Management Review

Online Social Interaction and Financial Market Participation: Evidence from an Online Securities Trading Platform

Wu Shuping, Yao Zhuang

2022, 34 (12): 3-15.

Abstract ( 210 )

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Based on the data of an online securities trading platform, this paper directly measures the online social interaction of investors for the first time and then tests the impact on investors’ participation in the Internet Finance market. We find that online social interaction will significantly increase the probability of investors’ participating in Internet financial investment, and this effect is more significant among investors working in non-financial industries, investors with small asset size, or speculative investors. As a result, investors who start to participate in the financial market driven by the attention induction mechanism under the social interaction have lower investment returns. In addition, this paper discusses the exogenous determinants of investors’ attention and finds that the IPO subscription event has an exogenous impact and will significantly increase the overall market social interaction and attention, but that impact will be reversed in the long run. Findings in this paper reveal the micro-mechanism between investors’ online social interaction and their investing behavior, and it also contributes new evidence to the researches on Internet Finance participation.

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A Social Network Based Research on Investor Sentiment Diffusion and Stock Price Fluctuation Risk

Wang Chao, He Jianmin, Yao Hong

2022, 34 (12): 16-25.

Abstract ( 215 )

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The impact of investor sentiment on stock price fluctuation risk is an important point in behavioral finance. Therefore, this paper proposes a continuous and timely sentiment diffusion model based on the social network of stock market investors. Accordingly, the mechanism of interaction between investor sentiment diffusion and stock price fluctuation risk is clarified by quantifying the impact of sentiment diffusion on stock market investors’ trading decisions. In addition, the influencing factors and control strategies of stock price fluctuation risk are analyzed. The results show that investor sentiment diffusion promotes the stock price fluctuation. The influence is determined by the characteristics of sentiment diffusion, investors and stocks. Moreover, the impact of institutional investors on stock price volatility has dual characteristics. The results based on different influencing factors provide regulatory reference for the prevention of stock price fluctuation risk. Further research shows that the target immune based on global information can effectively control the stock price fluctuation risk. This is of great significance to improve the stability of the stock market.

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Research on the Macroeconomic Effects of COVID-19: Numerical Simulation Analysis Based on New Keynesian DSGE Model with Disaster Risk

Ding Zhifan, Kong Cunyu

2022, 34 (12): 26-38,59.

Abstract ( 178 )

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COVID-19 can cause short-term economic downturns by affecting the labor market, but standard macroeconomic models lack in-depth understanding of its economic effects and internal transmission mechanisms. By embedding labor supply shock and the disaster risk shock which affect total factor productivity and labor productivity into a dynamic stochastic general equilibrium model, this paper analyzes the mechanism and effect of COVID-19 on the national economy. The findings are as follows. Firstly, different from the normal disaster risk shocks, demand-side recession is caused by supply-side shocks. The impact of COVID-19 doesn’t manifiest as substantial loss of capital, but as the reduction of labor input and the decline of enterprise productivity. Secondly, the epidemic also has a negative impact on the operation of the national economy, resulting in economic stagnation in short-term. The direct labor supply shock causes a serious decline in unemployment. With the improvement of epidemic prevention and control, the labor supply shock turns into a decline in enterprise productivity, and the employment situation improves. Thirdly, reducing the likehihod of disaster risk shocks, holding back the slowdown of post-disaster productivity, and shortening the length of time that disaster drags on economye can effectively reduce the adverse impact of the epidemic on the national economy. Fourthly, compared with fiscal subsidies and interest rate reduction, labor income tax reduction is the most effective policy tool to expand domestic demand in the post-epidemic period.

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An Empirical Study on Volatility Spillover of Non-ferrous Metal Stock Markets Based on EMD-BEKK-GARCH Model

Yang Guang, Zhang Dingxuan, Wei YunJie

2022, 34 (12): 39-48.

Abstract ( 145 )

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The COVID-19 pneumonia epidemic broke out in January 2020. With the strengthening of the prevention and control policy and stop of production, the real economy in the worldwide was hit, and China’s economy and finance were greatly affected. As a major producer and consumer of non-ferrous metal, China’s financial market of non-ferrous metals such as lead, zinc, aluminum and copper has been impacted by the epidemic and declined to a large extent. To study the volatility spillover of China’ s non-ferrous metal stock markets during the epidemic from the perspective of different timescale, this paper selects the stock market indexes of aluminum, copper and lead-zinc, and combines empirical mode decomposition (EMD) with BEKK-GARCH model. The results show that there are different degrees of volatility spillovers among aluminum, copper and lead-zinc in the long-term, medium-term and short-term. Comparing the volatility spillovers of undivided series, EMD provides more information of different timescale, which strengthens our research on the relationship between these markets.

