Management Review

State Ownership, Patent Signal and Debt Financing of Private Enterprises in China's High-tech Industries

Wei Haixiao, Xie En, Bi Jingyu

2022, 34 (7): 3-16.

Abstract ( 205 )

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Private enterprises in China' s high-tech industries are generally faced with external financing constraints. Considering the prominent role of such enterprises in promoting the construction of innovative country, we attach great importance on how to ease their financing restraints. This paper regards state ownership as a non-market strategy and patent application as a market strategy for private enterprises to obtain debt financing, and studies what effect each of the two strategies has on the availability of debt financing. What' s more, we explore the potential effect of using the two strategies in a mixed way to find a better solution for private enterprises to break through financing bottleneck. The two-way fixed effects regression analyses based on the panel data of 438 private enterprises in high-tech manufacturing industries from 2007 to 2016 reach the following conclusions. The introduction of state ownership, as a non-market strategy, has an inverted U-shaped relationship with the debt financing availability. Patent application that releases market signal, as a market strategy, helps private enterprises to obtain debt financing. At the same time, this paper integrates these two types of strategies and finds that the introduction of state ownership reduces the intensity of patent signal but enhances the effect of patent signal on debt financing availability.

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Research on the Selection of State-owned Syndication Partner by Cross-border VC from the Perspective of Culture

Wang Han, Liu Huixia, Dong Jianwei

2022, 34 (7): 17-32.

Abstract ( 145 )

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Many studies have shown that syndication is an important means for cross-border VC to overcome the disadvantage of outsiders. However, little attention has been paid to the types of syndication partner that cross-border VC will choose. Based on the cultural perspective, this paper takes all cross-border VC joint investment events in China from 2000 to 2017 as samples, and through theoretical deduction and empirical test, analyzes the impact of regional culture on cross-border VC's choice of state-owned VC syndicate. The empirical results show that the cultural dimensions of in-group collectivism, power distance and humane orientation in China significantly increase the proportion of state-owned VC in cross-border VC joint investment, and also significantly increase the political level of stateowned VC in cross-border VC joint investment. However, when the level of regional marketization is relatively high, the role of traditional cultural characteristics in cross-border VC's selection of state-owned VC joint investment weakens.

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Does the Carbon Emission Trading Scheme Promote the Optimization and Upgrading of Regional Industrial Structure?

Liu Manfeng, Cheng Sijia

2022, 34 (7): 33-46.

Abstract ( 276 )

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At present, China is challenged by economic slowdown and worsening environmental pollution, so a logical way to solve the resultant problems is to optimize and upgrade industrial structure. This paper uses panel data from 31 provinces and cities in China from 2005 to 2016, and applies the Difference in Difference (DID) method to test the net effect of carbon emission trading scheme on the optimization and upgrading of regional industrial structure. The result shows that, carbon emission trading scheme is conducive to the optimization and upgrading of regional industrial structure and its promoting effect on the upgrading of regional industrial structure is far greater than its inhibiting effect on the rationalization of regional industrial structure. Further mechanistic tests shows that carbon emission trading can promote the upgrading of regional industrial structure by enhancing regional technological innovation and promoting regional industrial evolution, but it can not optimize regional output structure, nor can it effectively promote the coupling between input structure and output structure, so it cannot effectively improve the rationalization level of regional industrial structure. Due to the differences in marketization level and resource endowment, the optimization and upgrading of regional industrial structure of carbon emission trading has obvious regional heterogeneity. It promotes the optimization and upgrading of the industrial structure in the eastern region, but has a limited effect in the central and western regions. Carbon emission trading forces some polluting enterprises in pilot areas to transfer to neighboring provinces, and attracts more capital, talents and other high-quality resources from related industries in neighboring provinces, which is not conducive to the optimization and upgrading of industrial structure in neighboring provinces in the short term. The carbon emission trading based on market mechanisms provides a feasible path for the optimization and upgrading of regional industrial structure. China should more actively push forward the construction of the carbon emission trading market, force enterprises to implement low-carbon transformation, so as to achieve the optimization and upgrading of industrial structure and overcome the "Middle Income Trap".

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An Empirical Study on the Complexity of China's Real Estate Market

Zhang Pinyi, Yang Juanni

2022, 34 (7): 47-56.

