Management Review

The Moderating Effect of Improved Environmental Information Disclosure on Environmental Taxation: Based on China's Environmental CGE Model

Liu Yu, Yang Shunxiang, Zhang Jinzhu, Zhou Meifang, Liu Yawen, Zhang Wei

2023, 35 (2): 3-15.

Abstract ( 249 )

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Environmental tax as a formal means and environmental information disclosure (EID) as an informal meas of environmental regulation have been widely studied and discussed. However, existing researches focus mainly on the effect from only one of the two means, with little attention to the interactive effect from both, especially to the effect of improved EID on environmental taxation. Therefore, based on the input-output table and pollutant emission data of 139 sectors in 2012, we construct the China's Environmental Computing General Equilibrium Model (CGE) to analyze the indirect effects of improved EID on environmental taxation and the spillover feedback effects among sectors. The results are as follows. (1) Improved EID could greatly offset the negative economic impact of environmental taxation. When EID is not considered, GDP decreases by 0.19%. When improved EID is considered, GDP decreases by only 0.10%. (2) The moderating effect is significantly heterogeneous in reducing emissions, as evidenced by a 0.02% and a 0.01% decrease respectively of SO₂ and NO_X emissions, but a 0.01% and a 0.02% increase respectively of COD and NH₃ emissions. (3) Improved EID has a much larger effect of driving economy than its effect of enhancing environmental tax's role in emission reduction In addition, at the industry level, improved EID can stimulate energy consumption to shift from high-emission coal to low-emission energy products. Therefore, environmental tax policies should be coupled with the construction of EID system in order to effectively reduce the economic cost of reducing emissions.

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Collaboration of “Urban Minerals”

Chen Liqiang, Gao Ming, Liang Kairong

2023, 35 (2): 16-27.

Abstract ( 142 )

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The development and utilization of "urban minerals" is a complex process with multiple agents and multiple stages. This paper starts from five main agents and extracts thirty-five behavioral influence factors to construct a multi-agent collaborative evaluation index system for the development and utilization of urban minerals. To reflect the indicators' relevance, based on the multi-agent collaborative questionnaire, the ANP is used to calculate the indicator weights, which are then used as the input of the BPNN model. The collaborative evaluation model is constructed by analyzing the BPNN model's principle, and the training, testing, and verification of the BPNN are carried out with multiple sets of samples as the prior samples. It is found that social environment, environmental responsibility, transportation cost, recovery cost, and market environment are the key indicators that affect the multi-agent coordination of urban minerals, and there is heterogeneity in index weights of enterprises of different nature and sizes, which provides a certain decision-making reference for the development and utilization of urban minerals.

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A Study on the Heterogeneous Impact of New Infrastructure Construction Empowering High-tech Industries——An Empirical Test Based on a Spatial Panel Econometric Model

Ji Kaiwen, Luo Luyi, Qi Jiangbo

2023, 35 (2): 28-37.

Abstract ( 157 )

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New infrastructure construction, as an important strategic initiative of China in recent years, still has certain shortcomings in the process of empowering high-tech industries, despite it can promote the integration and upgrading of a new generation of information technology and manufacturing. In order to explore the heterogeneous influence of the new infrastructure construction level on the development of high-tech industries, this paper objectively and systematically evaluates the level of new infrastructure construction in each province from 2013 to 2018, and empirically analyzes this influence mechanism using spatial panel econometric methods. The study shows that:(1) the level of new infrastructure construction has a "U-shaped" impact on the development of high-tech industries. In the short term, the current level of new infrastructure construction has a dampening effect on the development of high-tech industries; in the long term, when the level of new infrastructure construction reaches a certain stage, it will empower the development of high-tech industries. (2) The direct spatial effect of new infrastructure construction is significant, but the spatial spillover effect is still debatable, and the regional connectivity function of new infrastructure construction has not yet been fully played. Based on the findings of the study, corresponding countermeasures are proposed in three aspects:promoting new infrastructure connectivity, enhancing the level of new infrastructure empowerment and facilitating the inherent integration and interaction of new infrastructure.

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The Income Distribution Effect of Free Trade Zone——Empirical Evidence from China's Listed Companies

Xu Chenxi, Dong Qichen, Xu Jiangbo

2023, 35 (2): 38-51.