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Can Trade Network of the Belt and Road Countries Enhance the Status of the Global Value Chains

Liu Min, Xue Weixian, Chen Sha

2022, 34 (12): 49-59.

Abstract ( 159 )

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The purpose of this paper is to examine the impact of trade network in the Belt and Road Region on various countries’ upgrading in Global Value Chains (GVC). Based on the analytic network process, this paper describes the network characteristics of different countries through the contact breadth, intensity and centrality. This paper also explores and validates the mechanism of how the development of trade relations network influences various countries’ upgrading in GVC. As a result, three conclusions are drawn. Firstly, the breadth and intensity of ties between countries have increased significantly, and China has replaced Italy as the country with the highest central position in the network. Secondly, the upgrading of the contact breadth, intensity and centrality of the sample countries in trade network can significantly enhance their status in GVC. Thirdly, the mechanism tests indicate that technology spillover and industrial transfer and economy of scale are important mediator channels for trade network of the Belt and Road countries to reposition all the relevant countries in GVC. And the mediating effect of technology spillover is the biggest, which shows that technology spillover is the most important channel for trade network to promote all the relevant countries’ upgrading in GVC.

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Compound Linkage Effect of Business Environment Heterogeneity on Rural Revitalization——A New Perspective of Happiness Based on the Coordinated Development Theory

Tao Ketao, Jiang Changchang, Bao Endeer, Sun Na

2022, 34 (12): 60-72.

Abstract ( 164 )

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Rural revitalization is a strategic initiative to achieve the great rejuvenation of the Chinese nation, and the business environment is an important external factor affecting rural revitalization. In this paper, 192 cities at prefecture level or above are divided into 9 business environment regions and 4 regionally typical business environment areas: the east vs. the west and the south vs. the north. Based on the theory of coordinated development, a new happiness index is constructed and the gray correlation degree method is used to test the compound linkage effect of business environment heterogeneity on rural revitalization. The results show that the coordinated and optimized development of hard business environment and soft business environment can steadily improve the new happiness value, and then promote the implementation of rural revitalization strategy. Coordinated development of factors within the area of rural revitalization is the fundamental driving force to improve the overall effectiveness of rural revitalization, and coordinated optimization of the business environment is conducive to enhancing the correlation of various factors. It is proposed to establish an effective regional coordinated development mechanism, radiate the coordinated development of towns and cities, coordinate the reasonable allocation of regional advantages, pay attention to the transformation of agricultural modernization, and strive to explore a new practical path of rural revitalization.

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Cross-holdings, Competition and Bi-direction Entry-deterrence

Ma Hongkun, Zeng Chenhang, Li Zhongfei

2022, 34 (12): 73-85.

Abstract ( 139 )

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Cross-holdings will enhance the correlation of firms’ profits, which inevitably affects firms’ quantity competition and further changes the entry decision of the entrant firm together with the deterrence strategy of the incumbent firm. Based on sequential-game model and market entry model, we build up a two-period market entry model in which two firms in two separated markets intend to enter each other’s market to make profits. By backward induction and equilibrium analysis, this paper finds that, in equilibrium, the incumbent strategically offers the potential entrant a contract with positive bilateral cross-holdings to maintain monopoly, which results in a maximum joint profit for both firms. In this way, the entrant firm accepts the contract and stays out. Our results will be a powerful supplement to the traditional approach of entry-deterrence in the industrial organization theory, and also lay an important micro theoretical foundation for the research and formulation of competition and anti-monopoly policies.

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The Credit Utility of Big Data Credit: Based on Theoretical and Empirical Analysis of SMEs’ Capacity

Hu Qianqian, Chi Renyong

2022, 34 (12): 86-96,108.

Abstract ( 123 )

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The availability credit financing remains limited for SMEs and the root cause lies in information asymmetry. big data credit is a key to solving this problem, but its construction needs to be strengthened. For this purpose, this paper takes the SME board and the carve out board in 2013-2017 as the research samples, and uses the hierarchical linear model to analyze the relationship between the construction of big data credit and SMEs’ credit ability from both macro and micro perspectives. The study shows that, big data credit construction can indeed improve SMEs’ credit capacity, and this effect has an increasing trend with the passage of time. At the same time, the effect is affected by the interaction of soft and hard information of enterprises and the level of regional financial development. Therefore, it is advised to strengthen the top-level design of big data credit, improve institutional guarantee system, expand the application scenario of big data credit, promote financial system innovation and reform, and give full play to the synergy effect of big data credit in order to comprehensively improve the credit ability of small and medium-sized enterprises.

