Management Review

Regional Risk Preference and Corporate M&A: Evidence Based on Lottery Sales Data

Qi Baolei, Du Ying, Lu Zhengfei, Xue Zhixin

2023, 35 (12): 3-19.

Abstract ( 123 )

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Taking Shanghai and Shenzhen A-share listed companies from 2010—2019 as sample, this paper empirically studies the effect of regional risk preference on corporate M&A from the perspective of informal institution. We find that regional risk preference has a significant promoting effect on firms' M&A behavior. Specifically, the probability of M&A is higher for firms in region with higher risk preference. This conclusion remains unchanged after a series of robustness tests and using PSM, instrumental variables and DID method to overcome endogenous problems. Further studies show that enterprises in regions with high risk preference are more inclined to carry out cross-regional M&A and the risk of M&A is higher; compared with enterprises in regions with low risk preference, although there is no significant difference in short-term M&A performance, the long-term M&A performance is significantly poor. Finally, focusing on the internal and external corporate governance factors that influence the role of informal institution, we find that the promotion effects of regional risk preference on comporate M&A are mainly concentrated in non-state-owned firms, small-scale firms and firms located in areas with poor formal institution development. This paper reveals and provides the theoretical logic and empirical evidence of the impact of regional risk preference on companies' M&A behavior, which helps us to have a overall understanding on the influence of informal institution on China's capital market in the background of high-quality development and enriches the relevant researches in the field of “culture and finance”.

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Can Digital Transformation Improve the Investment Efficiency: Evidence from Listed Manufacturing Companies

Yan Zichun, Wang Weinan, Wang Kai, Zhang Zhiwei

2023, 35 (12): 20-30.

Abstract ( 149 )

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Digital transformation has increasingly become an inevitable choice for high-quality development of enterprises, so what impact will digital transformation have on their investment efficiency? Taking A-share listed manufacturing companies from 2011 to 2020 as research sample, this paper describes the degree of digital transformation through machine learning, bibliometrics and crawler technology, and empirically tests the impact of digital transformation on enterprises' investment efficiency. It is found that digital transformation can significantly improve the investment efficiency of enterprises, which is mainly reflected in reducing over-investment. Further analysis shows that digital transformation can improve investment efficiency by reducing agency cost and optimizing resource allocation. This paper also finds that the impact of digital transformation on investment efficiency is different when the property rights of enterprises are different, and different dimensions have different influence on investment efficiency. The research conclusions of this paper can not only enrich the relevant literature on digital transformation and investment efficiency, but also provide a decision-making basis for enterprises' important investment strategy in the process of digital transformation.

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A Two-layer Decomposition Method with Textual Data for Carbon Price Interval Forecast

Liu Jinpei, Zhang Liaodan, Chen Yi, Chen Huayou

2023, 35 (12): 31-39.

Abstract ( 58 )

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The emotional information contained in news textual data affects the decision-making process of managers and investors. Hence, it can be used to improve the forecasting accuracy of carbon price interval. In this paper, a two-layer decomposition model driven by textual data is proposed. Relevant news texts associated with the carbon emission in network are climbed, of which the sentiment scores are calculated, at first. Secondly, the carbon price interval and sentiment data are decomposed in EMD-WTS decomposition method, and the results are reconstructed into high, low frequency and trend items corresponding to time series based on SE algorithm. Eventually, the LSTM network is used to predict the obtained sequences, and the final prediction result is gained after superposition and integration. The empirical and comparative experiments show that the proposed model can not only effectively utilize the multi-source information, but also fully mine the detailed features in the time series of complex fluctuation of carbon price range, thus achieving a more significant prediction effect.

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Interpretable Corn Futures Price Forecasting with Multivariate Heterogeneous Data

Zeng Yurong, Wu Binrong, Wang Lin, Zhang Jinlong

2023, 35 (12): 40-52.

Abstract ( 101 )

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The prediction and early warning of corn futures prices can help guide the high-quality development of the agricultural economy. Since June 2020, the corn futures prices have fluctuated violently, and accurate and efficient corn futures price forecasting methods are urgently needed. Given the problem that the existing researches do not fully consider the pandemic situation, policy regulation, and potential forecast information in news texts, this research, based on both qualitative and quantitative data, proposes an effective forecast framework for corn futures price interpretability, which takes multiple factors into consideration, such as the supply and demand relationship of the corn market, policy adjustments, international market shocks, epidemic shocks, the impact of emergencies and other factors that lead to the fluctuation of corn prices. At the same time, aiming at the problem of insufficient interpretability of existing corn futures price prediction, a novel DE-TFT interpretable corn futures price prediction model is proposed. The differential evolution algorithm is used to efficiently optimize the parameters of the Temporal Fusion Transformers (TFT). TFT is a novel attention-based deep learning model that combines high-performance forecasting with temporal dynamic interpretable analysis, showing excellent performance in forecasting research. The TFT model can produce interpretable corn futures price prediction results, including attentional analysis of time steps and importance ranking of input variables. In the empirical study, the latent dirichlet allocation topic model is used to analyze the content and topics of corn news information and policy adjustments collected by “China Grain Network”, and the CNN classification model is used to extract the potential prediction information of news information. The interpretable experimental results show that the introduction of the Baidu index “pandemic”, which reflects the domestic epidemic situation and the quantified corn news text features, can further improve the accuracy of corn futures price prediction.

