Table of Content

28 September 2023, Volume 35 Issue 9 Previous Issue    Next Issue
---
Economic and Financial Management
Innovation and Entrepreneurship Management
E-business and Information Management
Organizational Behavior and Human Resource Management
Accounting and Financial Management
Logistics and Supply Chain Management
Risk and Emergency Management
Public Management
Case Studies


For Selected:

Download Citations EndNote Ris BibTeX

Toggle Thumbnails

Economic and Financial Management

Select

A Jump-regression-model-based Research into Jump Beta in China's Stock Market Zhu Yun, Zhao Hua 2023, 35 (9):  3-12.  Abstract ( 137 )   PDF (4920KB) ( 124 )   Based on jump regression model, this paper estimates jump betas, proposes positive and negative jump regression models, and studies systematic jump risk in China's stock market. The result shows that the jump regression model fits well, market jumps have significant impact on individual stock jumps, and there are systematic jump risks in China's stock market. After jump beta is decomposed into positive and negative jump betas, it is found that the stock portfolio returns increase monotonically in line with the decreasing of positive jump beta, and positive jump beta can reflect the difference of stock portfolio more effectively. Moreover, the jump beta is negatively correlated with the future portfolio returns, and the portfolio of less systematic jump risk tends to get higher returns. The hedging portfolio with model-jump-beta can obtain significantly positive excess returns adjusted by three-factor model. References | Related Articles | Metrics

Select

An Evaluation of Regional Coordinated Development Policy in China from the Perspective of High-quality Economic Development Deng Chuang, Cao Ziwen 2023, 35 (9):  13-25.  Abstract ( 127 )   PDF (3704KB) ( 141 )   Evaluating the regulation effect of regional coordinated development is an important and necessary way for achieving integrated regional development. Based on the quantification of China's regional economic coordinated development policy, this paper empirically tests the regulation effect and deep-seated regulation mechanism of China's regional coordinated development policy. The results show that:(1) China's regional coordinated development policy has relatively strong regional orientation, which is mainly toward the west, northeast and east regions. (2) At present, China's regional coordinated development policy can basically achieve the goals of narrowing the regional economic development gap and maintaining the efficiency of economic development. From the perspective of the four regions, the regional coordinated development policy can significantly reduce the regional differences in the east and west regions. At the same time, it has a relatively large promoting effect on the high-quality economic development of the east, west and central regions. (3) Under the regulation of regional coordinated development policies, the east and west regions focus on reducing their respective internal gap by raising the economic development level of "waist provinces" or "tail provinces", while the provinces in the central region show a trend of "going hand in hand". References | Related Articles | Metrics

Select

Measurement and Application of News-based Equity Market Volatility in China Yang Jianlei, Yang Chunpeng, Cui Wenxiao 2023, 35 (9):  26-36,101.  Abstract ( 97 )   PDF (1666KB) ( 127 )   This paper constructs a newspaper-based Chinese Equity Market Volatility (CEMV) tracker that moves with the realized volatility of the Chinese stock market. Using the macroeconomic data from January 2005 to October 2020, we further estimate a structural vector autoregressive (SVAR) model to assess the impact of CEMV on the Chinese economy and equity prices. We find that:(1) The CEMV index peaks are closely related to the large market fluctuations. Regressing the realized volatility of the stock market index on contemporaneous EMV values yields a significant slope coefficient. (2) Parsing the underlying text, we construct the CEMV indexes of four policy categories that respond differently to specific market shocks. (3) The stock market volatility driven by policy news foreshadows declines in output growth, price levels and equity returns. Moreover, CEMV has an overall positive impact on money supply growth and exacerbates the short-term fluctuations in investor sentiment. References | Related Articles | Metrics

Select

Substitution or Creation: How Intelligentization Affects China's Manufacturing Employment Cao Yaru, Liu Jun, Shao Jun 2023, 35 (9):  37-49.  Abstract ( 163 )   PDF (1299KB) ( 274 )   This paper analyzes the mechanism of how intelligentization impacts the employment of China's manufacturing industry, and based on China's 2010-2019 provincial panel data, empirically tests the impact of intelligentization on the employment and skill structure of manufacturing industry. The results show that there is a "U-shaped" relationship between intelligentization and total employment in China's manufacturing. When the level of intelligentization is low, the substitution of employment will be the main factor, but the higher level of intelligentization will significantly promote employment growth. The employment creation effect is achieved through intermediate channels such as extending industrial chain and promoting technological innovation. Among them, the mediating effect of industrial chain extension is particularly obvious. Intelligentization is conducive to advanced manufacturing employment structure. With the increase in intelligentization, the demand for high-skilled and medium-skilled labor will increase, while the demand for low-skilled labor will decline. There is regional heterogeneity in the impact of intelligentization on manufacturing employment and its skill structure. To cope with the differential impact of intelligentization on manufacturing employment, we should further improve the quality of higher education and vocational education, optimize the content and model of skills training, formulate differentiated regional policies, and guide intelligentization to promote high-quality manufacturing employment. References | Related Articles | Metrics

