Management Review

Construction of China’s Financial Stability Index in the New Normal Structure and Analysis of Its Regional Relationship with US Monetary Policy

Chai Jian, Wang Ziyang, Zhang Zhongyu

2022, 34 (8): 3-14.

Abstract ( 205 )

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In the early years, the stability of China’s finance was deeply affected by the international political and economic structure. In addition, the Sino-US, Japan-Korea and other bilateral trade disputes over recent years continue to escalate, and the capital market has been the first to bear the outcome. But how come China’s finance become more stable despite the external impacts? First of all, this paper selects fourteen indicators from three situations including domestic and foreign environments and four major financial markets with the help of the State Space Model, and builds a comprehensive financial stability index to measure the financial stability of China from December 2009 to December 2018, and analyzes typical events of China’s financial market which caused economic fluctuation. At the same time, this paper analyzes the trend chart of the financial stability index and the consumer price index from the previous month, and finds that the index constructed by this paper is about 1-3 months ahead of the CPI MoM. Then, an empirical study using the Vector Autoregressive Model of Markov Regime Switching finds that there is a regional shift in changes between US monetary policy and China’s financial stability: From December 2009 to September 2014, changes in the US consumer price index have a greater impact on China’s financial stability for a longer period; from September 2014 to December 2018, the adjustment of the federal funds rate has a more significant impact on China’s financial stability, but the magnitude of the impact decreases and the impact period is shortened to 5 months. This shows that since the “new normal of economy” was proposed, China’s financial stability has improved, and at the same time, the impact of changes in US monetary policy on China’s financial stability has declined. This research has guiding significance for China’s financial stability and development.

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Research on Coupling Mechanism of Green Fiscal and Tax Policies under the Constraint of Carbon Neutrality

Tong Jian

2022, 34 (8): 15-28.

Abstract ( 234 )

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The paper constructs a theoretical model of green fiscal and tax policies, and simulates the existence of trap of environmental protection tax system and “ironing mechanism” of green fiscal policy. The research finds that in the absence of supporting policies, there are obvious tax traps when the environmental tax is too high or too low. The environmental protection tax policy under the guidance of single subsidy policy is still faced with the limitation of environmental protection tax rate. Furthermore, the environmental protection tax policies oriented by the green R&D subsidies, producer green price subsidies and consumer green price subsidies are exposed respectively to “growth trap”, “pollution trap” and “growth trap” under the circumstance of the low environmental protection tax rate. However, in the green fiscal expenditure portfolio consisting of producers green price subsidies and green R&D subsidies, when the proportion of producers green price subsidies is between 20% and 40%, the environmental protection tax policy will coordinate the development of economic growth and environmental governance to the largest extent. Therefore, the green fiscal policy has an obvious “ironing” effect on the trap of environmental protection tax system. The proper allocation of green fiscal and tax policies is crucial to the design of China’s environmental governance policies.

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Labor Adjustment Cost, Economic Growth and Employment Effect of Monetary Policy

Yang Liu, Qi Xiaotong, Zhou Huijuan, Cai Wenjuan, Huang Zhuo

2022, 34 (8): 29-42.

Abstract ( 173 )

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Previous work indicates that there exists an “Okun’ s Paradox” in China. In this paper, we add empirically plausible labor adjustment costs (LAC) into a New-Keynesian model with business cycle statistics that match China’s economy. It shows that with labor adjustment costs our model is capable of reproducing these empirical facts. The model simulation results also show that during the new normal period characterized by increasing LAC, there is a lower correlation between aggregate labor demand and output, real wages and cost plus. Meanwhile, it is not appropriate to depend too much on the expansionary monetary policy to solve unemployment problem, as there exists no Philips Curve in both long-term and short-term.

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Impact of Urban Renewal on Residents’ Happiness in China—— A Study Based on Genetic Algorithm Projection Pursuit and Panel Spatial Quantile Model

Chen Zhichang, Ma Yadong

2022, 34 (8): 43-53.

