Management Review

The Nonlinear Relationship between Exchange Market Pressure and Money Market Pressure in China——An Empirical Study Based on MS-VAR Model

Ye Xin, Meng Wanshan

2022, 34 (9): 3-13.

Abstract ( 166 )

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It is of great practical significance to study the transmission mechanism of foreign exchange market pressure and money market pressure to prevent systemic financial risk. In view of the non-linear influence relationship between exchange market pressure and the money market pressure during the different periods of RMB appreciation and depreciation, the Markov mechanism transformation model (MS-VAR) is used to identify the regimes between July 2005 and December 2019. On this basis, the change path of foreign exchange market pressure (EMP) and money market pressure (MMP) in different regimes and regime transfer process is analyzed. According to the research results, MSMH(3)-VAR(2) model identifies three regimes: moderate appreciation, strong appreciation and strong depreciation; As the EMP shifts from strong depreciation regime or strong appreciation regime to moderate appreciation regime, MMP eases; Under the strong depreciation and strong appreciation pressure regime, the central bank intervention strengthens the positive impact of EMP on MMP, especially in the period of devaluation, the positive impact effect of EMP on MMP enhances significantly; Under the three regimes, MMP has a negative impact on EMP. It can be seen that the key of maintaining financial market stability is to stabilize exchange market pressure, avoid RMB from strongly depreciating in a short period of time and guide RMB to moderately appreciate in the long run, with gradually less dependence on the intervention of the central bank.

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A Financial Trading Decision-making Support Model Using Deep Learning and Signal Decomposition

Liu Min, Zhang Fan, Wang Lin, Zhu Qing

2022, 34 (9): 14-26.

Abstract ( 193 )

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This paper presents a decision support model for algorithmic trading in the financial market, which utilizes a novel hybrid model to make automatic trading decision. The proposed model hierarchically represents the one-dimensional non-stationary time series into multi-dimensional stationary sub-series, and then restructures them into a two-dimensional matrix to represent the daily market state. Then, the neural network, which has a powerful features learning ability, is used to capture the optimal entry and exit points of the fluctuating stock prices. Finally, the actual predicted results are evaluated by two different ways: statistical performance evaluation and financial performance evaluation. The results show that the proposed decision support model in this paper has strong applicability and adaptability which can bring positive profits in multiple environments.

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An EEMD-LSTM Model Based Research on Early Warning of the Systematic Risk in China Insurance Industry

Tang Zhenpeng, Wu Junchuan, Zhang Tingting, Chen Kaijie

2022, 34 (9): 27-34.

Abstract ( 153 )

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This paper constructs an insurance industry stress index to measure the systemic risk of China’s insurance industry, and predicts the future risks of the insurance industry by predicting the future trend of the insurance industry’s stress index. Drawing on the EEMD decomposition integration technology in the TEI@I complex system research methodology, combined with the current research results in the field of artificial intelligence and deep learning, the EEMD-LSTM model is constructed to carry out the systemic risk warning of the insurance industry. The empirical results show that EEMD decomposition integration technology has obvious advantages in predicting nonlinear and non-stationary complex time series. At the same time, LSTM model can effectively describe the dependence and long memory characteristics between time series. The EEMD-LSTM model combination prediction accuracy is superior to other models.

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Structural Heterogeneity and Spatial Distribution Characteristics of China’s Technology Finance Efficiency: Based on Two-dimensional Output Perspective

Wang Ren, Li Zhiwei

2022, 34 (9): 35-46.

Abstract ( 114 )

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Enhancing the input-output efficiency of the science and technology system through financial resources support is crucial to China’s technological development, economic transformation and international competition. However, the corresponding literature about technology finance efficiency has wide controversy over the input-output indicators, technical route and measurement model, which therefore constrain the establishment of research benchmarks and actual policies. Based on the “four-input, two-output” index system constructed through literature reviewing, the “four-component” panel stochastic frontier model for two-dimensional output evaluation, and the structural differentiation of long-lasting efficiency and time-varying efficiency, this paper measures the two-dimensional technology finance efficiency from a provincial perspective since 2013 to 2017, and analyzes systematically its structural heterogeneity and spatial distribution characteristics. The research reveals that: Firstly, China’s provincial technology finance efficiency level is generally low, and the trend of change is contrary to the increasing input in technology finance resources in recent years; Secondly, the spatial and temporal evolution of technology finance efficiency is mainly dominated by the long-lasting efficiency, namely more subject to the regional economic and social environment, and less responsive to short-term policy stimulus; Thirdly, There are extensive and complex inter-regional differences whether in technological output or commercial output dimension, time-varying efficiency or long-lasting efficiency. Therefore, China’s technology innovation system construction cannot be limited to short-term policy stimulus, but must concentrate on overall and long-term mechanism arrangements; Simultaneously, we should pay more attention to the structural heterogeneity in the process of technological innovation and development in different regions, and explore technology finance efficiency improvement scheme based on regional and differentiated arrangement.