Abstract ( 228 )

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The abnormal fluctuations of the real estate market and the uncertainty of the impact of economic policy adjustments on the real estate market have drawn great attention of the government and scholars. Based on the theory of complexity science, this paper uses complexity methods to study the complexity characteristics of China's real estate market by correlation dimension tests, Lyapunov index tests, dissipative entropy method and R/S analysis method. The results imply that China's real estate system has the non-linear characteristics of "spikes and thick tails" and the chaotic characteristics of inherent randomness and sensitivity to initial values. Moreover, under the monetary policy, the real estate system is in an orderly state, with the characteristics of dissipative structure, long-term memory and self-similar fractal structure. Therefore, China's real estate system cannot achieve an orderly situation by itself, and it is necessary to combine with the continuous monetary policy regulation to achieve a healthy and orderly development of the real estate market.

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Can Non-state-owned Shareholders Improve the State-owned Enterprises' M&A Performance by Participating in Corporate Governance?

Ma Yong, Wang Man, Ma Ying

2022, 34 (7): 57-70.

Abstract ( 189 )

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Based on the M&A events of state-owned listed companies in 2007-2016, this paper analyzes and tests the impact of nonstate-owned shareholders' governance effect on the state-owned enterprises'(SOEs') M&A performance. The results show that:firstly, the deeper the non-state-owned shareholders participate in governance, the better the SOEs' M&A performs; secondly, active participation in voting is beneficial for shareholders to give full play to the role of check and balance, and improve the level of M&A performance; thirdly, if no director is appointed to a SOE, the check and balance effect of non-state-owned shareholders becomes less effective; fourthly, reducing inefficient M&A transactions and improving the quality of integration after M&A are important channels through which nonstate-owned shareholders act on SOEs' M&A performance; fifthly, compared with foreign investors and private investors, institutional investors play a bigger role of governance. The above conclusions show that the introduction of non-state-owned capital is conducive to the improvement of SOEs' M&A performance. In the process of mixed ownership reform, the threshold for non-state-owned shareholders to enter the SOEs could be further reduced, and their corresponding rights (such as the right to vote and the right to appoint directors) should be guaranteed, so that different types of capital can participate in the internal governance activities equally, and improve the operating efficiency of SOEs jointly.

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The Coupling and Coordinated Development of Marine Economy and Pilot Free Trade Zone in China's Coastal Provinces

Wang Mingli, Lu Feng, Cai Xing, Huang Yangyang

2022, 34 (7): 71-80.

Abstract ( 112 )

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China's 11 coastal provinces have not only the regional advantage of "marine economy", but also the institutional advantage of "free trade pilot zones". In order to deeply study the impact of the two advantages' interaction on regional economy, this paper constructs a coupling and coordinated development model between "marine economic development" and "development of free trade pilot zone" in 11 coastal provinces of China. Our research shows that the higher level of coupling and coordination between the two a region has, the better economic development the region will enjoy. This paper demonstrates the great significance of coordinating the two factors to coastal economic development. As the model shows, the coupling and coordination coefficient in the past 8 years averages at 0.7616, which means the two are coupled and coordinated only to a medium extent and need to be improved. At the same time, it is also found that there is strong regional heterogeneity, the degree of marine economic development in more developed areas does not match the economic and trade level, the coupling development level of the newly established pilot free trade zone is greatly impacted by COVID-19, and Hainan free trade port is at the worst level in China. Therefore, this paper puts forward targeted countermeasures and suggestions on the basis of this analysis.

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A Meta-analysis on the Multilevel Boundary Conditions of the Relationship between Entrepreneurs' Human Capital and Business Performance

Hu Wangbin, Jiao Kangle, Zhang Yahui, Zhang Qi

2022, 34 (7): 81-94.

Abstract ( 149 )

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The relationship between entrepreneurs' human capital and business performance is one of the most important issues in the field of entrepreneurship research. As the most important component of entrepreneurs' human capital, the direction and strength of the relationship between entrepreneurs' prior experience and business performance have not yet reached a consistent conclusion. Therefore, based on 193 independent research samples at home and abroad, this paper finds that there is a positive and weak correlation between entrepreneurs' prior experience and business performance (r=0.109). To be specific, entrepreneurial experience has a significantly higher impact on performance than that of work experience and the impact of diverse experience on performance is higher than that of single experience. Furthermore, firm age, industry, environmental uncertainty, research time and the measure of performance all play a moderating role in the relationship between them. This study harmonizes the discussions on the efficiency of human capital in start-ups from the contingency perspective, and confirms the synergistic effect between different types of human capital, which is an effective extension of human capital theory. At the same time, the research conclusion of this paper, which is is more suitable for China's entrepreneurship situation, can help the construction of local entrepreneurship theory and provide a reliable reference for investors and entrepreneurs to make decisions.