Abstract ( 198 )

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With the rapid urbanization in China over recent years, urban space and land resources have been gradually saturated, and the urban construction, which was mainly based on incremental land, has changed to the urban renewal, which is mainly based on the revitalization of stock space. It is of strong contemporary significance to explore the impact on Chinese residents’ happiness in the process of urban renewal. On the basis of constructing the evaluation indexes of residents’ happiness, this paper measures the level of residents’ happiness in China (from 2006 to 2020) by using the comprehensive genetic algorithm projection pursuit evaluation model; and the different impacts of urban renewal on residents’ happiness at different quantile points are discussed considering spatial differences. The results show that: the level of residents’ happiness in China shows an upward trend, with significant differences among regions; the spatial impact of neighboring provinces positively promotes residents’ happiness, and the provinces and cities with strong residents’ happiness have a greater impact on the surrounding provinces and cities; and urban renewal has a significant promoting effect on residents’ happiness, and the effect shows a V-shaped trend as the quantile rises.

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Epidemic Control and Stock Price Volatility: Empirical Evidence from Listed Chinese Companies

Wen Lei, Li Hongbing

2022, 34 (8): 54-64.

Abstract ( 272 )

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After the outbreak of COVID-19, there was a heated debate among scholars on the health effects and economic and social effects of the epidemic prevention and control measures taken in China. Based on the stock trading data from January 13 to April 3, 2020, this paper uses the “difference-in-difference” method to investigate the impact of lockdown on the stock price volatility of listed companies. The results show that the stock volatility of listed companies in Hubei province decreased by 10.8% after the implementation of lockdown. The mechanism analysis shows that macro-economic situation and investors’ sentiment mediate the effect of Hubei lockdown on the stock price volatility. On the one hand, lockdown reduces economic growth, so it increases the stock volatility. On the other hand, lockdown eases the spread of the epidemic, and reduces investors’ negative sentiment, so it helps reduce stock price volatility. On this basis, this paper analyzes the heterogeneity from different development stages of COVID-19, the nature of listed companies and the characteristics of their industries, and finds that the impact of lockdown on stock volatility is uncertain. This paper provides a more objective and fair evaluation of the epidemic prevention and control measures represented by lockdown in China, and provides theoretical support and quantitative evidence for financial risk mitigation and financial market stability in the context of deepening economic uncertainty and diversified challenges.

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Empirical Test of the Influence of Regional Preferences on International Service Trade in Asiancountries

Xiao Ting

2022, 34 (8): 65-75.

Abstract ( 105 )

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Service trade is playing a major part of international trade. This paper takes China, Japan, South Korea and India as examples. Based on the empirical evaluation of the non-actionable factors such as location, institution and culture, as well as actionable factors such as the international trade agreements in which the four countries participate, this study finds that service trade within the four countries is about two-and-a-half times higher than that predicted by gravity models. This may result from their geographical proximity, which leads to many similarities in culture, religion and belief, but a detailed analysis of the four countries’ policy frameworks, trade agreements, institutions and cultural factors shows that these cannot explain the bias within the Asian countries. The study argues that the international integration of service trade depends on deep-seated institutional and cultural factors, so the greatest benefits may be generated among countries with common cultural and physical characteristics, even within an organization under a perfect trade agreement.

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Investment Motivation Analysis of Electric Vehicle Facilities and Corresponding Incentive Scheme Design

Wang Song, Shi Lefeng, Ren Jin

2022, 34 (8): 76-91.

Abstract ( 136 )

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Charging inconvenience has become one of the main obstacles to popularizing electric vehicles. In order to find the internal reasons why electric vehicle facility providers are not motivated to invest in electric vehicle facilities and work out corresponding countermeasures so as to promote the rapid development of electric vehicles, this paper analyzes the dynamic investment behavior of chargingfacility-service providers in different regional markets under the sequential investment and the simultaneous investment model from the perspective of space dimension and time dimension, and furthermore constructs the corresponding incentive scheme. The results indicate that in the early stage of electric vehicles development, under either sequential investment or simultaneous investment scenario, charging facility service providers tended to invest in relatively low-demand markets due to the impact of the cost of building a charging station in an area with high demand for electric vehicle charging; however, the choice will shift to a high-demand market along with the development of electric vehicles. For the purpose of motivating service providers to invest in high-demand market and thereby increasing the number of charging facilities in high-demand market, this paper designs a corresponding investment incentive scheme for the sequential investment scenario and the simultaneous investment scenario respectively together with the proposed minimum incentive amount and conditions for terminating the incentive policies. The results of numerical examples verify the feasibility of the proposed strategies.