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Is Tariff Barriers Really a Weapon against Competitors?

Jiang Weimin, Xia Yan, Yang Cuihong

2022, 34 (9): 47-59.

Abstract ( 115 )

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By establishing a symmetric two-country trade model, this paper studies the impacts of trade protection measures on the two countries’ economy and their innovation ability from the supply and demand mechanism. According to the model in this paper, trade protection is more likely to become an effective weapon under the conditions of decreasing returns on scale and high homogeneity of tradable goods. The two scenarios of effective and ineffective trade barriers are verified by numerical simulation. This paper also simulates the multi-country model and the asymmetric scenario. It is believed that due to the differences in economic strength, trade structure and production structure between the initiator and the sanctioned countries of trade dispute, the trade protection measures will have different effects under different trade types. In addition, according to the characteristics of import and export structure, the maximization of consumers’ utility and the minimization of producers’ cost, the authors deduce the Sylvester equation of the trade model, and the solution and simulation of the model are carried out by the study of the Sylvester equation.

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Simulation Study on the Systemic Importance of Bank-Firm System Based on Multilayer DebtRank Model

Ma Qianting, Yang Wenke, He Jianmin

2022, 34 (9): 60-70.

Abstract ( 118 )

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Finance is the core of modern economy. The sustained and healthy development of economy is inseparable from the stability of financial system. In this paper, we take lending relationships of different loan terms and common asset relationships of different investment cycles into consideration to construct a multilayer DebtRank model of bank-firm system. Then, based on the calculation experiment method, we investigate the systemic importance identification effect and the internal characteristics of banks and firms. The simulation results display that only a few banks and firms show systemically important characteristics in the whole bank-firm system. Specifically, these banks and firms of importance show significant homogeneity. Besides, their owner’s equity and income are mostly at high level, which is manifestly different from the “fragile” banks and firms which possess negative net assets and serious losses. Moreover, compared with the common asset relationship between banks and firms, the loan relationship plays a more indispensable role in the systemic importance identification of multilayer DebtRank model. Further, the model we construct is stable, which can reflect the characteristics of the “importance” of the system from the theoretical level, and has advantages for regulators to extract and effectively identify the banks and firms of importance to guarantee the stability of the financial system.

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Productivity Threshold and Duration of Waiting for Exporting

Duan Lianjie, Teng Fei, Lu Xiaodong

2022, 34 (9): 71-86.

Abstract ( 97 )

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Using China’s transaction-level trade data and firm-level production data during 2000—2006, this paper firstly estimates the duration of Chinese industrial enterprises’ waiting for exporting. The results show that the average duration of waiting for exporting is 4.7 years and the median one is 5 years. Besides, the hazard rate of export entry has a prominent positive duration dependence. Then, this paper uses Cox proportional hazards model to analyse the impact of export cutoff productivity on duration of waiting for exporting. The result indicates that the rising of productivity threshold will significantly prolong the duration of waiting for exporting, and this conclusion is supported by a variety of robustness tests. In addition, the estimation result of hazard ratio shows that every 1% increase in productivity threshold will lead to a 0.2827% decrease in the hazard rate of firms’ export entry. Moreover, this study shows that there exists a significant heterogeneity in ownership, industrial and regional influences on duration of waiting for exporting. Further, this paper finds that China’s accession to the WTO helps to weaken the threshold effect of export cutoff productivity on duration of enterprises’ waiting for exporting, while the rising of uncertainty will aggravate this effect. This study indicates that it should be a focus of the government to actively promote the establishment of bilateral and multilateral free trade zones, to create a stable business environment for enterprises and to reduce the uncertainty in markets.

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Effects of Knowledge Recombination on Technological Innovation Quality from the Perspective of Contingency——Evidence from Chinese Pharmaceutical Industry

Zeng Deming, Luo Zhen, Wen Jinyan, Feng Ke

2022, 34 (9): 87-97.