Abstract ( 169 )

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Free trade zone is a "test field" for a new round of reform and opening up against the backdrop of both international and domestic economic circulation. The new development pattern has to be underpinned by higher-level domestic demand and household income. Therefore, finding how to deepen the reform of income distribution is a challenging task for China's high-quality economic development. Based on the free trade zone policy as the natural experiment, this paper adopts the multi-period differential method to test the influence of free trade zone policies on the labor income share of enterprises with the sample of Shanghai and Shenzhen A-share listed companies from 2009 to 2019. The study finds that free trade zone policies significantly improve the labor income share. Further analysis finds that free trade zone policies improve labor income share mainly by improving enterprise competition environment, play a more significant role in promoting the labor income share of non-state-owned enterprises, the service industry and coastal enterprises, and show a certain microeconomic effect. These findings not only provides a new explanation for how the labor income share of micro enterprises is affected, but also provides policy reference for improving the policy construction of free trade zone and deepening the reform of income distribution system.

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Impact of Digital Finance on Commercial Bank Credit——The Empirical Evidence from 1,326 Commercial Banks in Prefecture-level Cities

Chen Yongliang, Ling Aifan

2023, 35 (2): 52-69.

Abstract ( 201 )

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The various emerging investment and financing services based on digital technology led by BigTech have achieved rapid growth in recent years because of the low access threshold, which enables numerous long tail customers excluded by commercial banks to obtain basic financial services. The question that whether the development of digital finance will promote or restrain commercial bank lending arouses our interest. We match the Peking University Digital Financial Inclusion Index with the loan data of 1,326 prefecture-level commercial bank branches to carry out an empirical study. The results show that digital finance can both significantly promote and restrain commercial bank lending. Specifically, the coverage breadth of digital finance will promote commercial bank lending. With one standard deviation increase in the Coverage Breadth Index of Digital Financial Inclusion, the bank loan increases by 18.64%. Meanwhile, the usage depth of digital finance will restrain commercial bank lending. One standard deviation increase in the Usage Depth Index of Digital Financial Inclusion will reduce bank loan by 11.94%. We refer to the above two cases as spillover effect and extrusion effect of digital finance on commercial bank lending respectively. After considering endogeneity and robustness tests, both effects still exist simultaneously. The paper further examines the heterogeneous impacts of digital finance on commercial bank lending from the perspectives of regional differences and commercial bank heterogeneity, and verifies the internal mechanism of spillover effect and extrusion effect of digital finance. The findings of this paper are obviously of reference value to the development of digital finance, the transformation of commercial banks and the reform of financial industry.

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The Pricing Reform of Registered New Shares and IPO Quality: Based on the Perspective of Technological Innovation

Zhu Wenda, Hu Jie, Dong Yinhong

2023, 35 (2): 70-78.

Abstract ( 128 )

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A specific real options model is proposed through adding IPO pricing cap and innovation, and the optimal IPO timing and the market value of innovative enterprises are justified under regulatory and non-regulatory regime. Our results show that the IPO pricing reform of the registration system can 1) improve the IPO valuation of high-quality innovative enterprises, 2) enhance the listing enthusiasm of high-quality innovative enterprises, and 3) encourage high-quality innovative enterprises to be listed earlier by reducing the option cost and listing threshold. The conclusions can help the understanding for promoting the registration reform and improving the quality of listed enterprises in China from a theoretical perspective.

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The Impact of Coordinated Adjustment of Birth Policy and Education Policy on Macro-economy under the Background of Ageing

Yang Shuyue, Chen Zhen

2023, 35 (2): 79-93,170.

Abstract ( 165 )

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Can the mere adjustment of birth policy have a material effect on the aggravation of ageing population and the maintenance of economic growth in China? In the face of the short-term pain brought to families by the adjustment of fertility policy, can it be alleviated through the coordinated adjustment of both birth and education policies? To answer the question, this paper uses a three-phase intergenerational transition model to make a theoretical study on how the coordinated adjustment of both policies in response to population ageing affects Chinese household savings, education investment decision-making and economic growth, and carries out a simulation analysis and a policy evaluation according to China's actual data and parameters. The concludions we reach are as follows. (1) Although the impact of population ageing on household saving rate and potential economic growth rate is uncertain in theoretical analysis, the simulation results of real data show that the degree of population ageing in China has brought certain adverse effects on household saving rate and economic growth. (2) To a certain extent, increasing the fertility rate can alleviate the adverse impact of ageing on economic growth, but only relying on the adjustment of fertility policy will lead to the decline of family utility, which can't effectively improve the family fertility rate and maintain economic growth. (3) Appropriately reducing the price of education commodities (providing subsidies for the price of education commodities) and increasing the proportion of public education investment in the national financial expenditure can help alleviate the pain of utility decline caused by the increase in the number of children born in response to the policy, and can strengthen the promoting effect of the adjustment of birth policy on economic growth.