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House Price, Financing Constraints and Industrial Enterprise Innovation—— From the Perspective of the Decomposition of Economic Fundamentals and Bubbles of House Prices

An Lei, Li Boyang, Shen Yue

2022, 34 (8): 92-107.

Abstract ( 171 )

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From the perspective of the decomposition of the economic fundamentals and bubbles of house prices, this paper examines how house price affects industrial enterprise innovation. On the whole, the rise of urban house prices has an obviously negative impact on enterprise innovation. The “capital redistribution effect” of house prices is stronger than the “mortgage guarantee effect”. The bubble of house prices is the main driving force of house prices’ negative impact on enterprises’ innovation, while the rise of house prices which can be explained by the economic fundamentals has a positive impact on enterprise innovation. Further studies show that, compared with non-state-owned enterprises and SMEs, the negative impact of rising house price and house price bubbles on enterprise innovation for state-owned enterprises and large enterprises are significantly weaker. The results of mechanism discussion show that the crowding-out effect of real estate investment on enterprise innovation is an important intermediary channel for house prices to affect enterprise innovation. The rising of house price and house price bubbles increase the proportion of real estate investment, which leads to the inflow of capitals to the real estate market. This would squeeze out the capital otherwise available to enterprises and ultimately inhibit enterprises’ innovation.

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The Innovation Performance Measurement of Family Firms in China: An Empirical Explanation Based on the China Employer-Employee Survey

Li Qing, Li Tang, Ning Lu

2022, 34 (8): 108-122.

Abstract ( 164 )

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Family firms are one of the most important components of Chinese enterprises and the level of their innovation capability bears heavily on the overall innovation and transformation of the Chinese economy. Drawing on data from a random sample of manufacturing firms collected in 2018 from China Employer-Employee Survey ( CEES), we select two dimensions of innovation input and innovation output to make a robust empirical analysis on the innovation differences between family enterprises and non-family ones. Benchmark regression shows that under the premise of effectively controlling the duration, ownership type, technology spillover, innovation agglomeration and fixed effect of industry, region and year, the R&D investment and valid patents are significantly lower at family firms than at non-family ones. Moreover, in the fields of effective invention patent, production method innovation and auxiliary production system innovation, family firms’ innovation performance is significantly lower. After solving the measurement error, causal inversion and omission of variables, the robustness test shows that the “low innovation” feature of family firms is still robust. Further analysis shows that the poor innovation performance of family firms are mainly concentrated in the regions and industries with sufficient market competition. Compared with first-generation family firms, the innovation inputs and outputs of second-generation family firms are relatively high. The mechanism test shows that the low entrepreneurial ability and management quality are the important reasons for the innovation differences between family firms and non-family ones and the innovation heterogeneity of family firms managed by different generations. The use of instrumental variable estimation strongly supports the poor innovation performance of family firms.

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Privilege Information Disclosure: A New Explanation of External Financing’s Effect on the Lack of Green Innovation Drives in Enterprises

Wang Xu, Yang Youde, Wang Lan

2022, 34 (8): 123-133.

Abstract ( 156 )

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Green innovation is an important way to reconcile the contradiction between the economic development and the environmental protection in China. However, under the condition of asymmetric information, the financial system formed around green innovation has not fully exerted its smoothing effect. Based on the perspective of information disclosure, this paper draws upon the green patent and information disclosure data of listed manufacturing companies and uses the threshold model to analyze the influence mechanism of information disclosure in the process of external financing driving green innovation. The study finds that information disclosure has a significant threshold effect in the process of debt financing and government subsidies driving green innovation, indicating that management opportunism and weak investor supervision caused by low information disclosure are key factors that cause external financing to smooth the failure of green innovation. In contrast, the role of equity financing in driving green innovation does not depend on corporate information disclosure; the role of information disclosure in promoting external financing has a “double-edged sword” effect. When information disclosure exceeds the second threshold, debt financing and the promotion effect of government subsidies weaken. This indicates that the technology spillover caused by excessive information disclosure has damaged investors’ expectations of the exclusiveness of green innovation income. The threshold effect of informatio n disclosure follows the logic of the property rights system. Compared with state-owned enterprises, investors’ assessment and governance of green innovation in private enterprises are more dependent on corporate information disclosure. The findings above, conducive to opening the “black box” regarding what a role external financing plays in driving green innovation in enterprises, can effectively explain the research paradox of innovative financing theory and provide a scientific basis for Chinese companies to achieve green development.