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A Literature Review and Prospects of Entrepreneurial Ethics Researches

Yu Xiaoyu, Liu Xiaomin, Cai Li, Tao Yida

2022, 34 (12): 97-108.

Abstract ( 257 )

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Ethical issues are common in entrepreneurship in which unethical behaviors and conflicts of interest occur owing to environmental uncertainty, resource scarcity, fierce competition and ill-defined roles of entrepreneurs. Digital technologies, while empowering entrepreneurial activities, make ethical issues even more complex due to their externalities. Entrepreneurial ethics have aroused increasing attention, but researches on this topic have been under-developed. To advance researches on entrepreneurial ethics, this study systematically reviews 71 papers published in 24 authoritative journals in the disciplines of management, entrepreneurship and ethics from 2003 to 2020. This study reviews papers in three categories:(1)factors influencing ethical cognition / climate in entrepreneurship;(2)antecedents of ethical decisions and behaviors in entrepreneurship; and (3) outcomes of ethical decisions and behaviors in entrepreneurship. This study offers a comprehensive agenda for future researches on entrepreneurial ethics.

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Government Innovation Grants, Venture Capital and Corporation Innovation——An Perspective Based on Signal

Zhao Baofang, Chen Xiaodan

2022, 34 (12): 109-120.

Abstract ( 188 )

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Currently innovation-driven advancement is the key for high-quality development in China. Since innovation activities occurs mainly in enterprises, the study of how the signal transmission effect of government subsidies for innovation affects enterprise innovation becomes a focus for both the government and the academia. This paper uses A-share listed non-financial enterprises from 2007 to 2016 as research samples to evaluate the effect of government subsidies for innovation in attracting subsequent venture capital and indirectly influencing enterprise innovation and to analyze the relationship between government subsidies for innovation and venture capital. The study finds that government subsidies for innovation are significantly negatively correlated and positively correlated with the shareholding ratio and investment amount of venture capital, respectively, which shows that government innovation subsidies can help start-ups to positively impress the public and promote enterprise innovation. Moreover, the intersection coefficient between government innovation subsidies and venture capital is significant, indicating that venture capital and government innovation subsidies have synergistic effects. This paper provides new empirical evidence for improving the enterprise service system for innovation, and provides constructive suggestions for decision makers in both government and enterprise.

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Top Management Team Functional Background and Corporate Venture Capital: The Mediating Role of Focus of Attention

Feng Jian, Dai Weiqi, Zhou Dan

2022, 34 (12): 121-130.

Abstract ( 163 )

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Drawing on the upper echelons theory and the attention-based view, this study uses data from 657 listed manufacturing firms in China to examine the relationship between top management team’s functional background and corporate venture capital as well as the mediating role of attention focus by employing both content analysis and econometrics. The results show that the proportion of top management team’s out-put functional background is positively related to corporate venture capital, and the attention focus plays a partial mediating role between them. In addition, the out-put functional background also leads to external attention focus. This paper not only contributes to the upper echelons theory by opening up the “black box” between top management team’ characteristics and their strategic decision-making, but also has practical implications for Chinese private firm on how to practice corporate venture capital activities.

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Research on Spatial Convergence, Dynamic Evolution and Innovation Impact of High Quality Economic Development in Urban Agglomeration——A Comparative Analysis of Pearl River Delta and Yangtze River Delta

Xue Yonggang

2022, 34 (12): 131-145.

Abstract ( 126 )

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In order to investigate the spatial convergence, state transition rule and innovation in the process of high-quality economic development of urban agglomeration, this paper estimates the high-quality economic development level of urban agglomeration based on entropy method, analyses the spatial σ&β convergence by using spatial lag model, establishes state transition probability matrix based on spatial Markov chain, and finally measures impact of innovation on high-quality development of urban economy based on the spatial panel model. The results show that: (1) The high-quality development level of urban economy is gradually improving, and the development level of “Pearl River Delta” urban agglomeration is higher than that of “Yangtze River Delta” urban agglomeration; (2) The high-quality economic development of the “Pearl River Delta” urban agglomeration presents a negative correlation, and there is σ&β convergence; (3) The high-quality economic development of the Yangtze River Delta urban agglomeration presents a positive correlation, and there is not σ&β convergence; ( 4) The evolution of high-quality economic development state of urban agglomeration has a strong path dependence, and the types of adjacent regions have influence of multiple types; (5) The spatial lag has a negative impact on the high-quality economic development of the “Pearl River Delta” urban agglomeration, and has a positive impact on the “ Yangtze River Delta” urban agglomeration; (6) Innovation investment in urban agglomeration needs to be further optimized, while the level of financial development has a positive impact on it. Main suggestions are as follows: (1) Relevant development policies, systems and strategies should be made from the perspective of urban agglomeration to improve the level of coordinated development of urban agglomeration; (2) According to the features of state transition in different regions, corresponding development strategies should be developed to enhance upward transition probability of high-quality economic development level; (3) The adverse impact of innovation on the high-quality development of urban economy should be reversed, and the supporting role of financial development level on it should be enhanced.