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Will Management Innovation Improve Competitive Advantage through the Non-linear Mediating Effect of Bricolage in SMEs: The Moderating Effect of Leader-Follower Cognition Congruence for Management Innovation

Ye Baosheng, Yu Chuanpeng, Lin Chunpei, Chen Qi

2023, 35 (2): 94-105.

Abstract ( 176 )

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Considering the resource constraints in small and medium-sized enterprises (SMEs), this paper explores whether management innovation (MI) will improve SMEs' competitive advantage (CA) via the non-linear mediating effect of bricolage and analyzes the moderating effect of leader-follower cognition congruence (LFCC) for MI, according to the perspective of capacity building and the theory of individual-environment fit. Taking 453 manufacturing SMEs from the two-wave survey data in the South China area as the objects, this paper tests the research hypotheses by using the techniques of the three-step curve test, bootstrap, and John-Neyman analysis. The results show that:(1) MI has a "diminishing marginal" effect on CA in SMEs, but the effect of "too much of a good thing" between MI and CA is not supported. (2) At the average level of LFCC, bricolage plays a non-linear mediator role, contributing to the effects of "decreasing margin" and "too much of a good thing" between MI and CA because MI has an inverted U-shaped relationship with bricolage. (3) At a higher level of LFCC, the negative effect in the inverted U-shaped curve between MI and bricolage is suppressed. Hence, bricolage contributes to the only effect of "decreasing marginal" between MI and SMEs' CA, and the "too much of a good thing" effect is not supported, which complies with result 1. The results above explain the non-linear mechanism of how MI enhances SMEs' CA and the conditions that are relied on in the case of resource constraints, and provide some insights for SMEs to improve their MI.

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Gamification Nudges User Engagement on Open Innovation Platforms

Wang Xin, Zhu Hong, Pan Wanteng, Liu Huimin

2023, 35 (2): 106-115.

Abstract ( 153 )

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Innovation activities have transformed from the traditional firm-driven type to the user co-creation type. Open innovation platforms couple the innovation demands of enterprises and the supply of users' innovation ability, and strive to make the source of innovation fully surging. However, the degree of user-engagement is severely insufficient. So, it is important both theoretically and practically to find out how to design an open innovation platform mechanism that can enhance user engagement. We propose that gamification design might facilitate user engagement. Based on the evidence from the world's largest data science open innovation platform, Kaggle, this study explores the impact of reward and coopetition on user engagement behaviors and reaches the following conclusions. (1) The amount of reward money has a positive impact on user engagement; (2) the number of prizes negatively moderates the impact of reward quantity on user engagement; (3) restricting team size negatively moderates the impact of reward quantity on user engagement; and (4) banning team merger in the later stage does not affect user engagement. The current research enriches the theoretical accumulation in the field of innovation management, and provides practical implications for open innovation sponsors and managers to design rewards and organize activities in order to enhance user engagement.

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Servitization of Manufacturing, R&D Innovation Input and Enterprise Performance: An Empirical Research Based on Technology-intensive Enterprises

Luo Jianqiang, Pan Rongrong, Yang Zichao

2023, 35 (2): 116-125.

Abstract ( 122 )

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Servitization is an important way for manufacturing enterprises to transform, upgrade and increase value. R&D innovation input helps enterprises to upgrade their product technologies and value chain. This research selects the panel data of Chinese technology-intensive manufacturing enterprises listed in the period between 2013 and 2019 to study the relationship between servitization of manufacturing, R&D innovation input and enterprise performance. The results show that servitization of manufacturing and enterprise performance are in an inverted U-shaped relationship. R&D innovation input is positively correlated with enterprise performance. R&D innovation input plays a positive moderating role in the relationship between servitization and enterprise performance. Further analyses find that the service paradox inflection point appears when the servitization degree is about 0.47, but R&D innovation input can delay the arrival of service paradox. Compared with the state-owned enterprises, the service paradox inflection point of private enterprises lags further behind, but R&D innovation input has a better effect of alleviating the service paradox of state-owned enterprises. Based on the prediction of non-seasonal Holt-Winters addition index model, it can be found that there will be no service paradox in China in the short term. The research results reveal that servitization and R&D innovation input are an important channel for the high-quality development of manufacturing enterprises, which can broaden and enrich the research perspective for improving the value creation ability of manufacturing enterprises.