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How does Sharing Accommodation Influence House Leasing Market? Moderating Roles of Substitute and Supplier Side Scale

Ma Shuang, Wang Zhihao, Zhang Chao

2022, 34 (8): 134-143.

Abstract ( 183 )

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Sharing accommodation, a type of disruptive innovation, brings both opportunities and challenges to traditional industries. Sharing accommodation has a significant influence on house leasing market. Existing researches mainly focus on the influence of sharing accommodation on hotel, traveling industries and customer experience, without testing how sharing accommodation affects house leasing market from the resource supply side. Based on factor-market rivalry theory, this research examines the role of sharing accommodation density on house leasing price, as well as the boundary conditions using 328 clustering sample regions in Beijing, Shanghai and Guangzhou. It is found that sharing accommodation density increases leasing price. This main effect is attenuated by the ratio of low-end hotels and the number of housing agents.

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The Joint Effect of Privacy Salience, Platform Credibility and Regulatory Focus on the Persuasion Effect of Internet Targeted Advertising

Wang Yedi, Jiang Yushi, Miao Miao, Ai Xin

2022, 34 (8): 144-156.

Abstract ( 174 )

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In the practice of Internet targeted advertising, due to the different emphasis of the platform on consumers’ privacy information, privacy paradox is caused and the persuasion effect of Internet targeted advertising is insufficient. The research takes privacy salience as a breakthrough point, and conducts a longitudinal study about the persuasion effect of Internet targeted advertising from two dimensions: consumers’ advertising attitude and behavioral intention. On the basis of the Source Credibility Theory and Regulatory Focus Theory, three joint models of platform credibility, regulatory focus and privacy salience on the persuasion effect are constructed. The results are as follows: (1) privacy salience has a significant impact on persuasion effect of Internet targeted advertising, which increases with the improvement of privacy salience.(2) platform credibility and regulatory focus play a significant moderating role in the relationship of privacy salience and persuasive effect of Internet targeted advertising.(3) three interactions of platform credibility, regulatory focus and privacy salience affect persuasive effect of Internet targeted advertising: when consumers show prevention focus and platform credibility is high, Internet targeted advertising with high privacy salience has the best persuasive effect on consumers. The research proposes suggestions to solve the problem of insufficient persuasion effect in Internet targeted advertising practice.

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Mechanism of How Brand Green Image Positioning Influences Consumers’ Brand Attitude—— The Mediating Role of Competence Perception and Warmth Perception

Gong Siyu, Sheng Guanghua, Yue Beibei

2022, 34 (8): 157-167.

Abstract ( 407 )

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It has become an important prerequisite for enterprise to gain green market share and win sustainable competitive advantage by implementing environmentally-friendly development strategies at the brand level, especially through green image positioning strategy to convey brand’s unique environmental value and green proposition to consumers. However, existing researches lack discussions on consumers’ psychological decision-making mechanism under brand green image positioning strategies. This study discusses the mechanism of how brand green image positioning influences consumer brand attitudes through two experiments. Experiment results show that green functional attribute positioning is more likely to stimulate consumer’s brand competence perception, while green emotional value positioning is more likely to stimulate consumer’ s brand warmth perception. Competence perception and warmth perception play a dual mediating role in the influence of brand green image positioning on green brand attachment and brand attitude, and the dual mediating effect is further moderated by consumer’s brand self-congruity.

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How does Psychological Safety Promote Employees’ Creative Problem-solving? Test of a Moderated Mediation Model

Tu Xingyong, Zhang Yiping, Liu Leijie, Jiang Jing

2022, 34 (8): 168-179.