Abstract ( 123 )

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Drawing upon the patent data of 982 Chinese pharmaceutical firms between 1999 and 2014, this paper uses the knowledge-based theory to investigate, from the perspective of contingency, how firm age impacts the relationship between different knowledge recombination, i.e., recombinant exploration and recombinant exploitation, and firms’ technological innovation quality. A negative binomial regression of the fixed effects model is incorporated to test the theoretical hypotheses, and the empirical analysis shows that both recombinant exploration and recombinant exploitation positively and significantly affect technological innovation quality, and the positive effect of recombinant exploration is stronger than that of recombinant exploitation. However，recombinant exploration and exploitation jointly and negatively influence firms’ technological innovation quality. Further, firm age strengthens the positive impact of recombinant exploration on technological innovation quality while it weakens the positive impact of recombinant exploitation on technological innovation quality. In the process of technological innovation, firms should not only consider the merits and disadvantages of knowledge recombination but also consider the matching degree of knowledge recombination and their own conditions.

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“Innovation Funnel” under Uncertainties: Recognition Method of Disruptive Technology and Multi-stage Screening Path

Wang Gang, Hou Guanghui, Liao Guiming

2022, 34 (9): 98-107,119.

Abstract ( 153 )

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The development of disruptive innovation technology is an important strategic choice to accelerate the upgrading of industrial structure and the transformation of development mode, and seize the commanding heights of future development. However, given the significant uncertainties, it is challenging both theoretically and practically to identify the optimal disruptive innovation technology and industry. Based on uncertainties theory, this paper conducts a systematic literature review and summary of the existing major disruptive technology identification methods, and then constructs a multi-stage screening and evaluation path of disruptive technology “innovation funnel”. It is found that there is no optimal identification, screening and evaluation mode, but the specific background applicable to the mode should be considered, so the effective screening and evaluation path should be contingency; With the development of disruptive technologies, the degree of uncertainties is decreasing, and the easier it is to obtain information resources, the more accurate assessment methods are needed; It is necessary to comprehensively consider the matching contingency relationship between the stage of “innovation funnel” and the identification method to make an accurate disruptive technology cultivation policy.

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Research on the Mechanism of How Users Expectancy Disconfirmation Influences the Enterprise-User Value Co-destruction in an Open Innovation Community

Zhao Bin, Liu Chenru, Yu Weixin, Li Yao

2022, 34 (9): 108-119.

Abstract ( 104 )

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This research takes 15 companies’ open innovation communities as a sample, and from the perspective of expectancy disconfirmation theory, analyzes the causes of open innovation community enterprise-user value co-destruction through a questionnaire and reveals the mechanism. The results show that the negative self-interest expectancy disconfirmation of community users has a positive impact on the value of co-destruction through the mediation of transactional psychological contract breach; The negative social interaction expectancy disconfirmation of community users has a positive impact on the value of co-destruction through the mediation of relational psychological contract breach; The negative self-worth expectancy disconfirmation of community users has a positive impact on the value of co-destruction through the mediation of ideological psychological contract breach; Perceived organizational status has a significant negative moderating effect on the ideological psychological contract breach process caused by negative self-worth expectancy disconfirmation. The research results not only expand the theoretical and practical value of value co-destruction research, enrich the theoretical system of value co-destruction and open innovation, but also provide theoretical guidance for enterprises to prevent the phenomenon of value co destruction in open innovation community.

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Do Government Subsidies Affect the Management Performance of Small and Medium-sized Innovative Enterprises?

Xu Zhiyong, Yang Qingwei, Peng Yun, Zhang Endao

2022, 34 (9): 120-133.

Abstract ( 151 )

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Small and medium-sized innovative enterprises are an important focus and potential growth point of innovation-driven development in China. Based on the panel data of eligible small and medium-sized innovative enterprises selected from the new third board enterprises, this paper constructs a Dynamic System GMM model using the panel data from 2012 to 2018, and empirically studies the impact of government subsidies on the management performance of small and medium-sized innovative enterprises. The study finds that: (1) On the whole, the impact of government subsidies on the management performance of small and medium-sized innovative enterprises is not significant, which is mainly due to the heterogeneity of enterprises and the structure of government subsidies. (2) The classified regression based on the perspective of enterprise heterogeneity shows that government subsidies have a significant role in promoting the management performance of manufacturing industry and small and medium-sized innovative enterprises in the central, western and northeastern regions of China, and the impact of government subsidies on the management performance of high R&D intensity enterprises and low R&D intensity enterprises is not significant. (3) Whether direct subsidies or indirect subsidies, on the whole, the impact on the improvement of enterprise management performance is not obvious, but the increase of the proportion of direct subsidies is obviously not conducive to the improvement of management performance of manufacturing enterprises, but has a positive impact on enterprises in the central, western and northeastern regions of China. In addition, government subsidies mainly promote the management performance of small and medium-sized innovative enterprises with high management level. Increase of the shareholding ratio of major shareholders effectively promotes the management performance of small and medium-sized innovative enterprises, while the counterbalance of major shareholders’ rights by other main shareholders is not conducive to the improvement of enterprise management quality.