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Research on the Influence of Personalized Intelligent Recommendation on Consumers’ Online Impulse Buying Intention

Fan Wenfang, Wang Qian

2022, 34 (12): 146-156,194.

Abstract ( 624 )

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With the rapid development of mobile internet era and the continuous application of high-tech such as artificial intelligence, personalized intelligent recommendation has become an important marketing method for e-commerce platform enterprises to meet consumers’ diversified preferences. Practice shows that personalized recommendation has an important impact on consumers’ buying behavior, and it helps to improve the performance of e-commerce platforms. Based on the flow experience theory and the perceived value theory, this paper discusses the influence of personalized intelligent recommendation on consumers’ online impulse purchase intention, and this mechanism of flow experience, perceived practical value and quality of online reviews. Through the investigation of 548 e-commerce platform consumers, the empirical study finds that personalized intelligent recommendation and its related dimensions (information presentation, system interaction and community influence) positively affect consumers’ online impulse purchase intention. Flow experience and perceived practical value mediate the positive relationship between personalized intelligent recommendation and consumers’ online impulse purchase intention. The quality of online reviews plays a moderating role in the impact of personalized intelligent recommendation on consumers’ online impulse purchase intention. The higher the quality of online reviews, the stronger the positive impact of personalized intelligent recommendation on consumers’ impulse purchase intention.

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The Effect of Image Number in Online Consumer Reviews on Review Helpfulness——An Empirical Study Based on Negative Reviews

Wu Ruijuan, Li Peiyu, Li Yan

2022, 34 (12): 157-172.

Abstract ( 133 )

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This paper focuses on the effect of image number (less vs. more) on review helpfulness and explores the mechanism behind the effect. The current study tests the hypothesis through one field study and two laboratory studies. Study 1 is a field study. In Study 1, we collect 12,623 reviews of 56 brands in four product categories (hedonic-search, utilitarian-experience, utilitarian-search, and hedonic-experience) from www.jd.com. We use “likes” to represent review helpfulness, controlling “the time of review issued”, “the length of word review”, “the number of negative emotion words in word review”, and “the extremity of word review”, and examines how image number influences review helpfulness. Results of Study 1 show that image number influences review helpfulness significantly. The time of review issued, the length of word review and the extremity of word review all significantly positively influence review helpfulness. The number of negative emotion words in word review significantly negatively influences review helpfulness. Study 2 designs mocked camera websites including product introduction page and product review page. Study 2 utilizes one-factor subject design, and 245 participants attend Study 2. In less images condition, participants see six images relating to camera; in more images condition, participants see fifteen images. Results of Study 2 show that the main effect of image number on review helpfulness is significant. Image number significantly influences mental imagery and perceived product uncertainty, but influences perceived amount of information and persuasive effect insignificantly. In the relationship between image number and review helpfulness, mental imagery and perceived product uncertainty play parallel multiple mediating roles. In addition, the mediating effects of perceived amount of information and persuasive effect are excluded. To ensure the generalibility, Study 3 utilizes negative reviews of housekeeping service. The design of Study 3 is similar to Study 2, and the results of Study 3 replicate the findings of Study 2.

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How does Distributors’ “Banding Together” Affect Information Favoring and Contract Supervision of Manufacturers

Zhao Xingyu, Zhuang Guijun, Feng Chao

2022, 34 (12): 173-183.