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Does the Transactions of Related Large Customers Affect Technological Innovation?——Evidence from A-share Listed Companies

Fang Jian

2023, 35 (2): 126-134,192.

Abstract ( 89 )

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Being a special type of transactions, related party transaction is a key factor that affects the management of enterprises. Few researches take the perspective of supply chain risk management to explore the inherent mechanism of how the transactions of related large customers impact the technological innovation of enterprises. Based on the analysis of A-share listed companies from 2016 to 2017, this study finds that the transaction of related large customers not only have a positive relationship with the input of technological innovation but also have an inverse-U shaped relationship with the output of technological innovation. Because the real earnings management plays a mediating role between the transactions of related large customers and the output of technological innovation, a larger input into technological innovation does not lead to a larger output from technological innovation when the related large customers are much bigger than other customers. Financing constraints restrain the impact of related large customer transactions on the output of technological innovation. Internal controls alleviate the impact of related large customer transactions on the input of technological innovation. There is a significant positive relationship between the transactions of related large customers and the technological innovation in stated-owned enterprises, older enterprises and less competitive enterprises.

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The Improvement of Key Inventor Innovation Performance under the Pre-research Context: A Combined Perspective of Knowledge Network and Collaboration Network

Sun Xiaoming, Liu Cai, Su Yi, Wang Yalan, Xiang Rui

2023, 35 (2): 135-146.

Abstract ( 101 )

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Based on the pre-research context of technology replacement in the communications industry, this paper studies the relationship between key inventors' knowledge network and collaboration network combination models and their innovation performance based on knowledge base and resource-based theory, and discusses the effect of different combination models. The empirical analysis shows that the strength of the positive impact on the improvement of key R&D performance is in the order of combination mode 1 (stronger decomposition + more structural holes), combination mode 2 (stronger decomposition + less structural holes), and combination mode 3 (weaker decomposition + more structural holes). The research results consider the combination characteristics of collaboration network and knowledge network, provide new research perspectives and empirical evidence for revealing the influence mechanism of key inventors' innovation performance, and have important reference for key inventors to construct and ‘prune’ a reasonable innovation network structure.

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An Empirical Research on Industry-University-Research Cooperation and Corporate Innovation Quality

Wang Jingyu, Liu Changcui, Zhang Hongliang

2023, 35 (2): 147-155.

Abstract ( 161 )

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Through collecting and sorting out the data of industry-university-research cooperation of listed companies in 2010-2018 by hand, the difference-in-difference model is used to study the impact of industry-university-research cooperation on corporate innovation from the perspective of innovation quality. It is found that the cooperation between industry-university-research institutes is conducive to the improvement of the quality of enterprise innovation. In addition, the absorptive capacity of enterprises plays a positive regulatory role in the relationship between the cooperation and the quality of innovation. The improvement of market competition is conducive to the improvement of the quality of the cooperation and innovation. After further dividing the industry university research cooperation into two modes:joint construction and expert joint, the results show that compared with the expert joint mode, the joint construction mode plays a more significant role in promoting the innovation quality of enterprises.

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The Influence of Environmental Regulation Instruments on Enterprises' Preference for Green Technology Innovation

Wang Yan, Yu Lihong

2023, 35 (2): 156-170.

Abstract ( 157 )

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The impact of regulations on the cost of pollution reduction is affected by the characteristics of regulatory instrument and the cost structure of enterprises, which leads to different decision-making results of pollution control. This paper firstly constructs a theoretical model based on the profit maximization to analyze the impact of price regulation and quantitative regulation on the selection of the kind of green technology innovations for enterprises. And then the nested logit model is used to test the impact of environmental regulation instruments on the preference of green technology innovation. The findings are as follows. (1) price-based regulations are beneficial to end-treatment of pollution, while quantitative regulation tends to reduce pollutant production by reducing output. When considering green technology innovation, the emission reduction effect of environmental regulations is affected by the improvement of green technology. (2) Different types of environmental regulation instruments have heterogeneous effects on the choice of green technology innovation. Price-based regulation tools are more conducive to reducing pollution emissions through the introduction of pollution control technology, while quantity-based regulations and command-based regulations are inclined to bring about more green production technology innovation. (3) The regional difference of price-based environmental regulation is the most obvious, while the imperative regulatory regulations only have regional heterogeneity of impact degree, and have no influence on bias heterogeneity. The regional heterogeneities of various influencing factors and the environmental regulation instruments ultimately result from the trade-off between the marginal cost and the marginal utility of enterprises in pollution control.