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Is There an “Anti-Diamond Paradox” in Online Shopping?

Duan Litao, Lv Benfu

2022, 34 (9): 134-146.

Abstract ( 222 )

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Due to the inevitable search cost, there is a Diamond Paradox in the offline market. Intuitively speaking, the online platform market has reduced search costs to zero, so the opposite of Diamond Paradox, i.e., the Anti-Diamond Paradox phenomenon, should appear, that is, goods are priced at rock-bottom levels. However, in fact, price dispersion and price reduction pressure exist simultaneously in the online platform market. To explain this phenomenon, this paper presents a formula of price structure faced by consumers. From the perspective of price structure, the price paid by consumers to sellers is not the actual price spent by consumers, which in fact, includes the price of the commodity, the cost of consumers searching for the information of the target goods and the cost of eliminating the noise of the commodity information collected. The online platform market only reduces the cost of consumers searching for targeted commodity information, but does not actively reduce the cost of consumers eliminating the noise of collected commodity information. On the contrary, it may even increase the cost. This paper proves that the platform does have the power to increase the cost of eliminating the noise of commodity information collected by consumers, puts forward the pricing formula of online merchants based on the price structure, and explains platform and merchants’ online pricing logic, which involves using big data to take advantage of frequenters.

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An Analysis of the Evolvement of Public Opinion Based on the Improved Deffuant Model

Wei Jing, Zhang Yaozeng, Zhu Hengmin, Hong Xiaojuan, Lin Ping

2022, 34 (9): 147-157.

Abstract ( 116 )

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In view of the fact that most current studies on Deffuant model do not take into account the evolution of the strength of individual relationships in the network, the differences of views among different individuals, and the universality of view dissemination, this paper analyses the characteristics of the evolution of view dissemination and strength of connections between individuals, and presents a new edge-weight evolution Deffuant model based on a weighted network. The results of simulation experiments show that a higher degree of trust is conducive to the stability of group relations and the consistency of opinions, and reduces the possibility of divergence of opinions. At the same time, government and expert groups have distinct characteristics in guiding public opinions. The viewpoint evolution of the improved Deffuant model and the edge weight evolution of the network conform to the viewpoint and relationship evolution in the real social network.

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Research on the Evolution of University Network Public Opinion Based on Four-participant Evolutionary Game

Wen Hongying

2022, 34 (9): 158-169.

Abstract ( 247 )

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In recent years, the frequent occurrence of network public opinion events in colleges and universities has greatly affected the reputation of colleges and universities, university students’ values, and social harmony and stability. Network media, university students, universities, and government are the main participants in college public opinion information. Their behavioral decisions will directly affect the evolution of university public opinion information. Based on this, we construct an evolutionary game model of university network public opinion evolution under four participants: network media, student group, university authority and government, and explore the influence of the behavioral strategy of the four participants on the development of university network public opinion. At the same time, a numerical example is given to simulate and test the evolutionary game model, and analyze the influence of various parameters on the direction and speed of the evolution of university network public opinion events. The results show that the main factors affecting the equilibrium of the game system are the intensity of government supervision, the willingness of network media’s report, university’s attention and the self-cognition of university students. The impact of university public opinion events can be better controlled by guiding the behavioral strategies of network media, university students, universities and governments.

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Research on the Factors that Influence Brand Promotion Effect in Crowdfunding： Based on Elaboration Likelihood Model Perspective

Zeng Jianghong, Huang Xiangrong, Yang Yalan

2022, 34 (9): 170-180.

Abstract ( 141 )

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In addition to raising funds for SMEs, crowdfunding is also considered to be able to help their brand promotion. This paper collects data of 222 projects on Taobao Crowdfunding platform and their related initiating stores on Taobao website, based on the theoretical perspective of ELM, to study the factors that influence brand promotion effect and the intermediary role of financing effect. The main conclusions are: project innovation, cycle sustainability, product reliability, project eWOM and initiator eWOM have a positive impact on brand promotion effect; for the projects with larger funding target, higher minimum supporting amount or non-enterprise as the initiator, the supporters inspect the projects comprehensively according to both central path and edge path information to affect the brand promotion effect, and for other projects, they only process the information through edge path; project innovation, cycle sustainability, information detail and project eWOM have a positive impact on project financing effect; financing effect has a negative impact on brand promotion effect; financing effect plays an intermediary role between project innovation, cycle sustainability, project eWOM and brand promotion effect, and the direct positive effect is far greater than the indirect negative effect.

