Management Review

The Role of Joining Industry Associations in Improving the Survival of Member Enterprises: Latest Evidence from Online Lending Industry

Hou Xinyu, Li Guangzhong, Zhang Shuai

2023, 35 (7): 3-13.

Abstract ( 283 )

PDF (1270KB) ( 326 )

To analyze the effectiveness of the reputation mechanism in a typical information asymmetric market of peer-to-peer online lending, this paper develops a three-party evolutionary game model including lending platforms, industry associations and investors. Regarding joining an industry association as a reputation signal, it focuses on analyzing the evolutionary stabilization strategy of the system. Empirical data are collected to verify the reputation-enhancing effect of the industry association. The findings suggest that the effectiveness of reputation mechanism in online lending platforms depends on the certification and screening carried out by third-party institutions, i.e., the active screening by industry associations directly affects the proportion of online lending platforms operating in a self-regulatory manner as well as the survival of the group, and serves as an effective mechanism to achieve an equilibrium separation of high- and low-risk platforms. The empirical results of the coarsened exact matching method reveal that joining industry associations reflects a certain amount of reputation information, which indeed helps platforms strengthen their reputation and thus directly improves the survival of lending platforms. The intermediary effect model supports that the industry association enables the function of social capital empowerment and motivates platforms to apply for and obtain fund depository provided by commercial banks.

References | Related Articles | Metrics

The Impact of Market Segmentation on Carbon Emissions from a Spatial Spillover Perspective——Empirical Evidence from 30 Provinces in China

Pan Xiongfeng, Yuan Sai, Li Jiaqi

2023, 35 (7): 14-27.

Abstract ( 246 )

PDF (1383KB) ( 268 )

Resolving the contradiction between balanced regional economic development and the achievement of carbon emission reduction targets is an important prerequisite for promoting regional market integration and formulating emission reduction policies. Nevertheless, few studies have taken a spatial spillover perspective to explore the mechanisms by which market segmentation affects carbon emissions. Drawing upon China's provincial panel data from 2006 to 2018 and employing spatial Durbin model, this paper tests the direct and indirect (spillover) effects of market segmentation on carbon emissions and further reveals the effect mechanism from a spatial spillover perspective. The findings show that market segmentation has a significant impact on carbon emissions. Local market segmentation has a positive direct effect on carbon emissions while neighboring market segmentation has a negative spillover effect on carbon emissions. Market segmentation promotes the inward shift of carbon emissions closer to home and limits the outward shift of carbon emissions closer to home, but does not inhibit the growth of carbon emissions. In terms of effect mechanisms, market segmentation significantly affects carbon emissions through the effects of economic scale change, industrial restructuring, energy structure optimization and technological innovation. In addition, there is spatial heterogeneity in the impact of market segmentation on carbon emissions between the North and the South, with it being more pronounced in the North.

References | Related Articles | Metrics

Impacts of Economic Structural Change on China's Tax Revenue: A Framework Based on the National Income Circular Analysis

Luo Xiaoqiang, Bao Qin, Wang Shouyang

2023, 35 (7): 28-42.

Abstract ( 260 )

PDF (1357KB) ( 328 )

The relationship between tax revenue and economic growth is fundamental for fiscal policies. The existing researches mainly concentrate on the general macro tax burden or tax buoyancies, while little attention has been paid to the industrial structures and the revenue structures in the economy. This paper studies the mapping between the national economy and the tax revenue based on the social accounting matrix and builds up a general framework to estimate how economic structural change would affect the macro tax burden and tax buoyancies by analyzing how tax revenue participates in the national income circular. Moreover, this paper provides empirical analysis by using China's historical data of tax revenue and economic structures. The results indicate that since the industrial tax rate varies, the economic structural change, especially the share change of industry in the gross domestic product, is the fundamental reason for the change of China's macro tax burden and tax buoyancy. Since the industry share was steady at first and then decreased later on after the 1994 tax reform, the macro tax burden first increased and then decreased, and the tax buoyancy was greater than one at first and then decreased to below one. With China's economic structures continuously changing and the industry share decreasing, it is predicted that if there is no major tax reforms, China's macro tax burden would continue to decrease during the 14th Five-Year Plan (2021-25) time, the tax buoyancy will continue to be below one, and the growth rate of tax revenue will be smaller than the nominal gross domestic product.

References | Related Articles | Metrics

Optimization of Implied Information of Option under Different Investor Sentiment: Research on 50ETF Option in Shanghai Stock Exchange

Yu Mei, Xu Zailin, Yin Fangsheng, Zhang Jianjun

2023, 35 (7): 43-55.