Abstract ( 112 )

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Based on social network theory and the literature of marketing channel behavior, this paper examines the impact of distributors’ “banding together” (represented by network density) on the behaviors of manufacturer and their consequences, and tests the moderating effects of industrial environment uncertainty. The results show that, first, network intensity of grouped distributors positively affects information favoring and contract supervision of manufacturers; second, industrial environment uncertainty weakens the positive effects of network density of grouped distributors on information favoring of manufacturers, but has no significant impact on the relationship between network density of grouped distributors and contract supervision of manufacturers. Third, information favoring of manufacturers in turn declines the level of channel conflict, and inhibits opportunism of distributors, while contract supervision of manufacturers in turn inhibits opportunism of distributors, but has no significant effect on channel conflict.

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Research on the “Law of One Price” in the Chinese Art Market: Evidence from the Calligraphy and Painting Auction Market

Zhang Zhiyuan, Ma Yongfan

2022, 34 (12): 184-194.

Abstract ( 112 )

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Cultural heritage and accumulation bestow China’s art market and art financialization with a unique development history and research value. Based on the micro data of China’s painting and calligraphy auction market from 2000 to 2017, this paper constructs a price index of diversity using the repeated sales method, and also tests the problem with the law of one price in China’s art market based on the differences between auction houses and districts. The study finds that: (1) The annualized return of China’s art market is as high as 7.96% while the price index is highly volatile, with high returns accompanied by high risks; (2) China’s art market does not satisfy the law of one price, and the auction house effect and location effect are significant; (3) Speculative arbitrageurs in the market are mostly short-term investors who focus more on Ming and Qing dynasties and contemporary works, low-priced works and non-masterpieces; (4) During a crisis the market follows the law of one price, and the safe-haven properties of artwork come to the fore. This study is important for regulating investment behavior in the art market, enriching asset allocation options, and enhancing China’ s cultural soft power.

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The Mechanism of How Critical Thinking Influences Employees’ Problem-solving Capacity

Tu Xingyong, Liu Leijie, Zhang Yiping, Jiang Jing

2022, 34 (12): 195-205.

Abstract ( 177 )

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How to improve employees’ problem-solving capacity is becoming a topic worth in-depth exploration in the area of organizational behavior and human resource management. The paper constructs a moderated mediation model based on the theory of self-regulation to explore how critical thinking affects problem-solving capacity via regression analysis from the perspective of supporting learning environment. The multi-time point results show that: creative self-efficacy partially mediates the relationship between critical thinking and problem-solving capacity; supporting learning environment has direct influence on creativity self-efficacy and problem-solving ability respectively; supporting learning environment moderates the relationship between creative self-efficacy and problem-solving capacity; supporting learning environment moderates the mediated relationship between critical thinking and problem-solving capacity. This paper not only deepens the understanding of the mechanism of how critical thinking influences employees’ problem-solving capacity, but also extends the researches on the effectiveness of supporting learning environment, and provides a new concept and useful enlightenment for improving employees’ problem-solving capacity from the perspective of individual’s cognition.

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Self-coping? Self-sinning? The “Social Dilemma” in Organizational Politics Research

Yan Ming, Xu Naizan, Ma Jie

2022, 34 (12): 206-216.

Abstract ( 181 )

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There is an important research gap in the current organizational politic research, which can be described as a phenomenon of “social dilemma”. In such social dilemma, employees adopt political behavior to cope with the depression in the work. However, such self-serving behavior would form a kind of political climate in the team, which is expected to hurt individual’s well-being. In order to fill this gap, we built an overall theoretical framework of organizational politic research based on the compensatory control theory. We collect data 5 times with one month interval. A total of 249 employees from 83 teams respond to our survey. We use multilevel structural equation modeling (MSEM) to test our hypotheses since our data contain a nested structure. Results of MSEM analysisare as follows. In the individual level, role ambiguity leads to physical and mental health problems and more organizational political behaviors through decreasing sense of self-control. Meanwhile, organizational political behaviors reduces the negative impact of internal control exerted on employees’ well-being. In the team level, organizational political atmosphere leads to a series of physical and mental health problems by reducing their sense of self-control. Intra-team competition exacerbates the negative effect of self-control on organizational political behavior, and also moderates the mediating role of self-control on role ambiguity and organizational political behavior of employees. Our study not only identifies an important research gap to be resolved, but also proposes an integrated theoretical framework for future researches. Moreover, managers can rely on our work to further understand organizational politics in the work, which is of help to more effective managerial interventions.

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Strengthening Relationship or Enhancing Yourself? The Dual-path Mechanism of How Leaders’ Self-sacrifice Influences Employees’ Taking Responsibility

Luo Wenhao, Chen Jiaying, Li Yuhui, Li Pengbo, Guo Xiaoxiao

2022, 34 (12): 217-226.