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Research on Pricing Decisions of Sharing Economy Platform by Considering Consumer Behavior

Chen Jing, Zhang Chenxi, Wu Yifan

2022, 34 (9): 181-194.

Abstract ( 192 )

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With the popularization of the sharing economy theory, sharing economy platforms have been emerging and developing rapidly in China over recent years. At present, there are corresponding sharing economic platforms in most areas of residents’ lives, such as food, clothing, housing, transportation and so on in China. However, most of these platforms are in a state of extensive management. Therefore, refined operation becomes a potential direction that all sharing economy platforms need to consider. Furthermore, pricing decision, as the link connecting all decision makers of sharing economic platform, is a key issue that affects the development and continuation of each sharing economic platform. Based on this, from the perspective of a sharing economic platform providing product-renting services, this paper considers a random product utilization rate of customer product and a random platform rental service evaluation of customers and formulates consumer utility choice models and sharing economy platform pricing models under three pricing modes, namely, daily rental pricing mode, membership pricing mode and hybrid daily-rental-and-membership pricing mode. In the process of model analysis, this paper firstly optimizes the model decision variables to obtain the choice structure of consumers and the optimal pricing expressions, the maximum expected profit and the market share of the sharing economy platform under different pricing modes. Through analyzing the expressions of maximum expected profit and market share of sharing economy platform, this paper points out that the sharing economy platform should choose the short-life and easy-to-depreciate products to provide leasing services in order to obtain higher profit and larger market share. Then, through comparing the profit and market share of the sharing economy platform under different pricing modes, this paper reaches the following conclusions. Firstly, the sharing economy platform with the goal of profit optimization should adopt the membership pricing model. Secondly, the sharing economy platform with the goal of market share expansion should adopt daily rent pricing model. Thirdly, the sharing economy platform considering both profit and market share should adopt hybrid daily rent and membership pricing model. And the paper also gives the expression of price setting under each pricing mode. Finally, through conducting a large number of numerical experiments, the paper shows that the profit and market share of the platform under three pricing models and the selection of pricing models are influenced by the attributes of the platform operating products. The conclusion of this paper provides reference for the sharing economy platform that purchases products and provides leasing services when choosing pricing model and making specific leasing price decisions.

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The Double-edged Sword Effect in Organizational Behavior Research: Typical Patterns and Strategy Suggestions

Zhang Jiaojiao, Luo Wenhao

2022, 34 (9): 195-207.

Abstract ( 349 )

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Mainstream organizational scholars tend to look at either the positive or negative influence of independent variables on dependent variables. However, this simple approach contrasts with the complicated phenomena in management practices. It is also less conducive to the meaningful integration of different studies. As a result, research on the double-edged sword effect has emerged in recent years. Though there are increasing studies examining the double-edged sword effect, it is worth noting that the interpretation of the effect remains unclear, the underlying mechanism is ambiguous, and the corresponding research pattern is often inappropriately used. By systematically analyzing 137 organizational behavior studies demonstrating the double-edged sword effect in both Chinese and English, this study clarifies the nature of the double-edged sword effect, identifies two major motives for conducting research on the topic, and classifies the existing research pattern into three main types (direct effect, indirect effect and moderating effect) and six sub-types. This study also offers five explanations of the potential theoretical basis for research on the double-edged sword effect. Finally, we offer practical suggestions for future researches. The present study is expected to demonstrate the potential contribution of researches on the double-edged sword effect, and to inspire more valuable future studies.

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The Impact of Organizational Control on Information Security Compliance Behavior： The Moderating Effects of Supervisor-Subordinate Guanxi and Organizational Commitment

Liu Chenhui, Wang Nengmin

2022, 34 (9): 208-220.