Select

How can Social Capital Promote Inclusive Growth in the Context of High-quality Development? Wan Jianxiang, Zhang Fan 2023, 35 (9):  50-61.  Abstract ( 70 )   PDF (1499KB) ( 86 )   Inclusive growth and high-quality development are consistent and synchronized with each other, and achieving inclusive growth is essential for high-quality development. In this paper, the Hamilton Optimization Model is constructed, and the social capital is included in the production function and accumulation equation respectively. Besides, numerical simulation analysis is conducted for the model parameters considering the economic characteristics of high-quality development. Mathematically, the core meaning of inclusive growth is clearly extracted, and then the action mechanism of social capital to promote inclusive growth is explored. On this basis, inter-provincial panel data from 2007 to 2018 is also used to further empirically verify the mechanism of social capital promoting inclusive growth. The results show that:Inclusive growth seeks coordinated development of economic, social and environmental development, with emphasis on "social inclusion" (people's well-being) and "ecological inclusion" (environmental quality); Social capital plays a significant role in promoting inclusive growth; Social capital influences inclusive growth by fostering generalized human capital, encouraging technological innovation and reducing energy consumption; The network and trust dimensions of social capital are important driving forces for inclusive growth, while the positive impact of the normative dimension has not been fully highlighted. The research conclusions will help promote high-quality development of economy, society and environment, and enrich and expand relevant research in the field of social capital and inclusive growth. References | Related Articles | Metrics

Select

Knowledge Structure and Dynamic Evolution of Cross-border M&A Study——Based on a Bibliometric Analysis of Chinese Core Journal Database from 1995 to 2019 Wang Linjun, Bai Yun, Sun Shaolong, Wei Yunjie 2023, 35 (9):  62-74.  Abstract ( 86 )   PDF (4327KB) ( 123 )   This paper uses the bibliometric analysis method to sort out and analyze 1,041 Chinese core journal articles of cross-border M&A study, and uses statistical description, cooperation network, co-occurrence network and clustering method to determine the most influential institutions, journals, authors, etc. The paper analyzes the cooperative network between authors and institutions, reveals the research hotspots and evolution process of cross-border M&A literature. Empirical results show the current frontiers of cross-border M&A study are global value chain, M&A performance, technological innovation, etc. Three research recommendations are proposed, including focusing on crossover, quantification of theoretical research, and strengthening cooperation. The methods and conclusions of this paper provide meaningful enlightenment for academic research and enterprises' practice application, and promote the research of complex knowledge maps of cross-border M&A study. References | Related Articles | Metrics

Innovation and Entrepreneurship Management

Select

Manufacturer's Investment to Upgrade Its Supplier's Technology with Consideration of Technology Spillover Effect Dong Ming, Mao Shunjie, Li Shan 2023, 35 (9):  75-88.  Abstract ( 71 )   PDF (2065KB) ( 131 )   With the intensification of economic globalization and market competition, companies will unite upstream companies to establish a closely-connected supply chain. To ensure the stability of the supply chain and improve the quality of their products, many large enterprises will directly invest in upgrading suppliers' production equipment or technology to improve product quality or reduce production costs. When manufacturers directly invest in upgrading suppliers' technology, there may exist technology spillover effects, which will bring benefits to other horizontally competing manufacturers. We use the Stackelberg model and complete and perfect information dynamic game to study the strategy of manufacturers' investing in upgrading supplier technology, and the interaction between potential competitors entering the market and manufacturers upgrading supplier's technology. The results show that:(1) If a manufacturer directly invests in upgrading its supplier's technology, when unit production cost is small, external companies will be hindered from entering the market, regardless of whether there is a technology spillover effect; (2) If there exists technology spillover effect, upgrading supplier's technology will increase the profits of other enterprises. If there is no technology spillover effect, the manufacturer's direct investment in upgrading the supplier's technology will reduce the profits of other manufacturers, even reduce the equilibrium output of other companies to zero, and hinder potential competitors from entering the market. References | Related Articles | Metrics