Abstract ( 207 )

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Based on the social exchange theory and self-concept theory, this study explores the mechanism of how leaders’ self-sacrifice behavior influences employees’ taking responsibility and compares the strength of two mechanisms. By analyzing a three-wave survey sample of 339 employees, the results suggest that leader’s self-sacrifice is positively related to employees’ taking responsibility. The dual-path model indicates a significant indirect effect of organizational-based self-esteem between leaders’ self-sacrifice behavior and employees’ taking responsibility, whereas the mediating role of trust in supervisor is not significant. The current research thus contributes to a deeper understanding of the influence mechanism of leader’ s self-sacrifice behavior and the driving mechanism of employees’ taking responsibility, and demonstrates the different role of social exchange theory and self-concept theory in the relationship between the leader’s self-sacrifice and the employees’ taking responsibility. Finally, this study is likely to facilitate the theoretical integration of leader self-sacrifice researches.

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A Research on Voice Quality Based on Grounded Theory: Content Structure, Measurement and Its Mechanism

Ma Guimei, Ma Hong, Zhang Xu, Ma Bing, Yuan Mingyue

2022, 34 (12): 227-240.

Abstract ( 269 )

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Employee voice behavior is so important to the organization that it remains the focus of theoretical and practical attention. Quality plays a significant role in the effect of voice behavior. Most of the existing studies focus on voice frequency, but few of them pay attention to voice quality. Based on the framework of information quality, this study first explores the content structure of voice quality by using grounded theory methodology, and points out that voice quality includes three dimensions: importance, accuracy and feasibility. Then, using 1059 samples in four stages, a measurement scale of voice quality is developed. Finally, based on the theory of competitive mobility, this study puts forward the mechanism of voice quality on individual career growth. Using a sample of supervisor-subordinate dyads, this research suggests that voice quality affects internal and external career growth through job self-efficacy and leader-member exchange relationship. This study promotes the theoretical research and practical application of advice behavior by defining the content and structure of advice quality, providing operable measurement tools, and preliminarily revealing the function and mechanism.

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A Research on the Mechanism of How Competency Characteristics Influence Job Performance in the Field of Duty Crime Investigation: The Moderating Role of Knowledge Sharing and Trust

Yang Shuya, Yang Mei, Li Hong, Zheng Xuejiao

2022, 34 (12): 241-250.

Abstract ( 96 )

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The selection and training of duty crime investigators is very important for the fight against corruption in China. The effective investigation of duty crimes not only needs the support of law and system, but also depends on the behavior and comprehensive characteristics of investigators, namely competency characteristics. By analyzing the questionnaire data of investigators engaged in duty crime in Beijing, this paper explores the relationship among competency characteristics, trust, knowledge sharing and job performance of investigators engaged in duty crime. The results show that the competency characteristics of job crime investigators can positively predict their job performance, and trust and knowledge sharing have significant positive moderating effects on the relationship between competency characteristics and job performance when the competency characteristics are significant. It is of great significance to understand the mechanism of how the competency characteristics of duty crime investigators influence their work performance for improving the personnel management of duty crime investigators, stimulating their work enthusiasm, improving the efficiency of anti-corruption work, and adapting to the requirements of the public in the new era.

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Investment Bank Relationship, Reputation and M&A Performance——Based on Relational Contract

Yu Pengyi, Chen Xin, Chen Wenting, Yu Yan

2022, 34 (12): 251-263.

Abstract ( 116 )

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The participation of investment banks in M&As can not only enhance the reputation of investment banks but also improve the efficiency of M&As. Based on the relational contract theory, this paper examines the role of investment banks in M&As by taking the listed companies of acquirers who conducted M&As in China’s Shanghai and Shenzhen Stock Exchanges from 2013 to 2016 as the research samples. The results show that the investment bank relationship established by the existing relational contract damages long-term and short-term M&A performance; the reputation of investment banks improves long-term M&A performance; the negative impact of investment bank relationship on M&A performance is more significant among investment banks with lower reputations. Low-efficiency M&As increase the degree of information asymmetry between external investors and acquired companies, which causes adverse selection and moral hazard issues in investment banks, and thus reduces the performance of M&As. This study reveals the influence of investment bank relationship and reputation on M&A performance, and provides empirical evidence and policy inspiration for government functional departments to improve the relevant systems, and further improve the market efficiency of investment banks in M&As.

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Managers’ Information Technology Background and Voluntary Information Disclosure: Evidence from Management Earnings Forecast

Li Ruijing, Li Yukun, Yuan Rongli, Sun Jian

2022, 34 (12): 264-275.