Abstract ( 227 )

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Creative problem-solving is a necessary premise and an important guarantee for organizations to implement creative activities, but there is plenty of space for further research on how to improve employees’ creative problem-solving based on the psychological factors. Creative problem-solving is based on the overall framework of the problem and the inner insight of the problem, and it is a behavioral process of conceiving and developing potential feasible solutions and implementing creative solutions by clarifying work problems. This paper constructs a moderated mediation model based on the theories of self-determination and transformative learning, aiming to explore how psychological safety influences creative problem-solving. Through the longitudinal data analysis of 254 employees, the results show that: (1) self-reflection partially mediates the relationship between psychological safety and employees’ creative problemsolving; (2) creative self-efficacy moderates the relationship between self-reflection and creative problem-solving; ( 3) creative selfefficacy moderates the mediated relationship between psychological safety and creative problem-solving. This paper explains and tests the mechanism of how psychological safety influences employees’ creative problem-solving from the perspective of self-reflection, enriches the scope of researches on the effectiveness of creative self-efficacy and provides useful enlightenment for relevant management practices.

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Study on the Effect of Time Pressure on Knowledge Hiding: Dual Paths of Motivation and Emotion

Yao Zhu, Luo Jinlian

2022, 34 (8): 180-191.

Abstract ( 256 )

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The important role of knowledge sharing in organizations has become increasingly prominent, and has been paid more and more attention by scholars. However, many organizations expect employees to actively share knowledge with colleagues, and many employees choose to hide their knowledge when faced with colleagues asking for help. Some scholars analyze the causes and believe that employees’ knowledge hiding behaviors are probably related to their work pressure. Therefore, 405 valid questionnaires are collected from the perspective of time pressure, the most common work pressure faced by employees, to explore the mechanism of how time pressure influences different nature on knowledge hiding. The results show that: (1) challenging time pressure has a significant positive impact on intrinsic motivation, but has a significant negative impact on emotional exhaustion and knowledge hiding. (2) obstructive time pressure has a significant negative impact on intrinsic motivation, but a significant positive impact on emotional exhaustion and knowledge hiding. (3) intrinsic motivation and emotional exhaustion play a mediator role between time pressure and knowledge hiding. (4) temporal leadership plays a negative mediating role between obstructive time pressure and intrinsic motivation and between obstructive time pressure and emotional exhaustion. Under the highly temporal leadership, the negative influence of obstructive time pressure on employees’ intrinsic motivation and the positive influence of emotional exhaustion will be weaker.

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The Effects of Mindfulness-based Training Intervention on Employees’ Ego Depletion and Work Engagement: A Field Experiment Based on ESM

Zhang Xin, Wang Yongli, Lu Hailing, Yang Yang

2022, 34 (8): 192-204.

Abstract ( 255 )

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Employee ego depletion is a highly prevalent phenomenon in the organizations, which may cause substantial negative influences on organizations. Thus, it is important and urgent to find an effective intervention to help employees reduce their daily ego depletion. Currently, researchers usually prevent individuals from ego depletion using regular trainings on self-control tasks in a specific domain. These trainings are mostly laboratory experiments that lack of external validity and that still have controversies over the intervention effectiveness. Drawing upon the strength model of self-control, employing experienced sampling methods, we probe the influences of mindfulness-based training on ego depletion and its aftereffect (i.e., work engagement). Our results reveal that mindfulness-based training intervention indirectly enhances employees’ work engagement via reducing ego depletion. In addition, job control moderates the positive indirect effect of mindfulness-based intervention on work engagement via ego depletion: when job control is high, the positive and indirect effect of mindfulness-based intervention on work engagement via ego depletion is significant, whereas when job control is low, the positive and indirect effect is not significant.

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The Influence of Leader Humor on Employees’ Organizational Citizenship Behavior: A Mediated Moderating Model

Hu Lili, Ye Long, Guo Ming, Liu Yunshuo

2022, 34 (8): 205-216.