Select

Paths to Balance Exploratory and Exploitative Innovation——A Qualitative Comparative Analysis on Conjoint Effects of Effectuation and Causation Liu Lulu, Wang Fengbin, Yang Wei 2023, 35 (9):  89-101.  Abstract ( 90 )   PDF (1338KB) ( 114 )   Exploration and exploitation play an important role in firms' development. However, they have different or even contradictory requirements for firms. For example, exploration emphasizes flexibility, autonomy and experimentation, while exploitation stresses efficiency, control and improvement. How to achieve a balance between the two to obtain the advantages of both has become a focus of current researches. Grounded on the "means-end" relationship, effectuation and causation are proposed as two alternative logics of strategic decision-making and provide a new perspective for studying paths to ambidexterity. Through a qualitative comparative analysis of innovation behaviors of 79 small and medium-sized firms, this paper finds that four dimensions of effectuation logic, including means, affordable loss, control and contingency orientations, are interconnected with causation logic measured by expected return orientation. These five antecedents combine to create four paths to ambidexterity:(1) "classical effectuation" path where all four orientations of effectuation logic are present while expected return orientation of causation logic is absent; (2) "flexible control" path where control and contingency orientations are present while means and affordable loss orientations are absent; (3) "profit-oriented control" path where control and expected return orientations are present while affordable loss and means orientations are absent; (4) "profit-oriented trail"path where expected return and means orientations are present while affordable loss and control orientations are absent. Furthermore, this paper compares these four paths with the four paths leading to unbalanced exploration and exploitation (either stronger exploration or stronger exploitation) and identifies their causal asymmetry. By extending the effectuation logic born in the field of entrepreneurship to the field of innovation, this paper not only reveals the paradoxical relationships between effectual and and causal logic, but also deepens the research on the organizational ambidexterity and provides implications for dealing with other forms of paradoxes. References | Related Articles | Metrics

Select

Can the Governance of Non-state-owned Shareholders Promote the Green Technological Innovation of State-owned Enterprises?——Empirical Research Based on Mixed-Ownership Reform Xu Dandan, Li Xiangliang, Wang Jie 2023, 35 (9):  102-115.  Abstract ( 144 )   PDF (1324KB) ( 113 )   Green technological innovation is a key driving force for coordinating economic growth and environmental protection. The improvement of the corporate governance mechanism is crucial to enhancing the green technology innovation capability of enterprises, and the mixed-ownership reform has a profound impact on the corporate governance mechanism by introducing non-state-owned shareholders. This paper manually collects and sorts out data on the shareholding ratio of non-state-owned shareholders and the ratio of directors appointed by non-state-owned shareholders of state-owned listed companies from 2008 to 2019, measures the degree of participation of non-state-owned shareholders in governance from the perspectives of ownership structure and board governance and empirically studies the impact of the governance of non-state-owned shareholders on enterprise green technological innovation and the underlying mechanism. Also, a heterogeneity analysis is carried out from two perspective:enterprise type and environmental regulation pressure. The results show that:Firstly, the governance of non-state-owned shareholders has promoted green technological innovation of enterprises. There are significant differences in the impact of heterogeneous shareholders. Private shareholders can exert effective governance effects and significantly improve the level of green technological innovation. Secondly, the promotional effect of the governance of non-state-owned shareholders is achieved through three paths:easing financing constraints, reducing agency costs, and raising risk-taking levels. Thirdly, for enterprises of various types or with different environmental regulation pressure, the influence of the governance of non-state-owned shareholders is heterogeneous. If state-owned enterprises are commercial enterprises or face high environmental regulation pressure, the governance of non-state-owned shareholders has a significant positive impact on green technological innovation. The findings of this paper are not only conducive to deepening theoretical research on the effects of mixed-ownership reform and driving factors of green technological innovation, but also provide practical enlightenment for deepening mixed-ownership reform and promoting the green transformation of state-owned enterprises. References | Related Articles | Metrics

Select

The Influence of “Strategic Flexibility-Environmental Ethics” Configuration on Enterprises' Green Innovation Path Under Multiple Institutional Pressures——Based on Fuzzy-set Qualitative Comparative Analysis (fsQCA) Chen Litian, Wu Rui, Zhang Qing, Wang Shuyao 2023, 35 (9):  116-126.  Abstract ( 83 )   PDF (1402KB) ( 78 )   With regard to the research gap of the heterogeneous response mechanism of enterprises to institutional pressure in the process of green innovation, this paper, by employing the fsQCA method, makes an analysis of "strategic flexibility-environmental ethics" configuration mode under multiple institutional pressures, and identifies four types of green innovation path:surviving high pressure, grasping opportunities while avoiding risks, adjusting to changing circumstances, and making spontaneous transformation. The study finds that in the path of grasping opportunities while avoiding risks and the path of making spontaneous transformation, resource flexibility and coordination flexibility can respond to or even replace institutional pressure. In the path of adjusting to changing circumstances, environmental ethics can encourage enterprises to recognize standard pressure and respond to it through complementary configuration with strategic flexibility. In the green innovation path of passive survival, standard pressure can replace environmental ethics and strategic flexibility and directly promote green innovation of enterprises. By revealing the internal and mutual allocation relationships among institutional pressure, strategic flexibility and environmental ethics, this paper contributes to institutional theory and dynamic capability theory, and provides assistence for enterprises to make green innovation and for the government to make policies. References | Related Articles | Metrics