Abstract ( 249 )

PDF (1350KB) ( 339 )

This paper extracts the implied information of the SSE 50ETF options by model-free method to verify its role in volatility prediction. By comparing the portfolio containing implied information and historical information, this paper evaluates the optimization effect of the implied information of options. In addition, this paper also analyzes the portfolio performance of investors in different emotional states. It is found that model-free implied volatility has a certain predictive ability for future realized volatility and can provide incremental information for traditional volatility prediction models. The effect of portfolio optimization with implied volatility is related to investor sentiment and market volatility. This paper firstly introduces option implied information into portfolio construction, and analyzes the optimization effect of option implied information under different investor sentiment. This study provides guidance for investors to use the implied information of options to improve asset allocation and optimize portfolio.

References | Related Articles | Metrics

Rating with a Mask? The Effect of Air Quality on Credit Ratings

Lang Xiangxiang, Tian Yanan, Wu Yuhui

2023, 35 (7): 56-73.

Abstract ( 361 )

PDF (1326KB) ( 278 )

Based on the data of Chinese corporate bonds over 2013-2017, we examine whether bond rating analysts, who are supposed to be unbiased in ratings, are affected by air quality. We find that the released credit ratings are generally lower on days of low air quality, which is consistent with the literature that air pollution can affect the mood of rating analysts. This negative impact is more pronounced when the bond issuers are in high-polluting industries. Nevertheless, intense competition among rating agencies can mitigate this negative impact. Further research reveals that the negative effect of air pollution is stronger if analysts work in heavily polluted areas. In our extension study, we also find that on days of high air pollution, rating analysts are less accurate in issuing credit ratings and investors are less sensitive to ratings adjustments made by rating analysts. Our results are robust to controlling for agency*time fixed effects, as well as additional specifications employing the instrumental variable approach, RDD test and placebo tests. Overall, these findings are consistent with the notion that air pollution represents a hidden cost to the capital market.

References | Related Articles | Metrics

Analysis of New Energy Vehicle Enterprises' Technological Innovation Behavior Based on China's Dual-credit Policy

Rao Yibang, Shu Tong

2023, 35 (7): 74-85,111.

Abstract ( 255 )

PDF (1281KB) ( 423 )

The dual-credit policy implemented by the Chinese government has had a significant impact on the new energy vehicle industry. In order to study corporate-related innovation practices of new energy vehicles, the quantities of patent applications and research and development (R&D) investment are used as the measure of enterprise technological innovation practices, based on the 2009-2019 public enterprise data in the new energy vehicle industry. Also, the benchmark model is deployed to test the specific implementation effect of the dual-credit policy. The findings show that the dual-credit policy has promoted corporate R&D investment to a certain extent and stimulated corporate innovation, whereas what is more manifest is that there is a significant increase in non-patentable inventions. Additionally, the pursuit of innovation quantity is greater than that of innovation quality. Various industrial links of industrial chains in new energy vehicles have a certain degree of heterogeneity in innovation, and the intensity of R&D investment in the field of power batteries and electric motor control is significantly higher than that in the field of complete vehicles. In terms of policy recommendations, further refinement can be made according to the difficulty, depth, and potential value of the enterprises' innovative practices. With regard to high-tech R&D projects, especially the upstream power battery and motor electronic control fields of new energy vehicle industrial chains, increased early support is supposed to promote enterprises' substantial innovation. As regards low-fuel-consumption vehicles, the government should request and encourage the fuel vehicle companies to further upgrade the corresponding technology to reduce fuel consumption continuously. Also, certain discounts can be offered when new energy vehicle points are calculated against the standard value.

References | Related Articles | Metrics

Meaningful Innovation: Conceptual Dimensions, Measurement and Innovation Performance

Qu Guannan, Jie Yuan, Chen Jin, Wang Luyao, Juan Rogers

2023, 35 (7): 86-95.

Abstract ( 277 )

PDF (1277KB) ( 230 )

Meaningful Innovation (MI), as a new paradigm that leads enterprises to actively respond to social demands in the new era and helps them comprehensively improve their sustainable competitive advantages and achieve systematic transcendence, starts to get attention. However, the relevant studies are still to be mature, especially evidenced by the lack of reliable measurement of the key concepts of the MI and the empirical test of the core framework. Based on the existing literature, this study systematically reviews the theoretical basis of the MI, summarizes and identifies its basic framework and core concepts. Furthermore, interview and questionnaire are used to conduct scale development, and reliability and validity test aiming at the five core dimensions of meaningful innovation, and further verify the significant positive influence of meaning orientation (MO) on innovation performance. On this basis, a reliable measurement model of the MI is built in order to provide implications for the further development of this paradigm.