Abstract ( 136 )

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With the frequent occurrence of organizational insiders’ misuse of information systems and data breaches, it has been a new challenge for information security management to ensure employees’ information security compliance. Drawing upon compliance theory and social exchange theory, this paper investigates the impact of organizational control on information security compliance behavior from the perspective of supervisor-subordinate guanxi and organizational commitment. We conduct a survey and 310 valid samples are collected, and the PLS method is applied to test the research model. Results indicate that punishment expectancy positively affects information security compliance behavior, whereas the main effect of reward expectancy on compliance behavior is not significant. Supervisor-subordinate guanxi positively moderates the relationship between reward expectancy and compliance behavior, which means that reward expectancy is a stronger determinant of compliance behavior when employees have high-quality guanxi with their supervisors. Organizational commitment not only has a positive effect on compliance behavior, but also plays a negative moderating role in the relationship between reward expectancy and compliance behavior, as well as the relationship between punishment expectancy and compliance behavior. Both reward and punishment expectancy have more positive impacts on low-commitment employees’ compliance behavior than they do for high-commitment employees. In the organizational context of China, this study reveals the working mechanisms of reward and punishment of organizational control in encouraging employees’ information security compliance behavior and provides suggestions for the system design and optimization of information security management.

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The Influencing Mechanism between Different Error Climates and Team Radical Creativity： A Social Information Processing Perspective

Geng Zizhen, Zhou Yixin, Shan Chunxia, Ding Lin

2022, 34 (9): 221-231,284.

Abstract ( 162 )

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In order to reveal the mechanism of how different error climates influence team radical creativity, firstly, on the basis of social information processing theory, this paper analyzes the formation factors and paths of team radical creativity, and proposes the theoretical framework about the effects of error management climate and error aversion climate on team radical creativity through psychological, cognitive and, social elements. Then the influence of two error climates on team radical creativity and three key elements, namely team psychological safety, team cognitive flexibility and team constructive controversy, as well as the parallel mediating roles of the above elements in transmitting the above influence to team radical creativity are analyzed. A model of the “psychological-cognitive-social” mechanisms between different error climates and team radical creativity is constructed. Through the hierarchical regression, Bootstrap analysis and the analysis of instantaneous mediation effect on the basis of data of 119 innovative teams, this paper reaches the following conclusions: (1) The psychological, cognitive and social factors in team radical creation, i.e., team psychological safety, team cognitive flexibility and team constructive controversy have positive effects on team radical creativity; (2) Error management climate exerts a positive effect while error aversion climate has a negative influence on team radical creativity; (3) Error management climate has positive effects on team psychological safety, team cognitive flexibility and team constructive controversy while error aversion climate has a negative effect on team psychological safety and an inverted U-shaped effect on team constructive controversy; (4) Team psychological safety, team cognitive flexibility and team constructive controversy mediate the effect of error management climate on team radical creativity while team psychological safety and team constructive controversy mediate the effect of error aversion climate on team radical creativity. By focusing on the source of team’s radical idea generation, this study illustrates the key roles of different error climates in the development of radical innovation theory and practice.

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How does “Criticality” Spur “Improvement”?——Examining the Influence of Event Criticality on Employee Job Performance

Li Yongfang, Lv Hui, Song Qi, Chen Yang

2022, 34 (9): 232-242.

Abstract ( 147 )

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Existing researches have well documented a variety of contextual antecedents of employee job performance. Yet few of them have examined when and how critical happenings in workplace impact employee job performance. Based on event system theory, we propose a theoretical model that links event criticality with employee’s job performance. With a sample of 188 service employees from 58 teams in China, we find that event criticality is positively related to employees’ proactive work behaviors and in turn their job performance. In addition, employee mindfulness amplifies the positive impact of event criticality on proactive work behavior. In doing so, our research provides new theoretical insights into existing researches by exploring the impact of event criticality on employee’s job performance. In addition, our study provides constructive guidance for managers to improve employee job performance.

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Core Self-evaluation and Employee Creativity： A Perspective Based on the Self-consistent Theory

Wu Xiangfan, Chen Yun, Yan Rong, Guan Haoguang

2022, 34 (9): 243-253.

Abstract ( 179 )

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Employee creativity not only comes from individuals’ positive self-evaluation but also benefits from the interpersonal interaction in the organization. Based on self-consistent theory, this paper constructs a mediated moderation model to explore the mechanism of how core self-evaluation influences employee creativity. The hypothesis test is conducted with leaders from 77 work teams of large domestic enterprise groups and their 295 subordinates as samples. In line with our hypotheses, the path analysis results reveal that: (1) Core self-evaluation has a significant positive influence on employee creativity. (2) Creative process engagement plays a significant mediated role between core self-evaluation and employee creativity. (3) Job social support significantly moderates the positive relationships between core self-evaluation and creative process engagement as well as employee creativity such that they are stronger for subordinates who receive high job social support than for those who receive low one. (4) Creative process engagement mediates the interactive effect of core self-evaluation and job social support on employee creativity. The theoretical and managerial implications of the findings, limitations and future research directions are discussed.