Select

R&D Investment, Policy Incentives and High-quality Development of Enterprises Xu Zhiyong, Song Ze 2023, 35 (9):  127-141.  Abstract ( 90 )   PDF (1320KB) ( 81 )   R&D investment is the key to promoting technological progress and enhancing innovation capabilities, and high-quality development of enterprises requires efficient R&D investment. This paper takes listed companies in China's Shanghai and Shenzhen stock markets from 2010 to 2020 as research samples to explore the impact of R&D investment on high-quality development of enterprises, as well as the regulatory mechanisms of tax incentives and financial subsidies. The findings are as follows. (1) R&D investment significantly promotes high-quality development of enterprises. (2) Tax incentives have a significant positive moderating effect between R&D investment and high-quality development of enterprises, while the moderating effect of fiscal subsidies is not significant. (3) Based on heterogeneity considerations, a classification study is conducted from three perspectives:before and after the high-quality development strategy, region, and R&D intensity. It is found that the promotion effect of R&D investment on the high-quality development of state-owned enterprises is significant before and after the high-quality development strategy, while the promotion effect of R&D investment on the high-quality development of non-state-owned enterprises is only significant after the high-quality development strategy; the promotion effect of R&D investment on high-quality development of enterprises and the positive regulatory effect of tax incentives are significant in high R&D intensity enterprises and enterprises in the eastern and central and western regions; the positive regulatory effect of fiscal subsidies is significant in enterprises in the eastern region, while the negative regulatory effect is significant in the central and western regions. The research conclusion provides empirical evidence and reference suggestions for a deeper understanding of the impact of R&D investment on high-quality development of enterprises, improving R&D efficiency, and enhancing high-quality development of enterprises. References | Related Articles | Metrics

E-business and Information Management

Select

Measuring Task Complexity in Tournament-based Crowdsourcing: A Topic Modeling Approach Liu Zhongzhi, Zhao Ming 2023, 35 (9):  142-154.  Abstract ( 51 )   PDF (3661KB) ( 58 )   In tournament-based crowdsourcing, task complexity significantly affects the crowd size of a contest and the quality of solutions. Existing literature mainly depends on participants' behaviors to get an indirect measure of task complexity. This measurement thus contains many subjective information which leads to measurement errors and inconsistent research conclusions. Due to lack of objective and effective measurement, it is difficult for firms and participants to match the task complexity with other contest parameters and personal characteristics. Therefore, effectively measuring task complexity becomes a challenging pursuit in empirical crowdsourcing research. This study takes 3,205 samples of Topcoder platform and implements the Latent Dirichlet Allocation (LDA) to extract 38 topics. This study constructs three objective task complexity using the corresponding topic characteristics. The factor analysis and negative binomial regression method are used to refine and validate the three measurements. This study finds that the measurements based on topic modeling have acceptable discriminant validity among other measurements and reliable convergent validity within the measurements. Regression results show that the technology modules, contest readability, modularity and dynamic complexity negatively affect crowd size (i.e., registrants and submitters). This finding is consistent with theoretical predictions. Moreover, this study validates our measurements with domain experts, which shows there exists a strongly consistent relationship. This paper provides an automated method to solve the challenging problem of task complexity measurement. It not only broadens the crowdsourcing study about task characteristics and participant behavior, but also provides a novel perspective for platform managers to conduct a multi-level analysis about task complexity and optimize resource allocations between task complexity and other task characteristics. References | Related Articles | Metrics

Select

Can Platform-based E-commerce Inclusion Drive Consumption? Evidence from Taobao Villages in China Liu Minghui, Lu Fei 2023, 35 (9):  155-168,193.  Abstract ( 84 )   PDF (1480KB) ( 77 )   The rural area is a new space for consumption growth, and e-commerce is a new initiative to improve the quality and expand the capacity of consumption. The examination of platform-based e-commerce inclusion needs to focus on both the production and consumption ends. However, existing studies fail to examine the issue of relative consumption due to a lack of e-commerce scale statistics, theoretical model construction and mechanism analysis. Based on the fact that e-commerce affects both production and consumption, this study constructs a theoretical model that reflects "consumption substitution effect", "consumption creation effect" and "consumption price effect" to explain the boosting effect of platform-based e-commerce inclusiveness on rural residents' consumption. China's Taobao villages are selected as a quasi-natural experiment object for empirical analysis, and then based on the hand-collected Taobao Villages-CFPS (2012-2018) dataset, DID model is used to investigate whether platform-based e-commerce inclusion plays a role in boosting consumption. The results show that platform-based e-commerce inclusion significantly raises the consumption level of residents under the condition of effective control of endogeneity. This paper also gets a lot of other interesting findings. First, platform-based e-commerce inclusion significantly contributes to the growth of subsistence consumption, especially food consumption, which is mainly driven by the "consumer price effect". Second, developmental consumption does not show faster growth overall, especially in the higher income groups, mainly due to the "consumption substitution effect". Third, due to overlapping of the three effects, the boosting effect of e-commerce benefits on clothing consumption of households in Taobao villages lags behind that of households not in Taobao villages. Accordingly, this paper proposes the relevant countermeasures, such as cultivating consumer market, fostering consumer culture and improving social security system. References | Related Articles | Metrics