References | Related Articles | Metrics

Does Venture Capital Expertise Affect the M&A Behavior of the Invested Enterprises?——From the Perspective of Industry Selection

Yu Jie, Dong Jing

2023, 35 (7): 96-111.

Abstract ( 150 )

PDF (1371KB) ( 138 )

In this paper, we construct an analytical framework of the relationship between the industry expertise of venture capital and the cross-industry M&A choices of the invested enterprises, and make an empirical test based on the data of China's GEM listed companies from 2011 to 2018. The results show that industry expertise of venture capital plays a promoting role in cross industry M&A with higher risk; the strong absorptive capacity of enterprises promotes the tendency of using venture capital industry expertise to carry out cross industry M&A; the high participation degree of venture capital inhibits the promotion effect of venture capital industry expertise on cross industry M&A; the higher marketization level the acquirer is exposed to, the better able the venture capital industry expertise is to promote cross industry M&A; the industry expertise of venture capital and the investment expertise of venture capital in the industry of M&A target enterprises can help improve the performance of cross industry M&A. This paper is of great significance for exploring the role of financial intermediaries in promoting the important strategy of enterprises, and deepening the understanding of the strategic behavior interaction between venture capital institutions and invested enterprises. It also provides a new theoretical perspective and practical reference for enterprises to carry out cross industry mergers and acquisitions and capital flow across industries.

References | Related Articles | Metrics

Data Element Empowerment, R&D Decision and Innovation Performance——Empirical Evidence from China Industry

Song Wei, Cao Wenjing, Zhou Yong

2023, 35 (7): 112-121.

Abstract ( 302 )

PDF (1242KB) ( 278 )

The new round of technological revolution and industrial reform determine that innovation performance depends not only on the improvement of factor allocation efficiency caused by data factor empowerment, but also on R&D decisions to a great extent. Using China's industrial panel data from 2005 to 2018, this paper estimates the effects of data element empowerment and R&D decision-making on innovation performance. The results show that with the significant improvement of data factor enhanced empowerment on the marginal productivity of traditional factors, exploratory R&D decisions motivated by the pursuit of complementary innovation resources and dedicated high-end assets can significantly improve innovation performance. The biased empowerment of data elements improves the high-end allocation efficiency of traditional elements. Aiming at absorbing the energy level of data elements, promoting the utilization R&D decision of high-end allocation of traditional elements contributes to the improvement of innovation level and has a significant positive effect on the improvement of innovation performance. The above findings have profound policy implications:to improve innovation performance, in addition to strengthening the scalability of data element empowerment, it also depends on a greater extent on unblocking the transmission channel of empowerment, improving the top-level overall planning and market mechanism design of R&D decision-making, so that R&D decision-making can play the leading and guiding role of data element empowerment.

References | Related Articles | Metrics

Green Credit Policy, Credit Resource Allocation and Firm R&D Investment: Empirical Research Based on the Differences-in-Differences Method

Zhang Chaolin, Liu Fenggen

2023, 35 (7): 122-137.

Abstract ( 334 )

PDF (1323KB) ( 226 )

The implementation of green credit policy is practically important for promoting the high-quality development of China's economy. Firm innovation is an important driving force of high-quality economic development, but the related researches on how green credit policy affects firm R&D investment still needs to be enriched and deepened. Based on the Green Credit Guidelines issued in 2012 as an exogenous event to construct a quasi-natural experiment, using the panel data of listed companies in Shanghai and Shenzhen stock markets from 2009 to 2017, this paper uses the DID method to explore the impact of green credit policy on R&D investment of different types of firms. The results show that the green credit policy significantly inhibited the R&D investment of heavily polluting firms, and the inhibitory effect lasted for a long time. However, no matter in the short term or long term, green credit policy did not significantly promote R&D investment of green firms. The internal mechanism test further reveals that the "capital constraint effect" of green credit policy on heavily polluting firms' R&D investment is greater than that of "Porter effect". The reduction of long-term loans of heavily polluting firms is the reason for the significant decline of R&D investment, while the green credit policy fails to increase the long-term debt financing of green firms, thus failing to promote firm R&D investment. The heterogeneity analysis shows that the R&D investment of state-owned heavily polluting firms decreases more obviously than that of private firms, and the R&D investment of heavily polluting firms in low marketization regions is more constrained by the green credit policy, and the R&D investment declines more significantly. The conclusion of this paper shows that the green credit policy plays a significant role in punishing heavily polluting firms, but not in rewarding green firms. Therefore, how to optimize green financial innovation, improve the supporting effect of green credit on green firms, and alleviate the negative impact of green credit on R&D investment of heavily polluting firms will be an important part of the future development of green finance business for banks.