Abstract ( 377 )

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Based on the social cognition theory, this study investigates the relationship between two important leader humor styles (affiliative humor and aggressive humor) and organizational citizenship behavior by focusing on the mediating role of psychological empowerment. Data are collected from 238 knowledge workers and 61 department leaders within several companies. Results show that: (1) Leader affiliative humor is positively related to employees’ psychological empowerment and organizational citizenship behavior, leader aggressive humor is negatively related to employees’ psychological empowerment and organizational citizenship behavior; (2) Employees’ psychological empowerment partially mediates the relationship between leader affiliative humor / leader aggressive humor and organizational citizenship behavior; (3) The sense of coping humor of employees moderates the mediating effect of leader humor on organizational citizenship behavior through employee psychological empowerment. The above research results have potential guiding significance and application value for leader management and enterprise human resource management practice.

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A Study on the Mechanism of How COVID-19 Information Influences the Public’s Risk Perception and Coping Behavior

Shi Kan, Zhou Haiming, Jiao Songming, Guo Huidan, Dong Yan

2022, 34 (8): 217-228.

Abstract ( 201 )

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Through a questionnaire survey of 2,144 people, this study, from the perspective of risk communication, investigates the impact of risk information on people’s coping behavior during the epidemic and explores the mediating role of risk perception and the moderating role of people’s psychological tension. The results show that, in terms of risk information, healing information and infection information has the greatest impact on people’s risk perception, and such impact is much more significant than the impact of individual-related information and anti-epidemic measures. Compared with the results of spatial location map of SARS risk perception factors in 2003, the “etiology” of COVID-19 has shifted from the familiar and uncontrollable end to the controllable and familiar end. This suggests that individuals’ risk perception ability in 2019 is much better than that in 2003. However, the “ post-healing effects on body” and “ noninfectivity” are still at the unfamiliar and uncontrollable end. Furthermore, the psychological “Typhoon Eye Effect” exists in the population of the COVID-19 epidemic center. Finally, the epidemic information has an impact on the public’s coping behavior through risk perception, which further verifies the applicability of the risk prediction model, and psychological stress moderates the relationship between risk information and coping behavior. The conclusion of this study provides some suggestions and potential countermeasures for dealing with public health emergencies.

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Ambidextrous Leadership and “Voice Paradox”: A Cross-level Study

Ouyang Chenhui, Zhu Yongyue, Guo Minyu

2022, 34 (8): 229-242.

Abstract ( 155 )

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Employees’ voice behavior is an important force that needs to be fully valued and utilized by enterprises in the current internal and external environment with strong demand for innovation and severe competition. However, there is a certain degree of “voice paradox” in the current management practice. In order to better solve the contradictions and tensions that may be caused by employee’ s voice behavior, ambidextrous leadership is introduced to build a cross level theoretical model and the mechanism of how ambidextrous leadership influences employees’ voice behavior is discussed in the current study. The team leaders and members of 78 work teams are surveyed through questionnaire, and 387 matched data are obtained. The results show that the ambidextrous, transformational and transactional leadership are positively related to employees’ voice behavior; employees’ regulatory focuses partially mediates the relationship between ambidextrous leadership and employees’ voice behavior; team member exchange is positively related to employees’ voice behavior, and positively moderates the positive relationship between employees’ regulatory focuses and voice behavior. On the basis of theoretical derivation and empirical research, enlightenments are proposed.

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Research on the Mechanism of IPO Affecting Operating Performance: Based on the Dynamic Perspective of Competitive Strategy

Hu Zhiqiang, Pei Kaibing, Zhu Wenda

2022, 34 (8): 243-255.

Abstract ( 144 )

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Based on the dynamic characteristics of product market competition, this paper first constructs a stochastic differential game model, and then explores the internal mechanism of IPO affecting the operating performances of an IPO candidate and its incumbent enterprises from the dynamic perspective of competitive strategy, considering that IPO may change the competitive landscape of product market. In addition, this paper conducts empirical tests by using the nonlinear least square method to estimate the parameters of the dynamic structured model and calculating the proxy indicators. Theoretical analysis and empirical research show that since IPO enables an IPO candidate to be more competitive in the product market, it will encourage the IPO candidate and its incumbent peers to adopt a positive differentiation strategy, leading to differential competitions in the product market. Therefore, the post-IPO market share and profit conversion rate of the IPO candidate increase, while the market share of its incumbent peers decreases. However, due to the improvement in their profit conversion rates, the incumbent enterprises receive less negative impact from the candidate’ s IPO on their market value. Furthermore, in industries where product market competition is more intense, the post-IPO market share of the incumbent enterprises declines more significantly, and the profit conversion rate of the IPO candidate rises more significantly. The results improve and enrich the researches on post-IPO operating performance in theory and quantitative analysis, which has a positive reference for enterprises’ operation and management.

