the Reward-Punishment Mechanism and Tourist Participation ——A Perspective of Tripartite Evolutionary Game

Fan Chunmei, Wu Yang, Li Huaqiang

2022, 34 (3): 290-301.

Abstract ( 231 )

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This paper aims to explore the low-price tour regulation under a reward-punishment mechanism and tourist participation by establishing a dynamic evolutionary game model among the local tour operators, tourists and the government. The model is calculated and simulated in the NetLogo platform. Findings suggest that: (1) If the government imposes higher penalty on illegal local tour operators, less local tour operators would choose low-rice tour groups. However, simply intensifying the penalties does not make it sure for local tour operators to choose normal-price tour groups. (2) When tourists complain about the service of the low-price tour groups, the illegal local tour operators should compensate the tourists. Increasing the compensation will motivate tourists to make complaints and thus would inhibit the low-price tour. (3) The subsidy provided by the government to local tour operators should be in the range (v1,v2). Any subsidy below v1 is not attractive enough for local travel operators to choose normal-price tour groups, while any subsidy above v2 would increase the financial burden of the government, so any subsidy beyond the range is not conducive to the overall optimization of the system. (4) Tourists’ complaints can make it a trend for local tour operators to choose normal-price tour groups. When the government’ incentives for tourists’ complaints reach a certain level, tourists’ complaint motivation will be improved significantly.

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Social Capital Structure and Urban-Rural Income Gap under the Household Registration System

Deng Qunzhao, Shi Jun, Yu Dengke

2022, 34 (3): 302-313.

Abstract ( 337 )

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The household registration system has caused a split between urban and rural areas and dual structure within the city. Under this system, China’s population and their social capital display structural characteristics of their own. This paper divides urban and rural residents into four categories: original citizens, new citizens, floating population and agricultural population. By using Chinese General Social Survey data (CGSS 2015), we describe the characteristics and differences of structural and cognitive social capital between groups with different registration identities, and empirically analyze the influence on urban-rural income and income gap that social capital structure has during the period of registration reformation. The result shows that: social capital structure has a significant difference among groups with different registration identity, presenting significant characteristic of dynamic transition; structural social capital and cognitive social capital significantly expand urban-rural income gap; with the development of permanent population urbanization, the impact of structural social capital on expansion of income gap will be mitigated, but impact of cognitive social capital is just the opposite; improvement of registered population urbanization mitigates impact of cognitive social capital on income gap.

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The Evolutionary Game between Enterprise Behavior and Government Regulation under Various Subsidy and Punishment Mechanisms

Yang Song, Zhuang Jincai, Meng Xianghai, Wang Aifeng

2022, 34 (3): 314-324.

Abstract ( 200 )

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Food safety incidents occur frequently due to the opportunistic behavior of food enterprises and has constituted a threat to human health and social stability. This paper builds an evolutionary game model and uses a replicator equation to describe the selection and evolution path of food enterprises and local governments under various subsidy and punishment mechanisms according to the payoff matrices of their respective behavior strategies. Then, the influence of parameters on the evolutionary strategies of the system is analyzed. Finally, numerical simulations are given. The findings are as follows. Under the static subsidy and static punishment mechanism, producers’ efforts in food safety and local governments’ regulatory strategies fluctuate around a central point without a point of equilibrium and stability. Under the dynamic subsidy and static punishment mechanism, the system evolution process is a closed-loop with periodic motion. Under the static subsidy and dynamic punishment mechanism and dynamic subsidy and dynamic punishment, producers’s efforts and local governments’ regulatory strategies tend to remain at a stable equilibrium point. The evolution equilibrium of both parties in the system is affected by such parameters as the size of subsidy and punishment of government. The findings have certain enlightenment for local governments to formulate reasonable incentive strategies for subsidies and punishments.

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Multinational Diffusion of Standards from the Perspective of Legitimacy——A Comparative Case Study of AACSB and JCI

Zhang Wenhong, Chen Silei, Zhao Yapu, Lv Xuelin

2022, 34 (3): 325-337.

Abstract ( 130 )

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Getting a clear understanding of how to successfully realize the multinational diffusion of standards has become an important and urgent practical and theoretical topic. However, unlike researches on the multinational diffusion of innovative technologies or business models, multinational diffusion of standards is faced with severe legitimacy challenge. The existing studies on standard diffusion analyze, mainly from the perspective of those who have accepted the standards, why the standards have to be accepted. Based on the comparative case study of the AACSB standard and the JCI standard, this paper puts forward a theoretical framework for the legitimacy acquisition of the multinational diffusion of standards, and points out that legitimacy strategy is important, but also important is the question of whom the legitimacy is obtained from and in what order; at the same time, the above three aspects are affected by the host country’s field characteristics at different stages and its own source country imprint. This paper expands and enriches the legitimacy theory and provides theoretical guidance for multinational diffusion of standards.

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The Bilateral Market Governance Path of Platform Economy Anti-monopoly——Based on the Case Study of Alibaba Monopoly Event

Chen Tingqiang, Shen Jiaxian, Yang Qinghao, Hu Yi

2022, 34 (3): 338-352.

Abstract ( 824 )

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On April 10, 2021, the State Administration for Market Regulation imposed a fine of RMB18.228 billion on Alibaba for its monopoly behavior, which aroused people’s attention to the monopoly of platform economy. This paper takes Alibaba monopoly event as the case study object, comprehensively sorts out the anti-monopoly background at home and abroad, the related events of Alibaba monopoly event and the impact of the event, and reveals the necessity and importance of platform economy anti-monopoly. Focusing on the anti-monopoly governance of platform economy, this paper analyzes the bilateral market model of platform economy and the relationship between platform economy monopoly and data, and analyzes the causes of platform economy monopoly behavior based on the theory of bilateral market. Based on this, this paper deeply explores the characteristics of platform economy monopoly and the difficulties in anti-monopoly regulation of platform economy. In addition, from the perspective of bilateral market regulation, the relevant paths and measures in relation to bilateral market governance are proposed, such as strengthening the precise definition of platform economy monopoly market, consummating the unified identification of platform economy monopoly behavior, and improving the actual effect of platform economy monopoly regulation. This study has theoretical significance and practical value for the further development of anti-monopoly regulation of Chinese platform economy.

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