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Tensions and Management of Multiple Institutional Logics in Human Resource Consulting Projects

Ge Minglei, Zhang Lihua, Jia Guangyu, Guan Xiaoyu

2022, 34 (9): 254-270.

Abstract ( 121 )

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This paper adopts multiple case study to explore the multiple competing institutional logics in HR consulting projects and management of tensions. First of all, this study identifies the competing institutional logics in the local human resource management consulting projects, namely, professional logic and commercial logic, and the types of tensions in the projects. Then, this paper studies the management of tensions and finds that different socialization triggers different identity work of individuals. This will affect the construction of organizational identity, relevant tension management and corresponding logics relationship states. Finally, A new approach of tensions management is found, namely, mix-and-match hiring along with end-and-means-focused socialization. The findings extend the relevant researches at both individual and project levels and serve as a tentative attempt to explore the instantiation of institutional logic multiplicity in response to academic calling.

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Evaluating Competitiveness of Political Strategy Decision Making Based on FNN-ELECTRE

Liu Kaihua, Qu Guohua, Liu Jiao, Qu Weihua

2022, 34 (9): 271-284.

Abstract ( 69 )

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As an important part of comprehensive national strength, national political strategic decision is becoming increasingly important in the era of globalization. The national political strategic decision mainly depends on the competitiveness of the political strategic decision-making, and its competitiveness has a deep influence on the acquisition and maintenance of the country’s national interests. This paper studies the competitiveness evaluation model of political strategic decision based on fuzzy FNN-ELECTRE. First of all, by referring to the principle of factor neural network theory (FNN) and ELECTRE evaluation, the identifiable factors in the factor space are mapped to the established strategic decision competitiveness index model, so as to enrich the breadth and depth of the application of factor space knowledge. Secondly, on the basis of literature analysis, five factors of strategic decision-making, i.e., economy, culture, society, science & technology and international environment are determined as secondary indicators, and on the basis of expert scoring, the influencing factors are quantified through the triangular fuzzy theory and fuzzy semantics, the importance of each influencing factor is revealed, five countries are analyzed and verified from the perspective of de-fuzzification, the consistency and non-consistency of their attribute values are tested and ranked. Finally, based on the degree of paired differentiation of the indicators in the group decision weighted sample, the preference threshold, indifference threshold and risk threshold of ELECTRE-I are determined. According to the analysis, country a3 has the strongest competitive ability and country a2 has the weakest competitive ability. This paper puts forward the national comprehensive strength evaluation system and countermeasures from the perspective of political strategic decision-making, which provides theoretical basis for a country to improve its comprehensive strength and decision-making competitiveness.

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Performance Aspiration Gap, Managerial Discretion and Enterprise Competitive Strategy

Li Zhiyuan, Zhong Xi, Chen Weihong

2022, 34 (9): 285-296.

Abstract ( 149 )

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Based on the perspective of firm behavior theory, this paper uses Chinese private listed companies during 2007-2018 as research samples, and analyzes the effect of relative performance (that is performance aspiration gap) on enterprise competitive strategy as well as the moderating effect of managerial discretion on the aforementioned relationship. The results show that the performance aspiration deficit has a positive impact on the enterprise differentiation strategy; and the performance aspiration surplus has a positive impact on the enterprise low-cost strategy. Further research shows that with the increase of organizational redundancy, the positive influence of performance aspiration deficit on enterprise differentiation strategy strengthens, while the positive influence of performance aspiration surplus on enterprise low-cost strategy weakens. Simultaneously, the weakened positive influence of both performance aspiration deficit on enterprise differentiation strategy and performance aspiration surplus on enterprise low-cost strategy arise with the increase extent of organizational inertia. According to this paper, it is sufficiently manifested that the enterprise competitive strategy is not only enslaved to the direction and amount of performance aspiration gap but also further controlled by organizational redundancy and inertia.

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Corporate Environmental Culture, Corporate Environmental Management and Financial Performance: Do Words Meet Actions and Actions Produce Return?

Li Hui, Wen Subin, Jiao Ran

2022, 34 (9): 297-312.