Abstract ( 137 )

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Using a sample of Chinese A-share listed companies from 2005 to 2016, we investigate the relationship between managers’ IT background and voluntary earnings forecasts. The empirical evidence shows that managers’ IT background has a positive impact on voluntary earnings forecast. The effect is more pronounced for firms with more complex business. Further analysis shows that the adoption and implementation efficiency of IT and IS is the channel through which managers’ IT background affects their voluntary disclosure. Finally, we find that managers’ IT background can also improve their disclosure frequency, timeliness and precision. Positions that managers with information technology background work in have different effects on their willingness to disclose information. Our findings enrich the literature on managers’ personal characteristics and earnings forecasts. This paper also provides empirical evidence for firms seeking to improve their governance.

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The In-existence of Ultimate Owner, Corporate Governance and High Quality Audit

Zhang Linyi

2022, 34 (12): 276-287.

Abstract ( 125 )

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There is a new phenomenon that listed companies do not have ultimate owners. Solving the managers agency problem becomes a key issue for corporate shareholders when there is no monitoring from ultimate owners. This paper examines the effect of ultimate owners’ in-existence on high audit quality. The results show that the in-existence of ultimate owners could cause high probability of Big4 auditing and more audit fees. The effect passes on in such a manner that the in-existence of ultimate owners weakens shareholders’ self monitoring and then results in their demand for high quality auditing outside. About the cross-section, this paper finds institutional investor and financial development can be mediators between the in-existence of ultimate owners and high audit quality. This paper also compares multiple large shareholders and management equity incentive’s in terms of their respective effect on high-quality auditing and concludes the former is ineffective but the latter is effective.

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Research on Cooperative Governance Strategy of Transboundary Pollution Based on Multiple Pollutants Damage and Ecological Compensation

Ling Xingyuan, Meng Weidong, Huang Bo

2022, 34 (12): 288-301.

Abstract ( 93 )

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From the perspective of multiple pollutants (non-cumulative and cumulative pollutants) causing different damage to the environment and ecological compensation mechanisms, the optimal control theory is used to construct a game model of optimal control of transboundary pollution in two adjacent areas composed of the acceptance area and the compensation area. The strategies of environmental pollution control under Stackelberg non-cooperative game and cooperative game are analyzed, including pollutant emission, investment in environmental pollution control and ecological compensation coefficient. At the same time, the dynamic changes of pollutant stock and investment stock of environmental pollution control are discussed, and the optimal solutions in these two cases are compared and analyzed. The theoretical and simulation analysis results show that the optimal ecological compensation coefficient of the compensation area under the Stackelberg game only depends on the income of environmental management in these two regions, but has nothing to do with other factors. However, under the cooperative game, each region will consider the losses caused by its non-cumulative pollutant emission to its neighbors, and the region will increase investment in environmental pollution control. The cooperative surplus is affected by the damage of cumulative pollutants stock and the damage of non-cumulative pollutants to adjacent areas, but it is not related to the damage of noncumulative pollutants to its own area. Whether it is Stackelberg non-cooperative game or cooperative game, the pollutant stock and pollution control investment stock are affected by their initial stock and other factors, showing a diversified dynamic path.

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Involution Tendency and Reassessment of the Policy Effect of Establishing National-level Development Zones——Quasi-natural Experiment Analysis Based on 271 Prefecture-level Cities

Huang Xinzao, Zhao Bo, Luo Xiaojuan

2022, 34 (12): 302-311.

Abstract ( 98 )

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National-level development zones are the backbone to promote economic growth, upgrade industrial structure and attract foreign investment. They are also the main battlefield to promote China's high-quality economic development. Therefore, both the central government and local governments are motivated to promote local economic development by establishing (applying for) national-level development zones. However, due to the involution tendency typical of the development zone's own development model, is the policy effect of establishing a national-level development zone as usual or weakening? Using the data of 271 prefecture level cities and taking the National-level High-tech Development Zones (NHDZ) as an example, this paper uses the synthetic control method to compare the policy effects of the establishment of NHDZ in 2010 and 2012. It is found that the establishment of NHDZ are still effective policies to promote local economic development, but (1) in terms of driving economic growth, compared with the establishment in 2010, the NHDZ established in 2012 have weakened their role in driving local GDP growth. 2017 alone saw an average decrease of RMB154 million; (2) In terms of driving the transformation of growth mode, the role of NHDZ established in 2012 decreased by an average of 0.33. It can be seen that the policy effect of the establishment has been weakened, which indirectly proves that there is a involution tendency in the NHDZ. Therefore, in the new development stage, governments at all levels should lower their expectations for the policy effects of the establishment of the NHDZ, focus their policies on the establishment of involution avoidance mechanism in the NHDZ, promote the transformation and upgrading of the NHDZ and achieve constructive growth.