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The Institutional Logics Perspective in Entrepreneurship Research: Literature Review

Yang Ling, Wang Xiaoyu, Chen Jin

2022, 34 (7): 95-104.

Abstract ( 333 )

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The institutional logics perspective has become a mainstream organization theory, but its application in entrepreneurship research still remains to be explored. Since entrepreneurship inevitably involves multiple institutional orders (i.e., market, state, family, profession, corporation and religion), institutional logics theory can make its unique contribution to entrepreneurship research. With its focus on change and complexity, the institutional logics perspective is especially relevant in China, which is both a transitional economy and an emerging economy. This paper introduces the institutional logics perspective in entrepreneurship research, explains its future research agenda in multiple entrepreneurship domains, and discusses key problems in engaging with this theoretical perspective in the Chinese context.

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Technology Transaction Opportunity Prediction Based on Bipartite Network Multidimensional Projection——Exemplified by the Patent Technology in the Field of New Energy

He Xijun, Meng Xue, Wu Yuying, Zhang You, Ni Xiaoru, Chi Yuanying

2022, 34 (7): 105-114.

Abstract ( 118 )

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This paper constructs a transaction bipartite network between patent technology and subject. Considering the influence of technology preferences, degree of common neighbors and transaction frequency on transaction opportunities, this paper revises the pattern weight covered by links and proposes the technology transaction opportunities prediction model based on multidimensional projection of bipartite network. Through the empirical study of patent technology transaction data in the field of new energy and the comparison with the traditional bipartite network link prediction method, this paper concludes that the hit rate of the method proposed in this paper is significantly higher than that of the traditional method, and the accuracy and robustness of this method are verified by randomly selected 10 groups of data sets for comparison. In addition, the empirical study shows that the technology transaction within large enterprise groups is active but the external radiation is weak. Universities and scientific research institutes are less involved in transaction. The historical transaction can enhance the trust relationship and cooperation experience among the subjects, which has an important impact on the transaction prediction, and the technology and region preferences of subjects transaction also contribute to the improvement of prediction accuracy. The ideas and method proposed in this paper can not only realize the recommendation of patent technology transaction, but also carry out trading partner recommendation based on technology recommendation, and predict the hot areas of future transaction, which can provide decision support for promoting the development of technology market.

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The Connotation and Relationship between Organizational Improvisation and Bricolage: An Integrative Literature Review

Liu Hailong, Xu Wen

2022, 34 (7): 115-128.

Abstract ( 754 )

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Using currently available resources to execute a plan in real time, also known as improvisation, is an efficient way for entrepreneurship to deal with environmental uncertainty and resource scarcity. Organizational improvisation is often accompanied by bricolage, and the process of bricolage can easily lead to organizational improvisation. Although improvisation and bricolage research has gained momentum in the past decade, the literature is diverse and fragmented especially in terms of their connotation and relationship, thus hindering the development of improvisation and bricolage as a promising research area. Based on the research progress and development trend, this paper summarizes the definition elements of improvisation and bricolage, and presents an integrative definition of them. This paper also finds the symbiotic relationship between improvisation and bricolage, with overlapping connotations and multiple interactive relations, and they cause each other and change with each other in the process of enterprise development. Enterprises can take improvisation and bricolage as an important way to build core competitiveness in the rapidly changing environment of risks and uncertainty.

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An Exploration into the Factors that Influence the Effective Operation of Industrial-scale Trial Production

Zhang Ruxin, Lin Jun, Li Suicheng

2022, 34 (7): 129-138.