Organizational Behavior and Human Resource Management

Select

The Impact of Transformational Leadership on Employee Feedback Seeking Behavior Sun Mouxuan, Zhu Fangwei, Guo Jianing, Wang Ailin 2023, 35 (9):  169-180.  Abstract ( 115 )   PDF (1379KB) ( 155 )   Employee feedback seeking behavior has a positive impact on both employees and organizations, but excessive feedback seeking behavior may be counterproductive. From goal setting theory and based on 443 valid samples, this study explores the relationship among transformational leadership, employee goal commitment, employee feedback seeking behavior, goal clarity and process clarity. Results show that transformational leadership has different effects on employee feedback seeking behavior from supervisors and from peers. The former has an inverted U-shaped relationship, while the latter has a positive relationship. Employee goal commitment is a partial mediator between transformational leadership and employee feedback seeking behavior. Goal clarity positively moderates the relationship between transformational leadership and employee goal commitment, while process clarity negatively moderates the relationship between employee goal commitment and employee feedback seeking behavior. This study provides some theoretical and practical guidance for employee feedback management. References | Related Articles | Metrics

Select

The Impact of Perception of Dirty Work Based on Morality on Employees' Prosocial Behavior: The Mediating Effect of Guilt and Moral Reputation Loss Zhang Guanglei, Shang Puwen, Li Mingze, Fan Mingyu 2023, 35 (9):  181-193.  Abstract ( 116 )   PDF (2042KB) ( 128 )   Dirty work, whether physical, social, or moral, appears in the existing literature in the form of collection, with few empirical researches narrowing down to a specific type of dirty work, thus the impact of engaging in dirty work based on morality on employees has not been systematically discussed. The study discusses the impact mechanism and boundary conditions of perception of dirty work based on morality on employees' prosocial behavior, with a focus on the moral cleansing theory and the moral implicit theory. The empirical analysis covers a sample of 487 employees from a tobacco company in Hubei Province, and the results show that:(1) Employees' guilt and moral reputation loss mediate the relationship between the perception of dirty work based on morality and prosocial behavior; (2) Moral implicit belief has a moderating effect on the indirect effect of the perception of dirty work based on morality on prosocial behavior through guilt and moral reputation loss. Finally, this paper also discusses the significance of the research results and future research directions. References | Related Articles | Metrics

Select

Analysis of Senior Management Human Capital's Impact on Enterprises' Diversion out of the Real Economy——A Perspective Based on the Heterogeneity of Career Experiences Wang Xinguang, Sheng Yuhua 2023, 35 (9):  194-204,221.  Abstract ( 81 )   PDF (1703KB) ( 101 )   As the micro-level driver of the high-quality development of China's economy, enterprises have shown signs of drifting away from the real economy, and this has aroused widespread concern in academic circles. In this context, this paper, based on the heterogeneity of career experiences in a sample of Chinese A-share listed enterprises in Shanghai and Shenzhen from 2008 to 2019, empirically investigates the impact of senior management human capital on enterprises' diversion out of the real economy as well as the mechanism underlyimg the impact. The results show that the heterogeneity of senior management's career experience has a significant inhibitory effect on enterprises' diversion out of the real economy, and this conclusion still hold after the endogeneity issue is taken into consideration and a series of robustness tests are conducted. The mechanism analysis shows that the inhibitory effect of the heterogeneity of senior management's career experience on enterprises' diversion out of the real economy is mainly achieved by reducing the overconfidence of managers. The heterogeneity test shows that the inhibitory effect of heterogeneity of senior management's career experience on enterprises' diversion out of the real economy is more obvious in the context of low environmental uncertainty or private enterprises or management shareholding. This study theoretically enriches the research on the heterogeneity of senior management's career experience and provides supporting evidence and practical suggestions for promoting the sound development of enterprises. References | Related Articles | Metrics

Accounting and Financial Management

Select

“If Worry-free, One would Let Others Be Benefited”: D&O Liability Insurance and Corporation Social Responsibility Tang Songlian, Gu Qian, Wen Wen, Liang Shangkun 2023, 35 (9):  205-221.  Abstract ( 98 )   PDF (1360KB) ( 105 )   Fulfilling corporate social responsibility (CSR) is a core task of corporate management, so it is very important to construct a CSR-promoting mechanism. Based on the data of A share listed companies in Shanghai and Shenzhen exchanges from 2010 to 2020, this paper tests whether directors' and officers' (D&O) liability insurance is a promoting mechanism for management to fulfill their CSR. The findings are as follows. Firstly, D&O liability insurance can enhance the enthusiasm of the management in fulfilling CSR and the enhancing effect is especially significant for the companies that operate in a poor legal environment. Secondly, the enhancement is achieved mainly because the insurance makes management more optimistic. Further test shows that the CSR-promoting effect of D&O liability insurance is mainly reflected at the levels of employee, supply chain and environmental liability. And the promoting effect is more significant in state-owned enterprises and large-scale companies. This paper provides a new perspective for CSR-promoting mechanism, and also provides a new way for the capital market to fully understand the function of D&O liability insurance and further promote the high-quality development of listed companies through the insurance. References | Related Articles | Metrics