References | Related Articles | Metrics

Cross-ownership and Enterprise Innovation Input: Promotion or Inhibition

Xiao Fang, Ma Yixian

2023, 35 (7): 138-150.

Abstract ( 288 )

PDF (1250KB) ( 129 )

Enterprise innovation activity is embedded in the network of cross-ownership, which is influenced by cross-ownership's advantages of governance and resources, and collusion. Based on the data of A-share listed companies from 2007 to 2019, this paper explores the relationship between cross-ownership and innovation input, and finds that cross-ownership is beneficial to enhancing enterprise innovation input, and the larger number of cross-owners, the more innovation input. The mechanism study shows that the resource governance advantage of cross-ownership significantly improves the level of enterprises risk-taking, which in turn increases the innovation input. The path study finds that the short-term compensation incentive is the main way for cross-ownership to influence the innovation input of enterprises. Furthermore, it is found that cross-ownership increases the innovation input and the innovation output, but not the innovation efficiency. This paper constructs a complete logic of the influence of cross-ownership on innovation input, which provides an explanation of cross-ownership' network connection for understanding enterprise innovation investment decision making. It sheds a light on how enterprises should explore and realize independent innovation in order to enhance their own value and promote high-quality development.

References | Related Articles | Metrics

How to Dispel the Fear of Entrepreneurial Failure? The Impact of Repair Strategy on Re-entrepreneuring Intention

Wang Pengju, Xiong Zhuang

2023, 35 (7): 151-161,184.

Abstract ( 186 )

PDF (1422KB) ( 117 )

Fear of failure has a negative effect on re-entrepreneuring intention, and failure repair plays a key role in eliminating the negative impact and restarting entrepreneurship. However, the existing studies have not formed a systematic theoretical explanation on how to use different types of repair strategies to dispel the fear of entrepreneurial failure and improve re-entrepreneuring intention. Using the scenario experiment method and 289 subjects' data, we explore the relationship between entrepreneurial failure fear, repair strategy, and re-entrepreneuring intention, as well as the boundary conditions of the influence mechanism. Results show that:(1) Fear of entrepreneurial failure has a negative impact on re-entrepreneuring intention. (2) Compared with the emotional repair strategy, the cognitive repair strategy has a more obvious repair effect on re-entrepreneuring intention. (3) Repair strategies moderate the relationship between fear of entrepreneurial failure and re-entrepreneuring intention. When the fear of entrepreneurial failure is high, the cognitive repair strategy can weaken the negative impact of entrepreneurial failure fear on re-entrepreneuring intention. (4) Entrepreneurial resilience positively moderates the relationship between repair strategies and re-entrepreneuring intention. When entrepreneurial resilience is high, the cognitive repair strategy is more effective in repairing re-entrepreneuring intention. The above conclusions provide theoretical guidance for entrepreneurs troubled by fear of failure to choose appropriate repair strategies and gain re-entrepreneuring confidence.

References | Related Articles | Metrics

“Highlighting Strengths while Downplaying Weaknesses” vs “Being Frank and Honest”? A Study on Information Push from the Perspective of Trust

Liao Yichen, Zhou Shuang, Wang Yuyu, Ao Mengqi, Wei Yuzhen

2023, 35 (7): 162-173.

Abstract ( 228 )

PDF (1446KB) ( 367 )

Gaining customers' trust is the key to the success of accurate information push for enterprises. This paper explores how enterprises choose appropriate types of information to enhance customer's trust and purchase intention when product information is pushed to the new and old customers respectively. Based on three experiments, this paper finds that:for new customers, two-sided message can improve their purchase intention, and goodwill trust mediates this process; For old customers, one-sided message can improve their purchase intention, and competence trust mediates this process. Besides, this paper also finds the boundary effect of the rating of products. In particular, the interaction effect of this study is only applicable to those enterprises highly rated or without rating instead of those lowly rated. The research conclusion of this paper not only has practical guiding significance for enterprises to improve the effect of accurate advertising, but also helps to enrich the academic research on the field of one-sided and two-sided message and customer types.