Abstract ( 119 )

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Industrial-scale trial production is a key link in the transformation of scientific and technological achievements. Most of R&D results are confined to industrial-scale trial production, with little attention paid to what factors affect the production process. Based on a long-term tracking survey of enterprises, this paper abstracts five influencing factors and explores their respective effects through a large sample survey and data analysis. The results reveal that:(1) the industrial-scale trial production of Chinese enterprises has been improving, and the low conversion rate of scientific and technological achievements is taking a turn for the better; (2) process innovation capability and human and equipment resources involved in trial production contribute significantly to the effectiveness of industrial-scale trial production; (3) risk-taking capacity has an inverted U-shaped impact on the effectiveness of industrial-scale trial production; (4) the effectiveness of industrial-scale trial production is different among enterprises of different scales, different nature and different production process organization methods (process-based vs discrete type). The findings above provide practical evidence for the acquisition and utilization of elements in the implementation mechanism of the effective operation of industrial-scale trial production, and help further clarify the process, system and structure of industrial-scale trial production management.

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Mianzi Consciousness, Constructive Controversy and Team Members' Creativity: Team Trust as a Multilevel Moderator

Dai Wanliang, Lu Wenling, Yao Ya'nan, Jiang Guoping

2022, 34 (7): 139-149.

Abstract ( 243 )

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Team member creativity is an important source of enterprise innovation. However, the mechanism of how Mianzi consciousness influences team members' creativity is not clear in Chinese culture context. Based on identity theory, this paper constructs a cross level moderated mediation model. On the basis of theoretical model, the mediating role of constructive controversy and the moderating role of team trust on the relationship between Mianzi consciousness and team members' creativity are analyzed. Adopting Mplus statistical software, the model with the data from 392 employees from 51 project teams on high-tech enterprises is tested. The research results are as follows. Firstly, "desire to gain Mianzi" has a positive effect on team members' creativity; however, "fear of losing Mianzi" has a negative effect on team member creativity. Secondly, constructive controversy plays a mediating role in the relationship between Mianzi consciousness and team members' creativity. Thirdly, team trust at team level plays a moderating effect on the relationship between "desire to gain Mianzi" and team members' creativity, but the moderating effect is not significant on the relationship between "fear of losing Mianzi" and team members' creativity. Based on the conclusion of the study, some suggestions are proposed for team members to act more innovatively.

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Analyzing Enterprise Competitiveness through Mining Online Recruitment Information

Qian Minghui, Xu Zhixuan, Wang Yuxi

2022, 34 (7): 150-156.

Abstract ( 197 )

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The online recruitment information publicly released by enterprises provides a high-value information source for competitive intelligence analysis. Analyzing the similarity of the specific needs of enterprise recruiting talents can effectively help identify potential competitors of enterprises. Meanwhile, attractions of recruitment to job seekers can also effectively reflect the competitiveness of enterprises. Therefore, based on the theory of organizational attraction and text mining technology, this paper constructs an enterprise competitiveness analysis model with online recruitment information. We use the actual data of the Internet recruitment platform to verify the effectiveness of the proposed method. The results of this paper provide reliable support for enterprise decision makers to effectively calculate the relative competitiveness of enterprises and identify the potential competitors of the enterprise.

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Analysis and Suggestions on the Internet Public Opinion Related to the High-speed Rail Catering Service

Lian Ying, Dong Xuefan, Liu Yijun

2022, 34 (7): 157-164.

Abstract ( 251 )

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High-speed rail has become a beautiful business card of China. However, some quality problems in high-speed rail catering, such as "mildewed box lunches", are widely reviled. With the launch of one after another improving measures, such as online reservation service and forbidding non-frozen box lunches supply, more attention are paid to the quality of high-speed rail catering. This paper focuses on the Internet public opinions related to the high-speed rail catering service. In order to explore the central demand of the public, data collected from Weibo are analyzed from three perspectives, namely, the trend of Internet public opinion dissemination, changes in public sentiment and the contents of identified topics. Methods applied in the present paper include social network analysis, sentiment calculation and topic clustering. Finally, based on the results, some suggestions on improving the catering service of China's high-speed railway are proposed from the perspective of Internet public opinion.

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Evolutionary Game Analysis of Enterprise IT Project Management from the Perspective of Technical Debt

Zhang Li, Hou Liwen

2022, 34 (7): 165-174.