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Government Support and Business Model Innovation in New Venture——Based on Knowledge-based Theory and Socio-cognitive Theory

Wang Lingling, Zhao Wenhong, Wei Zelong, Xiong Zhuang

2023, 35 (2): 171-180.

Abstract ( 167 )

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Based on knowledge-based theory and socio-cognitive theory, this study explores how government support affects business model innovation through knowledge strategies, and how socio-cognitive traits moderate the relationships between government support and knowledge strategies. Results from a sample of 217 new ventures demonstrate that, government support promotes business model innovation through exploration and exploitation. Furthermore, entrepreneurial alertness strengths the positive effects of government support on knowledge strategies while self-efficacy weakens this relationship.

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How do the Quality Assurance Mechanisms Influence the Online Sales of Experiential Products on an E-commerce Platform? Complementary Roles and Time Effects

Zhu Zhen, Liu Qi, Yao Tiantian, Lin Feiyan

2023, 35 (2): 181-192.

Abstract ( 123 )

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Due to the asymmetry of experiential product quality disclosure in e-commerce platforms, it is necessary to design a variety of quality assurance mechanisms to ensure that consumers have the right to know quality information. Previous studies mainly focus on the self-generated quality assurance mechanism such as word of mouth (WOM), but lack systematic researches on the certification-based quality assurance mechanism. This study capitalizes on the opportunity that a quality disclosure strategy adjustment of Ctrip.com in June 2017, using online sales data of outbound tourism products to study the coupling effect between two quality assurance mechanisms and the stimulating effect on online sales. The three main findings are as follows. First, spontaneous-constructed WOM valence has an inverted U-shaped relationship with online sales in the short term of the policy shock. Second, the certification-based quality disclosure mechanism will improve the sales through disclosure transparency in the short term, and in the long term increase the sales through the quality certification level. Third, the two quality assurance mechanisms have different coupling effects at different time, which have an exclusion effect on low-quality products and a cultivation effect on high-quality products. This study improves the classification of quality assurance mechanism and the explanation of its action mechanism, and widens the thinking in relation to product quality governance of the platform.

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Research on the Mechanism of How Positive E-commerce Network Word-of-Mouth Influences Consumers Green Consumption Intention

Zhang Wei, Wang Xiao, He Dongxia

2023, 35 (2): 193-204.

Abstract ( 217 )

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Green consumption is a consumption behavior that emphasizes sustainable development, and promoting green consumption is a profound change in the field of consumption. E-commerce network word-of-mouth (E-WOM) is a powerful information dissemination method and an important reference for consumers before making decisions. Positive e-commerce network word-of-mouth can motivate consumers toward green consumption, thereby stimulating and releasing their green consumption needs. In order to explore how positive e-commerce network word-of-mouth influences consumers' green consumption intentions, this paper builds an impact mechanism model based on the theory of planned behavior, collects data through questionnaires, and uses regression methods for empirical analysis. The research results show that:positive E-WOM has a significant positive impact on consumers' green consumption intention; positive E-WOM has a positive effect on consumers' attitude towards green consumption, subjective norms of green consumption, and control of green consumption perception behavior; consumers' green consumption attitude, green consumption subjective norm, and green consumption perception behavior control all play a mediating role in the relationship between positive online word of mouth and green consumption intention. The research conclusions are helpful for the shopping platform to manage the online word-of-mouth reasonably, give full play to the advantages of word-of-mouth marketing, and promote the marketing of green products.

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Mechanism of Performance Pressure's Two-way Influence on Work-Family Balance

Wei Caiyun, Zhang Lanxia

2023, 35 (2): 205-215.

Abstract ( 182 )

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Based on the work-family resource model and 316 two-point questionnaires, this study uses structural equation model to explore the mechanism of performance pressure's two-way influence on work-family balance, and verifies the mediation function of workplace anxiety and work absorption, as well as the moderation function of prevention and promotion regulatory focus. The results are as follows. Performance pressure is positively related to workplace anxiety, which worsens work-family balance, but it is also positively related to employees' devotion to work, which improves work-family balance; defensive regulatory focus moderates the relationship between performance pressure and workplace anxiety, and moderates the indirect effect of performance pressure on work-family balance through workplace anxiety. However, neither the promotive regulatory focus' moderating effect on the relationship between performance pressure and devotion to work, nor the moderating effect that performance pressure has on the indirect effect on work-family balance through devotion to work is significant.