References | Related Articles | Metrics

People Prefer New Products as They Become Older: The Effect of Aging Perception on New Product Purchase Intention

Zhang Huiying, Ding Zhihua, Jiang Xin, Wang Yawei, Xuan Shanqi

2023, 35 (7): 174-184.

Abstract ( 289 )

PDF (1980KB) ( 254 )

With the increasing aging of China's population, the consumption behavior of the elderly has attracted more and more attention, but the research on older consumers' intention to purchase new products needs to be further discussed. From the perspective of aging perception, this paper explores the influence of aging perception on new product purchase intention through four studies. Study 1 verifies that compared with negative aging perception, older consumers with positive aging perception have higher intention to purchase new products. Study 2 tests the mediating role of perception control in the above effects and finds that, compared with the older consumers with negative aging perception, those with positive aging perception have higher perception control ability for new products, and thus have higher purchase intention for new product. Study 3 excludes the alternative explanations of compensation mechanisms. Study 4 finds that social support not only positively moderates the effects of aging perception and new product purchase intention, but also moderates the mediating effect of perception control. In this paper, the mechanism of how aging perception influences new product purchase intention is discussed, and some suggestions are provided for enterprises in terms of market positioning and product service.

References | Related Articles | Metrics

Will Green Consumption Be Contagious?——Social Diffusion Effect and Formation Mechanism of Green Consumption

Wang Jianming, Feng Yu

2023, 35 (7): 185-198.

Abstract ( 320 )

PDF (1345KB) ( 458 )

The social spreading effect of green consumption behavior is increasingly prominent under the mobile internet situation, which plays an important role in promoting the "common green" of the whole society. Taking green consumption as the research starting point, 1056 micro-data are collected through online questionnaire survey to test the social diffusion effect of green consumption and its multiple interaction influence paths in the era of mobile Internet. The research results show that consumers' green purchase behavior, green use behavior and recycling behavior can all promote their intention to care and share green information, forming social diffusion effect; Both product-level and social-level green information play a partial mediating role in the "behavior-sharing" relationship; Marital status and gender roles have partial dual regulatory effects in the first half of the "behavior-concern-sharing" mediation model, but the role of marital status is not stable. On this basis, the dual path behavior diffusion theory is constructed, and the green consumption diffusion mechanisms of "behavior handling behavior (A-C-A)" and "behavior input/output behavior (A-I/O-A)" are proposed. This research extends the theory of green consumption and the theory of social network contagion and diffusion, and provides management enlightenment for society to achieve "common green".

References | Related Articles | Metrics

Leading Poorly under Challenge Stress? Indirect Influence of Team Leader's Challenge Stress on Subordinates' Creativity

Li Jiangjin, Liu Chunlin, Li Hu

2023, 35 (7): 199-208.

Abstract ( 305 )

PDF (1269KB) ( 360 )

While challenge stress has received considerable attention in the literature, current researches generally investigate the positive results of challenge stress on employees themselves but seldom concentrate on its negative results. In fact, good stress for individuals is likely to have a bad influence on others through interpersonal interactions-particularly among unequal leader-member relations. Based on the explicit monitoring theory, leaders may become self-focused under challenge stress, immersing themselves in the coping process of self-participation but ignoring the autonomy of subordinates when they advance work. We introduce this theory to propose that challenge stress undertook by leaders would decrease their empowering behaviors, thus adversely affecting subordinates' creativity. A large-scale investigation survey is conducted by three stages to branch teams of a world's top-500 company located in China's eastern cities of an environment in need of employees' creativity. This paper reveals the process about how team leaders' challenge stress brings negative effects on employees' creativity by the mechanism of leader's empowering behaviors. Moderating effects of leaders' accountability to superiors on the above mediating effect are verified, while the moderating role of leaders' accountability to inferiors is not found. This paper expands the research on the role of work stress from the intra-person effect on oneself to the interpersonal impact of leaders on subordinates, and has implications for the theoretical research and management practice of work stress and creativity in organizations.

References | Related Articles | Metrics

The Effect of Supervisor Incivility from the Perspective of Bystander: A Dual Approach Study of Emotion and Cognition

Zhan Xiaojun, Wan Yi, Li Zhicheng, Li Mingze

2023, 35 (7): 209-220,249.