Select

Research on Net Value Management Behavior of Mutual Fund: An Empirical Evidence from the First-digit Distribution of Fund Daily Returns Lin Le, Tang Xiaoyan, Huang Lianghua 2023, 35 (9):  222-235.  Abstract ( 69 )   PDF (1338KB) ( 48 )   Fund investment has increasingly become an important part of China's family financial assets. Using the daily return data of mutual funds in China from 2005 to 2021, the paper applies Benford's Law to test the existence of net value management behavior of mutual funds. The empirical results show that compared to ETF fund, the nonzero first-digit distribution of other equity funds' daily returns is more likely against Benford's law, thus proving the existence of net value management behavior. Further, when the fund's portfolio is less independent with other funds belonging to the same fund management company, the first-digit distribution of the fund's daily return is less likely to follow the Benford's law, indicating that concentrated investment can be a way to meet net value management targets. Finally, the more away the net value return of the fund is from Benford's law, the higher growth and lower volatility the net value of the fund will keep in the current period, showing an effect of ‘killing two birds with one stone’ in multiple management goals, but the two will reverse in the next period. The paper contributes to the screening and supervision of net value management behavior of mutual funds, and also helps investors to make more scientific investment decisions. References | Related Articles | Metrics

Logistics and Supply Chain Management

Select

Research on the Disruption and Recovery Strategy of Agricultural Product Supply Chain under the Background of COVID-19——An Example of Chilled Fresh Pork Supply Chain Wu Jun, Ba Yile, Sun Li'ao, Zhang Wengang, Sun Jingwen, Li Jian 2023, 35 (9):  236-251,261.  Abstract ( 70 )   PDF (9784KB) ( 78 )   The outbreak of COVID-19 has brought an all-round impact on the global supply chain system, especially on agricultural products. Taking chilled pork as an example, this paper establishes a three-echelon agricultural product supply chain model made up of the supplier, the manufacturer and the retailer, which takes into account three typical disruption scenes arising from COVID-19, namely dull sale on the supplier side, production capacity disruption on the manufacturer side and demand disruption on the retailer side. Given that supply chain disruption caused by the COVID-19 pandemic is characterized by "long-term disruption", "unpredictable scale", "simultaneous disruption of multiple echelons" and "recovery during the disruption", this paper uses the method of system dynamics to analyze the influence of the government subsidy on the cumulative profits of supply chain under partial and complete disruption scenarios. It is found that the effects of the government subsidy on the recovery of the supply chain system varies dramatically in different scenarios; in most cases, granting government subsidies to supplier is more contributive to the supply chain system's recovery. The result could be a reference for the government subsidy strategy planning during a pandemic similar to COVID-19. References | Related Articles | Metrics

Select

A Material Dispatch Optimization Model of Port Groups under Emergency Conditions Liu Kui, Li Dengyuhui 2023, 35 (9):  252-261.  Abstract ( 69 )   PDF (2160KB) ( 46 )   Due to the vast sea area and adverse living conditions, when a natural disaster occurs in a sea area, the demand for emergency supplies is often urgent, numerous and in excess of the capacity of a single port. To solve the emergency material dispatching problem of port groups, a bi-objective programming model considering transportation cost and task completion ratio is proposed. And a Non-dominated Sorting Genetic Algorithm-II (NSGA-II) is designed. A numerical experiment is provided based on the data from the South China Sea, and the robustness of solutions under stochastic and deterministic scenarios is analyzed with different performance in terms of the probability of being affected by disasters. The findings are beneficial for emergency management of port groups in case of natural disasters. References | Related Articles | Metrics

Risk and Emergency Management

Select

Study on the Risk Contagion Effect of Crude Oil Prices and Tanker Market Based on Mixed Clayton Copula Model Xue Kaili, Kuang Haibo, Yin Hang, Meng Bin 2023, 35 (9):  262-273.  Abstract ( 47 )   PDF (1410KB) ( 46 )   Since the outbreak of COVID-19, the international shipping market structure and demand have changed dramatically, and crude oil prices and tanker freight rates have fluctuated dramatically. The fluctuation of crude oil price is closely related to the tanker market, and the risk of tanker investment is intensified. Therefore, one of the important ways to control risks and optimize investment strategies under the current environment is to study the impact of COVID-19 on crude oil prices and tanker market. In this paper, the mixed Clayton copula model is used to analyze the dependence and tail risks of crude oil prices and tanker market before and during the outbreak of COVID-19. Firstly, the ARMA-GARCH-Skewed-t model is used to capture the volatility characteristics of the return series. Secondly, the mixed Clayton copula model is applied to describe the nonlinear dependence between the return series of the crude oil prices and tanker market. Meanwhile, the tail dependence is used to reveal the law of risk contagion between crude oil prices and tanker market under COVID-19. The study shows that the negative correlation between crude oil prices and the tanker market is stronger than the positive correlation in all sample periods. The positive correlation between crude oil prices and the tanker market decreases while the negative correlation increases under COVID-19. In particular, the negative correlation between VLCC tanker freight and WTI increases the most. In addition, there is a risk contagion effect of crude oil price on the tanker market in each sample period, and the positive risk is far less than the negative risk. The positive risk of crude oil price on the tanker market decreases, and the negative risk increases significantly. References | Related Articles | Metrics