Abstract ( 112 )

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With the development of technology, enterprise IT projects are becoming increasingly complex. Although project managers strongly recommend enhancing flexibility by focusing on technological excellence and good design, practitioners are often seen to build up technical debt in order to deliver the project sooner. Therefore, it is important for project managers to find how to balance the strategic advantages and the benefit loss of recipients brought by technical debt. Based on the theory of technical debt and scenario-response model, two evolutionary game models are established with one taking recipients' benefits into consideration and the other not. The evolutionary equilibrium strategies of project implementers and recipients are explored and simulated by MATLAB under different technical debt scenarios and different coping strategies, after which conclusions and suggestions are put forward. In the short term, enterprises can gain competitive advantages by strategically generating technical debt. However, serious technology debt may lead to non-maintainability and non-resolvability of the system, resulting in huge repayment costs. Enterprises should choose appropriate guidance schemes according to different stages of technical debt evolution. In the long run, serious technical debt scenario is a strict poor policy for the project recipients. Enterprises should avoid the serious technical debt in order to maximize customer revenues and achieve sustainable win-win development.

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The Impact of Gender Traits of Cross-gender Stereotype Endorsement and Product Signaling on Advertising Effectiveness: Based on the Context of Male Star Endorsing Female Products

Jiang Hongyan, Xu Mengmeng, Chen Hong, Liu Bangshun

2022, 34 (7): 175-188.

Abstract ( 383 )

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The phenomenon of male stars endorsing female products (cross-gender stereotype endorsement) appears frequently in marketing. However, there are few studies focusing on star endorsement with different gender traits (masculine trait vs. feminine trait). Hereby the present research aims to explore how the interactive effect between spokesperson's gender traits and product signaling influences advertising effectiveness in the context of cross-gender stereotype endorsement. The analysis results indicate that, when identity signaling (vs. function signaling) is activated, cross-gender stereotype endorsement with masculine (vs. feminine) trait has a greater advertising effectiveness and such effect is driven by perceptions of uniqueness and quality. Furthermore, this study investigates the moderating role of incongruity level between product and endorsement in the above effects based on the Schema Incongruity Theory. This research has important theoretical contributions by expanding and enriching empirical studies of Match-up Hypothesis and Schema Incongruity Theory in the field of cross-gender stereotype endorsement, and practical implications by providing more detailed strategies of spokesperson selection and product advertising for managers.

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A Research into the Impact of CSI on Customers' Loyalty to Platform Companies

Zhu Wenzhong, Fu Qiongfang, Ji Xiaoxia

2022, 34 (7): 189-197.

Abstract ( 168 )

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Corporate social responsibility (CSR) has been widely researched, but its opposite-corporate social irresponsibility (CSI)receives much less attention. At present, bilateral markets built on Internet platforms are booming. Online shopping has become a major trend. Customer loyalty is the key for companies to gain a competitive advantage. However, the lack of sellers' social responsibility has become an issue that affects customers' loyalty to platform companies and hinders the companies from further development. This study focuses on the negative spillover effects of sellers' CSI in the bilateral market on platform companies. From the perspective of customer loyalty, it studies the psychological distance between customers and the platform, and also focuses on the moderating effect of the platform's brand image. This study offers a new angle to look at seller's social responsibility and a potential solution to improving customer loyalty based on operationl level. The results show that lack of CSI will have a negative impact on the loyalty to platform companies in a bilateral market, which will be moderated by the platform's psychological distance.This study has a certain practical value as it provides a new perspective for the research of customers' loyalty to platform enterprises.

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The Influence of MulItiple Network Externalities on WEEE Recycling Pricing Strategy

Gao Pan, Ding Xuefeng, Qin Ruolan

2022, 34 (7): 198-210.

Abstract ( 94 )

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In order to find how to solve the recycling problem of WEEE, this paper studies the recycling pricing strategy of WEEE on bilateral platform based on the theory of bilateral market. Firstly, a recycling pricing model with cross-network externality is constructed, and the influence of cross-network externality on pricing strategy is analyzed. Secondly, the influence of multiple network externalities (cross and intra-group) on recycling pricing strategy is comprehensively analyzed, and the two recycling pricing strategies are compared and analyzed. The results show that:in terms of cross-network externalities, bilateral platforms will adopt free or subsidy strategies to the one with higher cross-network externalities, and cross-network externalities have positive effects on WEEE recycling. In terms of multiple network externalities, the recycling pricing strategy of bilateral platforms should take into account the comprehensive influences of cross network externalities and intra-group network externalities, and the intra-group network externalities of consumers have positive effects on WEEE recycling, while the intra-group network externalities of manufacturers have negative effects. Finally, the correctness of the above conclusions is verified by numerical simulation.