Abstract ( 312 )

PDF (1773KB) ( 437 )

In recent years, researchers have paid more and more attention to workplace incivility from bystanders' perspective. But most of the existing researches are based on the "deontic justice" perspective and few studies investigate the potential "rational cognition" of bystanders. Drawing on social information processing theory, we explore the effect of supervisor incivility from bystanders' perspective. Based on the three-period survey data from 347 employees, we find that workplace anxiety mediates the relationship between observed supervisor incivility and bystander's self-improvement behavior, while self-concern mediates the relationship between observed supervisor incivility and bystander's ingratiation behavior. Workplace resilience negatively moderates the relationship between observed supervisor incivility and bystanders' workplace anxiety, as well as the indirect effects of workplace anxiety. Workplace resilience positively moderates the relationship between observed supervisor incivility and bystanders' self-concern and the indirect effects of self-concern. Finally, we discuss the theoretical contribution and practical implication of this study.

References | Related Articles | Metrics

Intrinsic Mechanism, Model Expansion and Efficiency Improvement of Residual Claim Incentive

Hua Yukun, Yu Xiaofen, Guo Jianbin

2023, 35 (7): 221-235.

Abstract ( 197 )

PDF (1330KB) ( 272 )

Enterprise residual claim is the core element of the principal-agent incentive theory and the incentive contract of modern enterprise managers. However, the discussion on the pricing of residual claim and its incentive contract has not been finalized, and the problem of efficiency loss of incentive contract has not been solved. In view of the development trend of the innovation form of the incentive system of residual claim in reality from relying on pure human capital to the incentive contract based on the dual investment of human capital and material capital, based on the classical principal-agent model, we reconstruct a manager incentive contract model by introducing the improved idea of residual claim being partially bought by managers themselves and relative performance evaluation. The research shows that the managers' private investment in their company and relative performance evaluation with the benchmark of industry average performance can improve the efficiency of the incentive contract. The institutional implication of the conclusion is that the contractual arrangement that includes free provision of and managers' payment for residual claim, plus relative performance evaluation, is an important way to innovate the property right incentive mechanism of core human capital in modern enterprises.

References | Related Articles | Metrics

Surname Relationship of Management Team and Tax Avoidance

Yan Weichen, Gao Siyue, Cai Zhipeng

2023, 35 (7): 236-249.

Abstract ( 186 )

PDF (1377KB) ( 135 )

As opposed to previous studies that focus on formal institutions, this study empirically examines the effect of surname relationships within management teams on tax avoidance. This study reveals that the surname relationship among the management team contributes to tax avoidance. The above relationship is more pronounced for firms that are more profoundly influenced by surname relationships. Mechanism analysis suggests that the surname relationship contributes to tax avoidance by weakening internal monitoring mechanisms and reducing managerial risk-aversion. This study not only contributes to the literature concerning the economic consequences of surname culture and the factors affecting tax avoidance, but also has practical implications for improving corporate governance structures and government tax regulations.

References | Related Articles | Metrics

Hearing Is Not Believing——Controlling Shareholders' Share Pledge and Analyst Site Visits

Zheng Dengjin, Song Ziwei, Qi Huaijin

2023, 35 (7): 250-265.

Abstract ( 220 )

PDF (1405KB) ( 111 )

this paper investigates the impact of controlling shareholder's share pledge on analysts acquiring information through site visit. This paper finds that analysts will reduce site visits for firms with controlling shareholders' share being pledged. This is because share pledge reduces analysts' information gaining through site visit. Managers of firms with controlling shareholders' share being pledged are more likely to use more positive tone to communicate with analysts. Thus the more site visits analysts conduct to pledging firms, the less accurate forecast they will make. Besides, the negative relationship between controlling shareholders' share pledge and analyst site visits is more pronounced in firms whose controlling shareholders face less internal, external supervision and higher risk of losing control rights. Furthermore, this paper also finds site visits for share pledge firms cannot improve corporate governance. Overall, this paper reveals that during the controlling shareholders share pledge period, site visits cannot help analysts obtain private information to cope with the pledge risk. Instead, site visits will be taken advantage by controlling shareholders as a powerful tool to conduct disclosure management and convey optimism to the market.

References | Related Articles | Metrics

If You Listen to Both Sides, You will Be Wise——Supply Chain Network Centrality and Enterprise Risk-taking

Lv Kefu, Yu Mingyang, Ruan Yongping

2023, 35 (7): 266-280.