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The Effect of Ultimate Controlling Owners’ Political and Economic Incentives on Corporate Social Responsibility Report

Lei Xue, Jia Ming, Zhang Zhe

2022, 34 (8): 256-270.

Abstract ( 154 )

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Based on legitimacy theory and agency cost theory, this paper empirically analyzes the effect of ultimate controlling owners’ political, economic and their dual incentives on CSR reports. The paper puts forward substantive indicators such as data of pages, pictures, charts and digital information to measure CSR reports. The results indicate that the higher the political incentive ultimate controlling owners receive, the more inclined their corporations are to release CSR reports and the more substantial content will be disclosed in CSR reports. Further, the higher level of economic incentive ultimate controlling owners receive, the less inclined their corporations are to release CSR reports. Even if they do, less substantial content will be disclosed in CSR reports. In particular, when ultimate controlling owners are faced with both political and economic incentives, their corporations tend to release CSR reports, but the content of the reports are less substantial. This study enriches the researches on CSR reports’ content, and traces the research object to ultimate controlling owners of the corporations along the corporate governance chain, thus laying a foundation for in-depth analysis of the fundamental motivation of CSR disclosure behavior.

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Family Aspirations and Succession Planning: A Study Based on Chinese Data

Lv Feifei, Guo Yaqi, Gao Hao, Nie Jing

2022, 34 (8): 271-285.

Abstract ( 127 )

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Based on the theory of corporate behavior theory and socioemotional wealth (SEW), this paper examines the relationship between family’s financial and nonfinancial aspirations and succession planning and tests the moderating role of entrepreneur’ s emotional attachment. This research model extends the research framework of performance feedback model which focuses merely on economic reference points. The results show that the realization extent of family’s financial aspirations and continuity of family line are both positively related to family firm’s succession planning behavior. Besides, entrepreneur’ s emotional attachment strengthens the positive effects of family’s financial aspiration and continuity of family line on succession planning. Additionally, entrepreneur’ s emotional attachment substitutes the positive effects of family harmony on succession planning.

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Charitable Donation, R&D Investment, Top Management Team Faultlines and Brand Equity—— Empirical Evidence from Growth Enterprises Market Listed Companies

Shao Wei, Liu Jianhua, Cui Dengfeng, Li Yuanyuan

2022, 34 (8): 286-298.

Abstract ( 106 )

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Based on information decision-making theory and social-categorization theory, this paper uses 467 listed companies on China’s Growth Enterprise Market from 2009 to 2018, adopts Heckman two-phase model, 2SLS, Two-Step System GMM and two-way fixed-effect estimation methods to study the relationship between charitable donation, R&D investment, top management team faultlines and brand equity. The results show that: the charitable donation of GEM listed companies has a significant positive impact on their R&D investment and brand equity; When charitable donation and R&D inputs are simultaneously applied to brand equity, the positive influence of charitable donation on brand equity is further enhanced; R&D investment positively affects brand equity, and plays a partial mediating role in the relationship between charitable donation and brand equity; Information cognitive faultlines plays a positive role in the relationship between charitable donation and R&D investment, R&D investment and brand equity; Social classification faultlines play a negative role in the relationship between charitable donation and R&D investment, while the negative role between R&D investment and brand equity is not significant.

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Model and Algorithm for Three-dimensional Multi-compartment Vehicle Routing Problem with Discrete Split Deliveries

Zhou Guanghui, Zhong Shaowei, Li Dengyuhui, Zhang Yixiang

2022, 34 (8): 299-312.