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Employees Treat Customers the Same Way as They Are Treated by Their Managers: The Relationship between Differentiated Empowering Leadership and Employee Proactive Customer Service Performance

Dong Yanan, Jiang Jing, Gu Huimin, Yang Baiyin

2022, 34 (7): 211-223.

Abstract ( 277 )

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Based on the proactive motivation model, the present research examines how and when differentiated empowering leadership influences employees' proactive customer service performance. Using 321 employees matched with 92 team leaders in hotel industry as sample, our hierarchical linear analysis shows that differentiated empowering leadership negatively influences employees' harmonious passion, and in turn, reduces their proactive customer service performance. In addition, the power distance perceived by employees mitigates the negative effect of differentiated empowering leadership on employees' harmonious passion in such a way that the negative effect is especially significant when the power distance perception is weak and less significant when power distance perception is strong. Finally, the present study establishes a moderated mediation model in which power distance perception moderates the indirect negative relationship between differentiated empowering leadership and employees' proactive customer service performance via employee harmonious passion.

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The Cross-level Impact of Servant Leadership on Thriving at Work——The Role of Relational Energy and Learning Goal Orientation

Ye Pu, Xu Yan, Li Chaoping

2022, 34 (7): 224-235.

Abstract ( 286 )

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Based on self-determination theory and conservation of resource theory, this paper constructs a multi-level linear model to explore the cross-level impact of servant leadership on thriving at work and the impact mechanism. A questionnaire survey to 61 team samples (61 team leaders and 345 team members) is conducted. The results show that on the team level, servant leadership and relational energy have a significant positive effect on employees' thriving at work; relational energy mediates the relationship between servant leadership and employees' thriving at work; and learning goal orientation positively moderates this relationship. For employees with high learning goal orientation, the positive relationship between relational energy and thriving at work is stronger, and the mediating effect of relational energy is more significant. By testing the moderated mediation model, we discuss the impact of service leadership on thriving at work, and the spiral development mode of them is worth exploring in the future.

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Team Experience Diversity and Team Performance——Evidence from the Manufacturing Industry

Yi Siyuan, Wang Hui, Gong Qiguo, An Jianhua

2022, 34 (7): 236-245.

Abstract ( 303 )

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Changes in production tasks and team structure lead to changes in team experience diversity, which in turn affects team performance. This paper uses the production and performance appraisal data of a manufacturing company in 2019 to empirically study the impact of team experience diversity on team performance, or specifically, to examine the impact of social interaction on team performance based on team experience diversity. At the same time, the difference in the impact of team experience diversity on team performance in different time windows is explored. The main results of the research show that in the short term (7 days), team interpersonal diversity has a significant positive effect on team performance (in terms of compliance, quality and discipline). In the medium term (15 days), the team interpersonal diversity has a significant positive effect on team's productivity. Besides, the positive effect intensifies as the cumulative team experience increases within a 30-day period. This research conclusion can be used for production scheduling analysis to improve team performance.

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Originating from Challenge or Bullying: A Study on the Mechanism of How Workplace Stress Acts on Destructive Voice Behavi

Dai Tongliang, Dong Hua, Lei Xinghui

2022, 34 (7): 246-254.

Abstract ( 223 )

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The "9am to 9pm, 6 days a week" work schedule has become normal for enterprises in the rat race. In this situation, it is important for the management to relieve pressures on employees so that they would speak up constructively. For this purpose, we draw upon 248 new employees from different industries to explore the mechanism of how challenging stress and workplace bullying act on destructive voice behavior and the boundary conditions of the mechanism. The results show that challenging stress has a negative impact on destructive voice behavior; workplace bullying has a positive impact on destructive voice behavior; psychological contract rupture plays a partial intermediary role between challenging stress and destructive voice behavior, as well as between workplace bullying and destructive voice behavior, and the degree of socialization of new employees plays a positive role between challenging stress and psychological contract rupture. The degree of socialization of new employees plays a negative role between workplace bullying and psychological contract rupture.

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The Effects of Job Embeddedness in Chinese Context: A Meta-analytic Investigation

Yang Chunjiang, Chen Yashuo, Zhao Xinyuan, Chen Aobo

2022, 34 (7): 255-267.