Abstract ( 275 )

PDF (1301KB) ( 445 )

As an important part of the social network, supply chain network will have an important impact on a company' s production and operation and strategic decision-making. This paper takes the non-financial A-share listed companies from 2004 to 2019 as the research sample, builds a supply chain network based on the top five suppliers and customer information of listed companies, uses the network centrality index to describe the location characteristics of the supply chain network where the company is located, and examines the impact of supply chain network centrality on company's risk-taking. The research results show that the closer a company is to the center of the supply chain network, the higher level of risk it will take. This is mainly because the central position of the supply chain network can promote the sharing of information and resources between the company and upstream and downstream enterprises. The mechanism test finds that the centrality of supply chain network mainly improves the level of risk-taking by improving the ability of companies to obtain information and resources. The economic consequence test finds that the information and resource advantages in the center of the supply chain network help enterprises form differentiated competitive strategies and improve their innovation ability. This paper not only enriches the literature in the two fields of supply network location characteristics and company's risk-taking, but also has positive practical significance for companies to seek growth power and realize high-quality development from the location of supply chain network.

References | Related Articles | Metrics

Research on the Supply Chain Pricing Decision under Different After-sales Service Modes

Huang Yimin, Xu Yuanyuan, Zhang Ge, Li Mengmeng, Li Qiuxiang

2023, 35 (7): 281-297.

Abstract ( 275 )

PDF (5635KB) ( 226 )

The after-sales service is a key link in the process of the high-quality development of manufacturing enterprises. From the perspective of the after-sales service cooperation, this paper studies the pricing decision of after-sales service cooperation in a multi-channel competitive supply chain consisting of one manufacturer and two retailers. At first, the Stackelberg model of the after-sales service cooperation is constructed between online retailers and manufacturers and offline retailers, and the horizontal after-sales service cooperation is compared and analyzed between online and offline retailers and the vertical after-sales service cooperation between manufacturers and online retailers. What's more, the influence of after-sales service on the pricing decision of each member in the multi-channel supply chain is discussed from the perspective of the dynamic evolutionary game, and the influence of key system parameters (after-sales service level and after-sales service cost parameters) on the system stability domain is studied. The results are as follows. First, the model of the after-sales service cooperation increases the profits of each member in the supply chain. Compared with the two different models of after- sales service cooperation, the after-sales service cost parameter has a greater impact on the product pricing decision of the market leaders, but has a smaller impact on the after-sales service cost pricing decision. In the manufacturer-led model, the after-sales service level has a great influence on the after-sales service cost. The retail price and the after-sales service cost of the three channels increase with the increase of the sensitivity coefficient of the after-sales service level and the after-sales service cost parameters of the corresponding channels. Second, compared with offline retailers, the game scope of manufacturers' price decision and the room for manufacturers' price and profit in a stable state are larger. In the model Z, the reduction degree of price adjustment parameters of the after-sales service cost and the after-sales service cost parameters has a great influence on the after-sales service cost. Market leaders prefer to decide the after- sales service costs, and the after-sales service cooperation can meet customers' after-sales service needs, improve the after-sales service level, and reduce the after-sales service costs. The above conclusions have a strong guiding significance in theory and practice for the improvement of the after-sales service of each member in the supply chain and the cooperation and development between online and offline retailers and manufacturers.

References | Related Articles | Metrics

Administrative Division Adjustment and Investment Convergence: Evidence from the City-County Merger

Yuan Chun, Lv Jie, Sheng Yu, Geng Chunxiao

2023, 35 (7): 298-309.

Abstract ( 197 )

PDF (1259KB) ( 107 )

Under the realistic situation of market segmentation, how to promote regional integration and establish a national unified market has become an important issue. From the perspective of micro-enterprises, this paper investigates the regional integration effect of the administrative division adjustment led by the government-the policy of city-county merger. We find that the investment convergence of companies in the merged county and companies in the municipal district significantly increases after the city-county merger, and this result is more significant in the regions with a high degree of market segmentation and in capital-intensive companies. We further separate the learning effect between companies in the merged county and companies in the municipal district. The results show that the administrative division adjustment led by the government can effectively promote the linkage of companies in municipal districts and in counties, thus promoting the integration of regional markets.

References | Related Articles | Metrics

Does County-to-City Migration Lead to Low Birth Rate?——Empirical Evidence Based on the Second-child Birth of Rural Migrants

Liu Zhangsheng, Guo Siqi, Lai Binbin, Zeng Wenhai, Ge Kun

2023, 35 (7): 310-322.