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Voice Non-endorsement and Employee Work Outcomes from the Perspective of Affective Events Theory

Wu Song, Weng Qingxiong, Zhang Yue

2023, 35 (2): 216-227.

Abstract ( 181 )

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Whether and how the leaders' negative response to employees' voice (e.g. voice non-endorsement) influences employee work outcomes has long been ignored by researchers. Based on affective events theory, this study investigates the mediating role of employee work frustration and the moderating role of employee self-efficacy for emotional regulation in the relationships between voice non-endorsement and employee work outcomes (e.g. job satisfaction, voice behavior and counterproductive behavior). Results indicate that:(1) voice non-endorsement is negatively related to employee job satisfaction and voice behavior, and positively related to counterproductive behavior; (2) work frustration partially mediates these relationships; (3) emotional regulation self-efficacy has a moderating effect on the relationships between voice non-endorsement and work frustration, such that positive association is weaker for employees who have high emotional regulation self-efficacy; and (4) emotional regulation self-efficacy moderates the mediating effect of work frustration. Finally, we discuss the implications, limitations and future research directions of this study.

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The Costs of Forgiveness: The Study on the Relationships of Leader Forgiveness, Employee Moral Disengagement with Workplace Deviance

Zhang Junwei, Zhang Yajun, Yin Changqin, Lu Lu, Zhu Qiquan

2023, 35 (2): 228-236.

Abstract ( 198 )

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Most previous studies have shown that leader forgiveness is associated with positive outcomes. Yet, few studies have examined its negative effects. Thus, our study investigates the association between leader forgiveness and employee workplace deviance, and tests the mediating role of employee moral disengagement and the moderating effect of employee empathy. We use Hierarchical Linear Modeling to examine our hypotheses by analyzing a sample of 306 employees and 71 department supervisors. The results show that employee empathy moderates the link between leader forgiveness and employee moral disengagement. When employee empathy is low, there is a positive relationship between leader forgiveness and employee moral disengagement, but a non-significant link when employee empathy is high. Furthermore, the indirect effect of leader forgiveness on employee workplace deviance via moral disengagement is significant when employee empathy is low, whereas the indirect effect is not significant when employee empathy is high.

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The Operation Performance of Family Second Generation Heirs: A Study Based on Gender Differences

Luo Jinhui, Peng Chenchen

2023, 35 (2): 237-251,267.

Abstract ( 178 )

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As more and more family firms come to the stage of generation succession, the question regarding the operation performance of family second generation heirs, particularly those female ones, has drawn intense attention from the public. In this context, based on a data set of 3,135 firm-year observations from Chinese family-controlled listed companies during the period of 2007-2018, this study investigates the performance of family second generation heirs from the perspective of gender differences. We find that compared with family firms succeeded by female second-generation heirs, family firms succeeded by male second-generation heirs display significantly higher performance, indicating that male second-generation heirs perform better than female ones. We employ firm-fixed effects model, propensity score matching model and instrumental variable two-stage regression model to tackle the problem of endogeneity, and find that our findings are robust. Furthermore, the influence mechanism analysis reveals that as males have an inborn nature of risk taking in comparison with females, family firms managed by male second-generation heirs tend to be much more risk-taking, thereby helping improve firms' future performance. Moreover, due to the influence of traditional preference for sons over daughters, male second-generation heirs get better succession training than female ones, that is, male second-generation heirs have significantly longer training time in family firms and are more likely to stay locally instead of going overseas for accumulating experience and resources, which would be critical for firm operation. In addition, we find that female second-generation heirs' social role as a good wife and good mother is another factor that hinders them from performing better than male heirs. This study not only enriches the relevant literature on family business inheritance and the gender heterogeneity of management, but also has important implications for the current inheritance practice of Chinese family firms.

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Are Donation Amounts by a Firm Related to Its Donation Capacity? Evidence from Free Cash Flow Creativity

Xie Deren, Song Ziwei, Liu Jinsong

2023, 35 (2): 252-267.