Abstract ( 239 )

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The study aims to systematically examine the effects of job embeddedness's scale validity, overall level, two fields (organization and community) and three dimensions (links, fit and sacrifice) on staff turnover, and the moderation of the relationship between job embeddedness and staff turnover. In addition, we explore the effects of job embeddedness on related organizational outcomes such as performance and job satisfaction, filling in gaps in previous researches. We perform a meta-analysis of 45,419 samples from 150 independent studies. Specifically, we find that job embeddedness has a high negative impact on turnover intention. The composite and global measure of job embeddedness do not influence the relationship between job embeddedness and turnover intention. Links, fit and sacrifice significantly affect turnover intention. The effect of organizational fit is the largest. Compared with non-new generation employees, job embeddedness of new generation employees has a lower impact on turnover intention. Job embeddedness is positively correlated with various types of performance (job performance, task performance, contextual performance, organizational citizenship behavior and innovation behavior) and employees' positive attitude and cognition (job satisfaction, organizational commitment, organizational identification and job engagement). Finally, we discuss the theoretical and practical implications of these findings.

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The Impact of Leader Humor on Team Creativity

Yang Chen

2022, 34 (7): 268-279.

Abstract ( 321 )

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Leader humor (LH), a new leadership style, is one of the frontier subjects in the field of organization behavior study. Although researches on LH have yielded great insights into the effects of leaders on followers' attitudes and behaviors, the existing knowledge on LH's role in team creativity remains incomplete. Taking as the theoretical basis the theory of the social information process theory, this paper probes the mechanism of how LH influences team creativity. Results from a 2-phase analysis of 62 working teams show that LH is positively related to team creativity, and team playfulness climate mediates the relationship between LH and team creativity. In addition, group traditionality negatively moderated the relationship between LH and team playfulness climate, leader social astuteness positively moderates the relationship between LH and team playfulness climate. Furthermore, the indirect effect of LH on team creativity via team playfulness climate is stronger when leader social astuteness is much higher.

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A Research into the Relationship between Commercial Banks' Introduction of Foreign Investment and the Risks They Are Exposed to

Jiang Qianru, Wang Chenghao, Hu Yi

2022, 34 (7): 280-288.

Abstract ( 92 )

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Based on the agency theory and resources basic view theory, this paper uses 78 Chinese commercial banks' financial statement data and ownership structure information to analyze the relationship between their introduction of foreign investment and their risk exposure. The results show that foreign investment is negatively related to non-performing loan ratio, positively related to the interbank asset size and negatively related to non-standard asset size. Also, foreign investment is negatively related to the banks' business risk, and to some extent could relieve the negative influence of non-performing loans.

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Management's Behavioral Inertia and Corporate Fraud: Evidence from Executives' Job-hopping in China

Wang Jun, Guo Xu

2022, 34 (7): 289-301.

Abstract ( 221 )

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As the behavioral agent of a listed company, senior management has an inescapable responsibility for corporate fraud. Based on the Upper Echelons Theory and the Behavioral Consistency Theory, this paper explores whether the behavioral inertia of a senior executive who used to work in a company that committed fraud would bring adverse effect to the accounting information quality of the company that he or she newly joins. Based on a tracking survey of job-hopping executives' whereabouts from 2000 to 2017 in China, we find that in terms of fraud occurrence, there is a significant positive correlation between the two companies that an executive works formally and now in. A long interval between an executive leaving the former company and his or her joining the current company and better corporate governance can effectively restrain the influence of management's behavioral inertia on corporate fraud. Further tests show that the above results are applicable mainly to the situation where the former company's fraud is not detected before the executive takes office in the current company. Our conclusion provides a new perspective for regulators and investors to understand the mechanism of how Chinese listed companies' accounting information quality is affected, and also provides empirical evidence that listed companies can use for reference in selecting executive candidates.

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Flexible Order Allocation Model Based on the System Management Perspective

Han Zhiqiu, Yang Wu'e

2022, 34 (7): 302-309.

Abstract ( 155 )

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From the perspective of synergetic of system management, the structure and objectives of ordering system are analyzed. Then, a flexible constrained order allocation model is established to improve the overall performance of this system. In this model, an enterprise's elasticity of delivery time, product quality and other aspects about the ordering system are added, which extends the "hard" constraints in traditional model to fuzzy "soft" constraints. The model uses fuzzy membership functions to reflect the degrees of an enterprise's satisfaction toward various system factors. Examples show that the proposed model not only maintains the advantages of traditional programming models, but more importantly, it could optimize the main goal of the system and the secondary goals collaboratively. Meanwhile, the outputs of the model are robust to change of parameters, which is a good reflection of the advantage generated by the overall optimization in the model.