Abstract ( 256 )

PDF (1489KB) ( 146 )

In the context of new-type urbanization, a thorough understanding of what impact county-to-city migration has on the child- bearing plan of rural migrants is important for the optimization of China's family planning policy and the realization of a moderate birth rate in China. This paper uses the data of national dynamic survey of Health and Family Planning of Migrant Population in 2016 to explore the effect that county-to-city migration has on the secomd-child birth of rural migrants and its underlying mechanism. The study shows that:(1) county-to-city migration has a significant negative effect on the second-child birth of rural migrants no matter whether they will live in city for a long time or permanently, and the effect on permanent settlers is more significant; (2) the interruption, selection and adaptation effects all significantly moderate the negative effect; (3) the interruption effect strengthens the negative effect by delaying migrants' first marriage/childbearing age and extending the birth interval; (4) the selection effect spreads the negative effect as rural migrants prefer stable jobs, leave their original birth place where birth rate remaims high, and improve housing finance options; and (5) the adaptation effect amplifies the negative effect as more urban jobs are taken by migrant family members, left-behind elders are no longer able to take care of their grandchildren in city, and urban pension insurance is available to rural migrants. Therefore, in order to achieve a balanced and sustainable population development, efforts should be made to enhance the inclusiveness of childbearing policies, construct a marriage and childbirth market that combines city and county together, improve the marriage and childbearing support system for new migrants, promote the synergistic implementation of the relevant economic and social policies, and create a favorable childbearing environment.

References | Related Articles | Metrics

Multiple Driving Paths and Performance of Green Supplier Integration: A Research Based on the Configurational Perspective

Zhang Qiansong, Cheng Jiazhen, Feng Taiwen, Du Yunzhou

2023, 35 (7): 323-338.

Abstract ( 350 )

PDF (2543KB) ( 484 )

Since 2010, China has become the world's largest industrial producer. However, the traditional energy-consuming and high- polluting manufacturing development model that has brought about increasingly obvious environmental issues is no longer able to meet the requirements of green transformation and high-quality development. Green supplier integration is a significant way to realize green transformation and improve the sustainable competitiveness of firms, and it is necessary to fully consider the matching role of technology, organization and environment to improve the level of green supplier integration. Accordingly, the multiple driving paths and performance of green supplier integration are important issues to be addressed. Based on the TOE framework and configurational perspective, we conduct a configuration analysis on 317 Chinese manufacturing firms and a typical case analysis on configuration solutions by integrating fuzzy set qualitative comparative analysis (fsQCA) and propensity score matching (PSM) methods to explore the differential driving path of supplier green integration and its effect on firm performance. The findings are as follows:(1) Any single factor does not constitute the necessary condition of high green supplier integration, but green training and development play a universal role in producing high green supplier integration; (2) There are four driving paths that constitute high green supplier integration, namely, big data analysis capability and green human resource-driven path under the dual culture of flexibility and control, big data analysis capability and green human resource-driven path under control culture, big data analysis capability and strategic green human resource-driven path under control culture-dominant, incremental big data analysis capability and green human resource-driven path under flexibility culture; (3) The absence of big data analysis capability and green human resource management is the key reason for non-high green supplier integration; (4) High green supplier integration generated by four driving paths has a differential impact on firm performance. The research conclusions can help better understand the complex interaction among multiple factors behind green supplier integration of China's manufacturing industry, and bring practical enlightenment for firm performance management and high-quality development.

References | Related Articles | Metrics

The Driving Mechanism of Negativity Bias in Network Public Opinion of Enterprise Crisis Events: A Two-stage fsQCA Analysis Based on 40 Cases

Xie Le, Yang Bo, Yang Meifang, Tan Liang

2023, 35 (7): 339-352.

Abstract ( 295 )

PDF (2531KB) ( 216 )

Negativity bias refers to the audience's tendency to focus on and pass on negative information while neglecting positive information, which brings great resistance to the guidance and management of corporate crisis network public opinion. Based on the combined framework of internal cognition and external stimulus, this paper explores the driving mechanism of negativity bias in enterprise crisis public opinion from the perspective of configuration. After an analysis of staged fsQCA, we find that there are three driving paths of high negativity bias in the public opinion of enterprise crisis in the exposure stage, which are "negative explanation driven", "cognition gap driven" and " negative heuristic processing driven". In the response stage, there are also three driving paths of high negativity bias, namely "questioning attitude driven", "expectation deviation driven" and "negative heuristic processing driven". At the same time, two non-high negativity bias formation paths are found in both exposure and response stages, all showing the characteristics of "crowd eating melon". In addition, through comparison analysis between configurations, it is found that threat perception has an important promoting effect on negativity bias of corporate crisis public opinion; good corporate image does not always bring positive benefits; attitude accumulated by public in crisis publicity stage is a key influencing factor for negativity bias in response stage.

References | Related Articles | Metrics

Table of Content