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Research on the Efficiency of China Health Service System Based on Three-stage DEA

Yu Benhai, Wang Ting, He Chuang, Zheng Liwei, Guo Shouwei

2022, 34 (12): 312-321.

Abstract ( 144 )

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The construction of health services is a hot issue that governments and the general public are concerned about. This paper takes primary medical and health care institution, hospitals and professional public health institutions as the research object; takes human and capital as the input index in the health service system; selects the output index from the main service items of the medical institutions; selects the per capita GDP, population density and government health expenditure as the environmental variables from three aspects: macroeconomy, social environment and policy support; and uses the three-stage DEA model to calculate the efficiency of health service system from 2010 to 2017. The empirical results show that: the efficiency of health service system is on the high side without considering the influence of environment and random interference. SFA regression analysis shows that external environment and random interference are important factors affecting the efficiency of health service system. The increase of per capita GDP and population density has little effect on the efficiency of health service system. Increased government health spending can drive efficiency improvements in health service system. After excluding the influence of factors, the average comprehensive efficiency of health medical service system is 0.802, mostly in a state of increasing scale. The largest decline in comprehensive efficiency occurs in Beijing, Tianjin and Hainan in the east region, Jilin in the central region, and Tibet, Ningxia and Qinghai in the west region. However, the overall efficiency is the highest in the east region and the lowest in the west region. The research further shows that the rational allocation of medical resources, the promotion of high-quality medical resources to the grass-roots level, and the improvement of the medical technology level of primary medical institutions will help to improve the overall efficiency of the regional health service system.

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The Evolution Process of Value Co-creation Driven by Digitalization on the Intelligent Medical Services Platform: A Case Based on Service Ecosystem and Knowledge Integration

Jian Zhaoquan, Tan Yanxia, Liu Nian

2022, 34 (12): 322-339.

Abstract ( 283 )

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Using digital technology to co-create value and move towards intelligent medicine has become an effective way for medical service firms to break through the development dilemma. However, the existing studies have not fully revealed the evolution process and internal mechanism of value co-creation in the scenario of intelligent medical service. Based on the perspective of service ecosystem and knowledge integration, this study analyzes the evolution process and mechanism of value co-creation in the context of health care services. It is found that the evolution path is driven by digitalization to realize knowledge integration and value co-creation goes through three stages. In the exploration stage, the capture-discovery mechanism drives knowledge cognition to form actor engagement and reach the value of consensus. In the linkage stage, the linkage-trust mechanism drives knowledge transfer to form a joint-up community and achieve the value of sharing. In the advanced stage, the network-cooperation mechanism drives knowledge fusion to form value network-coupling and value network-integration, and achieve the value of symbiosis and the value of a win-win situation. Digital empowerment, digital-enabling and digital enablement play an important driving role in different stages of value co-creation. This study contributes to a deeper understanding of value co-creation driven by digital technology, which provides a reference for integrating high-quality expert resources, realizing resource sinking, helping hierarchical diagnosis, and meeting the growing market needs of medical resource sharing.

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From “Access” to “Expansion”: A Multiple-case Study on the Legality of Technology-based Private Enterprises in Restricted Markets

Ding Yiwen, Zhou Yang, Zhou Dongmei, Lu Ruoyu

2022, 34 (12): 340-352.

Abstract ( 105 )

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Since the 18th National Congress of the Communist Party of China, the integration of civil industry and military industry has been highly concerned and widely practiced. With the rapid development of civilian participation in the military industry, some private enterprises have successfully entered the military industry market, but most of them are still restricted by the system and mechanism and are isolated from the military industry market. In addition, the academic community still knows little about how private enterprises could obtain their legitimacy in the military industry market. Based on the legitimacy theory, this paper analyzes the above issue from the perspective of the path evolution of private enterprises entering the military industry market, using the combination of horizontal comparison and vertical analysis. The research finds that: when entering the military industry market, private enterprises have gone through multiple stages from “access” to “expansion”, and need to obtain triple legitimacy: normative legitimacy, regulatory legitimacy and cognitive legitimacy; based on their own resource endowment, strategic objectives and cooperation network, enterprises adopt different ways to obtain legitimacy. The research conclusion is helpful to private enterprises’ practice and the relevant researches.

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