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Research on Effective Supply of Fresh Agricultural Products Based on Multi-agent System Mode

Bian Xiaoyu, Yao Guanxin, Shi Guohong, Xu Jing

2022, 34 (7): 310-325.

Abstract ( 112 )

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At present, the mismatch between supply and demand of fresh agricultural products in China has seriously affected the balanced and stable development of economy and society. By abstracting the subject attribute, behavior decision-making paradigm and interaction rules, this paper establishes a multi-agent model of fresh agricultural products supply and demand system to study the benefit-driven change of micro supply subject behaviors through simulation experiment and explore a solution to effective supply in the hope of better promoting the healthy development of fresh agricultural products supply in China. The results show that the supply subject is the executor of the effective supply behavior, the effectiveness and timeliness of information transmission is the basis and premise of effective supply, and the benefit induction is the key for the supply subject to expand effective supply. Only on the basis of efficient information transmission and real-time adjustment of price subsidies according to expected demand can we expand the effective supply of fresh agricultural products.

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Research on Intelligent Upgrade Process and Impact Mechanism of New Energy Equipment Manufacturing Enterprises under the Background of "Industry 4.0"

Meng Fansheng, Xu Ye, Zhao Gang

2022, 34 (7): 326-338.

Abstract ( 192 )

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With the German "Industry 4.0" and "Made in China 2025" strategies successively proposed, intelligent manufacturing has become the main direction of transformation and upgrading of new energy equipment manufacturing enterprises. Based on the "Industry 4.0" perspective, taking Goldwind Technology as an example, this paper analyzes the intelligent upgrade process and mechanism of new energy equipment manufacturing enterprises. The results show that in the process of intelligent upgrading of new energy equipment manufacturing enterprises, the company's product technology R&D has experienced three development periods:technological transformation, independent research and development, and technology integration. The level of enterprise intelligence has experienced dynamic evolution in three periods:system integration, interconnection, and information fusion. The main factors affecting the intelligent upgrade of new energy equipment manufacturing enterprises are data integration capabilities, intelligent production capabilities, and intelligent management capabilities. The dynamic evolution of these three types of intelligent manufacturing capabilities has become the key to the intelligent upgrade of new energy equipment manufacturing enterprises. This study has theoretical references and practical implications for the intelligent manufacturing capabilities and intelligent upgrade process of new energy companies.

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The Mechanism of How a Corporate Crisis Event Spreads through Network Public Opinions: A Multi-stage fsQCA Analysis Based on Information Ecology

Yang Bo, Xie Le

2022, 34 (7): 339-352.

Abstract ( 210 )

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In the social media environment, guiding and governing public opinions on a corporate crisis event has become more and more challenging. A key to managing corporate crisis is to find out how public opinions on an event spread. Based on 42 cases of corporate crisis event spreading through public opinions, this paper uses the multi-stage fsQCA method that incorporates life cycle theory to explore the internal mechanism of how a corporate crisis event gets disseminated through public opinions from the information ecological configuration perspective. The results show that:(1) The driving effect of various information ecological elements and their configurations on the dissemination of enterprise crisis public opinion is different at different stages and leads to the same result, and the driving mechanism for the generation of high and non-high dissemination situation is characterized by causal asymmetry. (2) In the formation stage of public opinion, authoritative subjects play a major driving role, which is the key reason for the outbreak of enterprise crisis public opinions. In the spread stage of public opinion, the focus of public opinion transfers from the official public opinion field to the civil public opinion field, and private media groups become the key cause of high dissemination situation of corporate crisis public opinions. In the decline stage of public opinion, official retrospective analysis and the attributes of crisis event itself will keep relevant public opinions lingering. (3) In the stage of opinion formation and spread, there is a phenomenon that the information holder dominates the dissemination of corporate crisis public opinion, but this phenomenon ceases to exist in the stage of decline. The research conclusions of this paper expand the theoretical perspective of corporate crisis public opinion dissemination mechanism, and provide theoretical and practical enlightenment for managers to guide and govern relevant public opinions.

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