Select

A Differential Game Model of Government and Enterprise Material-Production Capacity Emergency Supplies Reserve and Procurement Pricing Yang Man, Liu Dehai, Li Delong 2023, 35 (9):  274-286.  Abstract ( 34 )   PDF (1553KB) ( 41 )   To control government cost and guarantee enterprise income, this paper constructs a differential game model of government and enterprise joint reserve of emergency materials, and studies the optimal reserve decision of the government and enterprises under two modes of cost sharing and cooperation. Furthermore, it analyzes the influence of government procurement pricing on the optimal decision-making of the government and enterprises and the benefits of both sides. Finally, the case of Wenchuan earthquake emergency material reserve is verified. It is found that the trajectory of the emergency material reserve decreases monotonically with time, the changing trend of reputation trajectory is diversified, and both of them are optimal in the cooperative mode. In the cost-sharing mode, the reserve effort level and procurement pricing of both parties show an inverted U-shaped distribution. That is, when the government procurement pricing is lower than a certain threshold, enterprises have a higher willingness to cooperate in production capacity reserve, and vice versa, thus demotivating enterprises from taking opportunistic actions. And only when certain conditions are met, will the government provide cost subsidies for enterprises, so that the government will not lose control of reserve cost. The cooperative mode can effectively reduce the cost of government procurement, increase the number of emergency supplies, and achieve a win-win situation between the government and enterprises. In addition, the influence of some important parameters on the optimal decision-making of the government and enterprises is discussed. References | Related Articles | Metrics

Public Management

Select

Can Notification of Negative Typical Cases Be a Way of Warning? Zhang Guoxing, Lin Weichun, Bin Su, Gao Yang, Chen Zhanglei 2023, 35 (9):  287-299.  Abstract ( 68 )   PDF (2085KB) ( 63 )   Central Ecological and Environmental Protection Inspection is a major institutionally innovative measure for solving the environmental governance dilemma, and notification of negative typical cases is a key part of the measure. On the basis of clarifying the theory of deterrence effect of typical case notification, this paper uses panel data of 282 prefecture level cities from 2014 to 2020 to quantitatively evaluate the deterrence effect of typical case notification and the influencing factors. The results show that typical case notification has a deterrence effect on local governments; stern words in typical case notification strengthen the deterrence effect; directly naming the municipal Party committee and municipal government strengthens the deterrence effect; active public participation and government response magnify the deterrence effect; the deterrence effect is is significant for environmental problems that are easy to solve, but insignificant for comprehensive environmental problems that have to be solved in the long run; local governments still tend to "guarantee the bottom" in environmental governance. The above results remain robust after taking account of sample errors, replacement of measurement indicators, replacement of filed of environmental governance, etc. The findings of this study provide reliable empirical support for the effective mechanism and influencing factors of typical case notification, and provide important reference for further rational use of typical case notification. References | Related Articles | Metrics

Select

Industrial Intelligence and Urban Air Pollution Control in China: Empirical Evidence from the Application of Industrial Robots Li Hongbing, Zheng Qingbiao, Li Zhen, Sun Litang 2023, 35 (9):  300-311.  Abstract ( 74 )   PDF (1407KB) ( 59 )   Based on industrial robot application data from the International Federation of Robotics (IFR) and the global PM2.5 emissions concentration data provided by Atmospheric Composition Analysis Group (ACAG), we study the influence of industrial intelligence on air pollution control in China's cities by using bidirectional fixed effects model, 2SLS, spatial econometric model and so on. We find that industrial robot application significantly reduces the level of China's urban air pollution. This effect is more obvious in cities with higher-level financial development, lower-level financial support, higher level information infrastructure construction and smart city pilot demonstration. Moreover, there is obvious heterogeneity in geographical location characteristics. At the same time, the above effect is mainly achieved through the transformation and upgrading of urban industrial structure, and the improvement of scientific and technological level. Based on the spatial spillover effect analysis of SAR and SDM models, it is also found that the pollution reduction effect of urban industrial robot application has a two-way spatial spillover effect. Therefore, the geographical correlation of air pollution causes the pollution reduction effect to be underestimated. References | Related Articles | Metrics