Abstract ( 247 )

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Environmental pollution, resource constraints and ecosystem degradation are still acute problems, and ecological civilization construction has become a focus of concern among all walks of life. As the main body of national economic development, enterprises are the main force in practicing the strategy of ecological civilization. The consistency of words, actions and performance of corporate environment bears directly on the process of ecological civilization construction. Can the “words” of the corporate environmental culture obtain the “return” of financial performance through the “action” of environmental management? That is, does the corporate environment form a virtuous circle of “thought-driven action, action-rewarded return”? It is an important question. In response to this question, this paper analyzes the impact of corporate environmental culture on financial performance and the intermediary role of corporate environmental management, and conducts an empirical test based on the sample of the top 500 listed companies in Shanghai and Shenzhen. The results show that: (1) Corporate environmental culture has a significant positive impact on return on assets (ROA) and return on equity (ROE); (2) Corporate environmental management has a significant intermediary role in the relationship between corporate environmental culture and financial performance. The conclusion can provide theoretical basis and practical guidance for corporate environmental culture construction and environmental management.

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The Influence Mechanism and Data Test of Enterprise ESG Performance on Earnings Sustainability

Xi Longsheng, Zhao Hui

2022, 34 (9): 313-326.

Abstract ( 600 )

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ESG is highly consistent with China’s new development concept, but whether ESG performance has a positive impact on enterprises’ sustainable development, especially earnings persistence, has not reached a definite conclusion.By analyzing the mediating effect of financing constraint, enterprise risk and green innovation, this paper studies the mechanism of how ESG performance influences earnings sustainability, and empirically examines the positive impact of ESG performance on earnings sustainability by taking China’s A-share listed companies from 2013 to 2021 as research samples.The research finds that the better the ESG performance is, the stronger the earnings sustainability is. The mechanism analysis shows that good ESG performance can help enterprises achieve earnings sustainability by alleviating financing constraints, reducing enterprise risks and promoting green innovation. The heterogeneity analysis shows that the promotion effect of ESG performance on earnings persistence is more significant in enterprises in non-polluting industries, state-owned enterprises and enterprises in highly market-oriented regions.This paper expands the research on the economic consequences of ESG performance, which has significant enlightenment for enterprises and investors to attach importance to ESG performance and government departments to improve the ESG information disclosure system.

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Innovation of Brand Competitiveness Enhancement Model of FMCG Enterprises——A Case Study of Tsingtao Beer from the Perspective of Dynamic Capability

Zhang Feng, Huang Yi, Yao Ge, Tan Xiongkai

2022, 34 (9): 327-338,352.

Abstract ( 302 )

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Brand competitiveness enhancement mode has been a focus of concern in academia and industry, but so far as fast moving consumer goods (FMCG) brands are concerned, their competitiveness enhancement is full of challenges due to such factors as product homogenization and fierce market competition. Dynamic capability of a FMCG enterprise refers to its ability to fully mobilize and coordinate existing resources in the dynamic changing market environment and take appropriate response strategies in time according to market changes. From the dynamic capability perspective, this study focuses on the improvement of FMCG brand competitiveness based on the practical experience of Tsingtao Brewery with such phased objectives as customer acquisition, customer maintenance and customer loyalty. According to the development history of Tsingtao Beer, this paper makes a vertical analysis on the product structure optimization stage, the channel segmentation expansion stage and the brand viscosity enhancement stage. We also compare and analyze the successful experience of Tsingtao Beer in Shijiazhuang and its failure experience in Chengde, and develop a novel model for improving the competitiveness of FMCG brands. Finally, we comb out a new path mode to improve the brand competitiveness of FMCG enterprises. This model enriches the relevant theoretical literature of brand competitiveness and provides a reference for other FMCG enterprises to improve their brand competitiveness.

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The Organizational Legitimacy Balancing Strategy of Emerging Market Multinational Enterprises from the Perspective of Institutional Logic——Taking Wanhua Group’s Cross-border Mergers and Acquisitions as a Case

Tao Haifei, Meng Xiangxia

2022, 34 (9): 339-352.

Abstract ( 160 )

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From the perspective of institutional logic, this paper discusses the hybrid logic strategy and its process mechanism for emerging market multinational enterprises to achieve organizational legitimacy balance. Based on the case study of Wanhua Group’s cross-border M&A from 2009 to 2018, this paper shows that the legitimacy management of emerging market multinational enterprises faces two-way challenges of institutional logic conflicts: country conflict and governance competition, and the focus of organizational legitimacy management presents dynamic changes from external to internal. The dynamic transformation and combination of structural hybrids strategies and blended hybrids strategies in different stages of cross-border M&A can promote the state of multiple logics from compartmentalization to combination within emerging market multinational enterprises, and achieve legitimacy balance from the state of external strength and internal weakness to simultaneous enhancement of internal and external legitimacy. The result provides theoretical supplements for emerging market multinational enterprises to use hybrid logic strategy to achieve the balance of internal and external legitimacy, and also provides a practical guidance for Chinese multinational enterprises to determine their legitimacy strategies.

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