Abstract ( 161 )

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Due to demand diversity, multi-compartment vehicles are often used to transport goods unfit for mixed loading. Splitting orders according to the type of goods and prioritizing the goods in urgent need can improve the efficiency of logistics service. For goods packed in boxes of regular shape, effective packing scheme can improve the space utilization ratio. Therefore, this paper studies the Threedimensional Loading Multi-compartment Vehicle Routing Problem with Discrete Split Deliveries (3L-MCVRPDSD) and formulates a mixed integer programming model. A Memetic Algorithm (MA) is proposed to solve the model, which designs an order splitting and assembling strategy to track the suborder-vehicle assignment considering discrete split deliveries, as well as the mapping relationship between suborder ordering and vehicle routing. A construction heuristic three-dimensional bin packing strategy is adopted to identify feasible three-dimensional packing schemes. Compared with the result of Genetic Algorithm (GA) and CPLEX, the proposed algorithm is proved to be able to get satisfactory feasible solution in a reasonable time.

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The Impact of Relationship Governance and Contract Governance on Supply Chain Financing Performance

Lu Qiang, Yang Xiaoye, Zhou Linyun

2022, 34 (8): 313-326.

Abstract ( 169 )

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Supply chain finance has become an effective way for SMEs to solve financing difficulties. Based on the transaction cost theory, this paper constructs a theoretical model of supply chain financing performance from the perspective of supply chain governance. Taking the survey data of 248 small and medium-sized enterprises as the research sample, this study finds that both relationship governance and contract governance can positively affect the supply chain financing performance. Joint decision making plays a mediating role between supply chain governance and supply chain financing performance, while the mediating role of information sharing is not significant. With the increase of environmental uncertainty, contract governance can better improve the supply chain financing performance of small and medium-sized enterprises. This paper explores the mechanism of how relationship governance and contract governance influence supply chain financing performance, which is of great value for expanding supply chain finance theory and has certain guiding value for solving the financing difficulties of small and medium-sized enterprises.

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Food Trust Construction under Proximity Cultivation: A Case Study Based on the Fresh Food Retailer FAN SHU TENG

Zeng Guojun, Wang He

2022, 34 (8): 327-340.

Abstract ( 108 )

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Proximity cultivation is an important way to build food trust. Existing researches focus on the proximity of producers to consumers, but this one-way proximity model can hardly explains the trust construction process under the dynamic change of trust propensity. This study explores the process of food trust co-construction from the perspective of moderate proximity between producers and consumers. The study finds that: (1) food trust construction under moderate proximity is characterized by the co-variation of s producers and consumers. Through the behavioral strategies of integration, restructuring and cooperative innovation, adjusted trustworthy behavior and balanced trust propensity are achieved. (2) External market pressure drives the establishment, breaking and re-creation of moderate proximity, and this spiral process of moderate proximity reveals the path of food trust construction. (3) The moderate proximity cultivation explains the evolutionary mechanism of trust construction under dynamic trust propensity, with the adjustment and re-construction of producers and consumers. The findings of the study have enlightening value for the construction of food trust that is at a low level.

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The Impact of Information Disclosure Quality on Corporate Reputation: A Case Study Based on Shanghai Electric’s Financial Reporting Fraud

Wang Lin, Li Huan, Gao Yilin, Yu Pengyi

2022, 34 (8): 341-352.

Abstract ( 216 )

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Through a case study and employing difference-in-differences (DID) research method, this paper studies the impact of financial reporting fraud of Shanghai Electric, a state-owned enterprise (SOE), on the reputation of the industry peers of the focal firm. The empirical results show that the financial reporting fraud of Shanghai Electric tends to have a positive impact on the reputation of stateowned counterparts of the focal firm in the same industry, lending support to the notion of “reputation competition effect”. In addition, our findings suggest a greater reputation effect for firms with higher the quality of information disclosure. Further, the paper finds that firms with higher level of managerial self-interest tend to exhibit a weakened association between information disclosure quality and corporate reputation. Overall, this paper enriches the research in information disclosure by demonstrating the important role that a SOE’ s financial fraud can play in affecting the reputation of its peer firms. On this basis, the paper puts forward relevant policy suggestions for regulators and government functional departments, and provides theoretical support and experience reference for the supervision and governance of SOEs.

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