Select

The Basic Old-age Insurance for Residents on the Labor Supply of the Elderly: Research on Regression-discontinuity Liang Han, Ding Yugang, Chen Hua 2023, 35 (9):  312-323.  Abstract ( 74 )   PDF (1508KB) ( 75 )   This paper studies the impact of basic old-age insurance for urban and rural residents on the labor supply of the elderly using the regression-discontinuity method. Empirical evidences show that the policy reduces the working hours per week of the elderly significantly, so that the group who receives basic old-age insurance is 5.32 hours less than the group who does not. The impact of the policy on female labor supply is more significant than that on male. Besides, the impact of the policy on the labor supply of the elderly was not significant in 2011, but gradually became significant in 2013 and 2015 with the increase of benefit level. Further research shows that for groups with low income level or tighter budget constraints, the impact of endowment insurance on their labor supply is more significant. That is, the main beneficiaries of policy welfare are the people with poor economic conditions. This is in line with the original intention of the policy and reflects the fair value of society. These findings have reference value for optimizing endowment insurance policy. References | Related Articles | Metrics

Case Studies

Select

How does the Incubation Platform Internal Network Improve Entrepreneurial Performance? A Case Study Based on the Dual Perspective of Resources and Learning Li Mengya, Zhang Yong, Yang Delin, Hu Xiao, Zhang Jinsheng 2023, 35 (9):  324-336.  Abstract ( 72 )   PDF (8709KB) ( 71 )   Internal network is the core carrier for a incubation platform to effectively exert its nurturing function and achieve the goal of empowerment. How to construct and optimize the internal network to promote the better growth of incubated enterprises has become an important topic of entrepreneurial incubation. Based on the dual perspectives of resources and learning, this paper takes TusStar, a leading enterprise in China's incubation service industry as a case for research. By deconstructing the evolution of resource actions of incubation platforms and learning behaviors of entrepreneurial enterprises during the development of internal networks, this paper reveals the internal mechanism of how the internal network improves entrepreneurial performance. The research finds that:(1) The resource actions of incubation platform and the learning behavior of entrepreneurial enterprises are the important behavioral processes of the incubation internal network to improve entrepreneurial performance. The internal network structure and quality status are the prerequisites for the resource action selection of the incubation platform. The resource actions taken by the incubation platform based on the internal network development context and the learning behaviors carried out by the entrepreneurial enterprise on this basis are the key links and implementation methods for the leap in entrepreneurial performance; (2) With the improvement of the internal network structure and quality, the focus of resource action of the incubation platform begins to progress "from resource construction to resource arrangement to resource orchestration to resource extension". In this process, the focus of learning behavior of entrepreneurial enterprise also adaptively progresses "from cognitive learning to experiential learning to practical learning"; (3) At different stages of the internal network development, there is an adaptive relationship between the resource action dominated by the incubation platform and the learning behavior dominated by the entrepreneurial enterprise. Under the effect of the corresponding resource actions of incubation platform, the resource endowment of internal network and the entrepreneurial ability of enterprises are the key considerations for the selection of entrepreneurial learning behavior. This paper expands the research on the path and mechanism in the field of incubation internal network, and has reference value for the effective use of the internal network of incubation platform to improve the efficiency of incubation. References | Related Articles | Metrics

Select

How does Scene Enable Innovation of New Retail Business Models Based on the Evolution of the Dominant Logic of “People-Goods-Scene”?——A Case Study of Yili Group Wang Fu, Liu Junhua, Chang Qing 2023, 35 (9):  337-352.  Abstract ( 168 )   PDF (8119KB) ( 129 )   The increasing enrichment of scenario elements and the continuous strengthening of their functions have driven the evolution of the dominant logic of new retail from "goods" to "people" and then to "scene", and stimulated innovation in business models. However, the underlying innovation mechanism and path are still unclear and this becomes a key factor that restricts the high-quality development of the scenario economy. Therefore, this research takes Yili Group as an example and uses a combination of case study and procedural grounded analysis to explore and reveal the innovative mechanism and path of scenario-enabled new retail business models from the perspective of the evolution of the dominant logic of "people-goods-scene". The results show that:(1) with "goods" as the dominant, scene relies on the dominant logic of product functional value and utilizes data mining to explore users' consumption needs, identify users' consumption demand scene by means of contextual awareness, and empower innovation in new retail business models for standardized configuration of "business scene+consumption need+business context"; (2) with "people" as the dominant, scene relies on the dominant logic of service utility value and uses user portraits to depict users' consumption habits and context integration to identify users' consumption habits scene, empower innovation in new retail business models for personalized configuration of "business scene+consumption habits+business ontext." (3) with "scene" as the dominant, scene relies on the dominant logic of scenario experience value and uses emotional polarity to analyze users' consumption preferences, and leverages on context aggregation to identify users' consumption preference scene and enable innovation in new retail business models for the dual path configuration of "business scene+consumption preference-business context". References | Related Articles | Metrics