Abstract ( 108 )

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This paper adopts free cash flow creativity to proxy for a firm's donation capacity and examines the association between firm's donation capacity and donation amount in China. We argue that strategic donation motivations contribute to the deviations between firm donation amounts and donation capacity, and thus different donation motivations between SOEs and non-SOEs lead to different associations between firm donation capacity and donation amount. Consistent with our argument, we find that non-SOEs with lower free cash flow creativity donate more and this negative relationship is more significant when non-SOEs have stronger incentives to maintain political connections and more likely obtain benefits from government. Second, we document a positive association between firm's donation capacity and donation amounts in SOEs with strong free cash flow creativity. This positive relationship is more significant when SOEs are under the strict internal and external supervision. Lastly, non-SOEs with insufficient donation capacity obtain more accesses to economic resources through donation, as evidenced by more government subsidies and credit preferences, while SOEs do not. Our findings suggest that non-SOEs' donations are dominated more by strategic motivations than by donation capacity, while SOEs' donations are mainly driven by social responsibility motivations. Overall, our study adds to the growing literature on firm donation behavior and helps stakeholders to better understand the intrinsic logic of corporate donation behavior in China.

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Tripartite Evolutionary Game Analysison FRAND Licensing of Standard Essential Patents in the Digital Economy Era

Zhang Junyan, Yang Mohan, Wang Di, Zhang Yunling

2023, 35 (2): 268-279.

Abstract ( 132 )

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In the era of digital economy, fair and reasonable licensing of standard essential patents is a key to maintaining market stability and enhance social welfare. Based on constructing the tripartite game model of government departments, standard essential patent licensing enterprises and standard essential patent implementing enterprises, this study analyzes the interaction mechanism and stability strategies of the three parties by using dynamic evolutionary game and carries out the simulation with the actual case as the background. The results are as follows. (1) Supervision by government departments FRAND licensing by licensing enterprises, and payment by implementing enterprises are an ideal evolutionary stability strategy; (2) The strategy choice of government departments is stable, that of licensing enterprises is of a learning nature and that of implementing enterprises is independent and fast; (3) When government supervision is absent, enterprises will seek legal support, and the success probability and income of litigation affect the strategic choice of both sides; (4) Government departments can reduce the cost of supervision and increase the intensity of punishment in order to provide the game evolution with a reliable path toward ideal state. The research results can provide reference for promoting the healthy and orderly development of related industries.

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The Influence of Organizational Characteristics and Institutional Distance on the Social Responsibility Performance of Foreign Enterprises in China: A Research Based on fsQCA and NCA Methods

Chen Huaichao, Liang Chen, Fan Jianhong, He Zhimin

2023, 35 (2): 280-293.

Abstract ( 114 )

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Taking 52 foreign enterprises in China as research object, the paper uses fsQCA and NCA methods to discuss the relationship between 6 antecedent variables of organizational characteristics (enterprise scale, enterprise profitability and operation experience in China) and institutional distance (regulative distance, normative distance and cognitive distance) and social responsibility performance of foreign enterprises in China from the configurational perspective. The study results are as follows. Firstly, any single factor is not a necessary condition leading to high/non-high social responsibility performance of foreign enterprises in China, but cognitive distance plays a prominent role. Secondly, there are five configurations that lead to high social responsibility performance of foreign enterprises in China, in which there are two groups of second-order equifinal configurations. The first group of second-order equifinal configuration can be named as "non-high profitability, high operation experience and non-high cognitive distance" dominated type. According to the peripheral conditions, this second-order equifinal configuration can be divided into "non-high scale, non-high normative distance" assisted type and "non-high scale, high regulative distance" assisted type. The second group of second-order equifinal configuration can be named as "high scale, high operation experience and non-high normative distance" dominated type. According to the peripheral conditions, this second-order equifinal configuration can be divided into "high profitability, non-high cognitive distance" assisted type and "high regulative distance, non-high cognitive distance" assisted type. The fifth configuration can be named as non-high operation experience assisted type dominated by "high scale, high profitability, high regulative distance and non-high normative distance". Lastly, there are three configurations leading to non-high social responsibility performance of foreign enterprises in China, and these configurations have an asymmetric relationship with the driving mechanism of high social responsibility performance.

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To Disperse or to Concentrate: Customer Concentration and Firm Performance

Zhao Shan, Li Guihua

2023, 35 (2): 294-305.

Abstract ( 173 )

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Maintaining the relationship with major customers is one of the important sources for firms to obtain competitive advantages and high profits. However, financial dependence and resource allocation for a few major customers may lead to suboptimal results for the overall performance of firms. Based on the data of A-share listed companies in Shanghai and Shenzhen from 2008 to 2017, this paper empirically tests the relationship between customer concentration and firm performance and the potential mechanism of internal and external factors on the relationship. The results show that customer concentration has a negative impact on firm performance; the relationship-specific investment and industry competition degree both aggravate the negative impact of customer concentration on firm performance; by dividing listed companies into state-owned companies and non-state-owned companies according to the ownership, the study further finds that the negative impact of customer concentration on the performance of non-state-owned enterprises is significantly higher than that of state-owned ones. The research results provide theoretical leverage and practical reference for firms to implement customer relation management and resource allocation decisions.

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Disclosure by Industry and the Structure of Ownership: Evidence from a Quasi-natural Experiment

Zhao Ling, Huang Hao

2023, 35 (2): 306-317.

Abstract ( 113 )

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Based on the quasi-natural experiment of the Shanghai-Shenzhen Stock Exchange's staggered release of information disclosure guidelines for listed companies by sub-sector, this paper empirically tests the impact of disclosure by industry on the structure of corporate ownership. The difference-in-difference model result shows that the implementation of disclosure policies in different industries is associated with an increase in the total number of a firm's shareholders. Specifically, we find that while policy implementation is associated with an increase in share ownership of individual and foreign institutional investors, it is associated with a decrease in share ownership of domestic institutional investors. Further evidence shows that this asymmetric shift in share ownership is more pronounced for more complex firms. This paper not only enriches the relevant literature on the economic consequences of disclosure by industry and the factors of the structure of corporate ownership, but also has an important enlightenment on the reform of information disclosure system in China's capital market.

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Resource Allocation Strategy and Corporate Cash Holdings

Peng Aiwu, Zhang Xinmin

2023, 35 (2): 318-327.

Abstract ( 127 )

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Based on A-share listed companies from 2007 to 2019, this paper examines the impact of resource allocation strategy on corporate cash holdings. The empirical study finds that compared with investment-oriented enterprises, operation-oriented enterprises tend to hold more cash. Further tests show that the nature of property rights and market position have significant moderating effects on the relationship between resource allocation strategy and cash holdings respectively; investment opportunities and internal financing constraints play a partial intermediary role in the impact of resource allocation strategy on corporate cash holdings. This study not only expands and improves the theoretical understanding of cash holdings, further enriches the research literature in related fields, but also has a certain reference significance for enterprises to optimize cash holdings, improve capital utilization efficiency and enterprise value.

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Data Factor Driven High-quality Digital Transformation of Enterprise——A Longitudinal Case Study of Sogal's Intelligent Manufacturing

Xie Kang, Hu Yangsong, Liu Yi, Luo Tingyu

2023, 35 (2): 328-339.

Abstract ( 467 )

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High-quality digital transformation is a key for an enterprise to seek its high-quality economic development, and this is because digital transformation enables data factors to reallocate corporate resources. This paper conducts a longitudinal case study based on Sogal 's transition from mass customization to intelligent manufacturing between 2008 and 2022, and brings about two theoretical contributions. First, it proposes a routine model of enterprise's high-quality digital transformation by defining the concept of high-quality digital transformation from a data-driven perspective, and extracting three realization paths of it:factor reconstruction, factor creation and factor generativity. Secondly, it contributes to the literature of adaptive transformation by revealing that the high-quality digital transformation is exploiting data factors to promote reallocation efficiency of firms' internal and external resources, and clarifying how such reallocation is adaptive to firm's different development stages.

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The Realization Model of Military-civilian Integration Enterprises' Ambidextrous Innovation: A Cross-case Study

Yan Jiaqi, Luo Jinlian, Zhong Jing, Li Shuwen

2023, 35 (2): 340-352.

Abstract ( 151 )

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Independent innovation is a key to fulfilling national mission, establishing integrated national strategic systems and capabilities, and breaking foreign high-tech stranglehold. The ambidextrous innovation theory provides some realization methods to conduct ambidextrous innovation, but lacks a complete theoretical explanation for the selection of realization path of ambidextrous innovation. Based on the case findings of two military-civilian integration enterprises, this research proposes a dynamic evolution mechanism of ambidextrous innovation of military-civilian integration enterprises. The research results show that companies participating in the military sector can be divided into two types:those who are appointed to participate and those who are self-initiated to participate. Specifically, appointed companies are dominated by military ideology and assisted by flexibility, and they achieve technological optimization and upgrading mainly through internal reform-driven innovation path; self-initiated companies are dominated by the flexibility and sense of discipline typical of private enterprises, and they mainly use strategic alliance linkage driven innovation path to optimize technical cooperation and co-play. Radical innovation changes with the development of the integration stage, no matter what type of military participation. The sprout of radical innovation-incremental innovation dominates, radical innovation overflows to incremental innovation, and then develops into a coordinated dynamic evolution of radical innovation and incremental innovation.

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