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Analysis on the Transmission Effect of Import Price of Electronic Components——Based on an Improved Input-Output Price Model

Xu Ran, Gao Xiang, Yang Cuihong

2023, 35 (12): 53-62.

Abstract ( 29 )

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This paper presents an incomplete input-output import price transmission model that incorporates the supply-and-demand and monopoly effect, and distinguishes the heterogeneity of processing trade production. The model is used to estimate the transmission effects of rising import prices of electronic components on the price levels of various sectors and price indices in China. The results show that the largest impact of rising import prices is on downstream electronic equipment products, including communication equipment, computers and audio-visual equipment. Non-foreign-funded electronic equipment manufacturers in the domestic market experience an enhanced price transmission effect due to supply shortage. Empirical results based on the model that distinguishes processing trade show that the impact on the general price level is relatively small. Specifically, compared to the benchmark results that do not distinguish processing trade, the impact on the Consumer Price Index and Producer Price Index decreases by 29% and 53%, respectively. In contrast, since a large number of imported electronic components are used in the production of electronic products for processing trade exports, downstream export prices are more sensitive to rising import prices. Compared to the benchmark results, the price transmission effect on the export price index increases by 30%, and the impact will reverberate through the global value chain, affecting other countries.

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Does Environmental Regulation Promote the High-quality Development of Manufacturing Enterprises?

Zhang Dan, Bi Huimin, Zhang Xiyan

2023, 35 (12): 63-72.

Abstract ( 72 )

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Based on the data of manufacturing enterprises from 2011 to 2017, this paper takes the proportion that the sentences containing word(s) like environmental protection account for in the word count of the whole government work report as the environmental regulation, and the total factor productivity as the high-quality development level, to investigate whether the environmental regulation promotes the high-quality development of manufacturing enterprises. The results show that: (1) there is a U-shaped relationship between environmental regulation and the high-quality development of manufacturing enterprises. When environmental regulation is lower than the specific inflection point, the increase of non-productive environmental cost will hinder the high-quality development of manufacturing enterprises. When environmental regulation crosses the inflection point, the green innovation ability of enterprises is continuously improved, which is conducive to improving the high-quality development level of manufacturing enterprises; (2) from the perspective of urban heterogeneity, when environmental regulation is lower than the inflection point, there is no heterogeneity in the high-quality development of manufacturing enterprises. When the intensity of environmental regulation is higher than the inflection point, environmental regulation can promote the high-quality development of manufacturing enterprises in economically developed areas. From the perspective of enterprise heterogeneity, environmental regulation has a more obvious impact on the high-quality development of non-state-owned manufacturing enterprises and large-scale manufacturing enterprises; and (3) the mechanism test results show that environmental regulation inhibits the high-quality development of manufacturing enterprises through cost mechanism, and high-intensity environmental regulation can improve the high-quality development level of manufacturing enterprises through innovative mechanism.

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Research on the Effect of Blockchain Token Incentives on User Knowledge Sharing in the New-type Knowledge Communities

Li Zhihong, Qiao Guihong, Xu Xiaoying, Xu Yanan

2023, 35 (12): 73-83.

Abstract ( 42 )

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With the development of blockchain technology, blockchain token incentive is changing the online community knowledge sharing ecological chain through its characteristics of sharing and autonomy. In order to study the incentive effect of token on community knowledge sharing, this paper takes the late-model knowledge community based on blockchain token incentive as the research object from the perspective of system theory, and constructs the system dynamics model of late-model community knowledge sharing token incentive from three parts: user subsystem, knowledge subsystem and token subsystem. The simulation and sensitivity analysis of Steemit community are carried out by using Vensim PLE software. The results show that the model constructed in this paper has a good simulation effect on the impact of token incentive on user knowledge sharing in the late-model community, and the overall quality of user knowledge sharing shows an increasing trend. The change of parameters in token incentive rules has a significant impact on community knowledge sharing. The research results have reference significance for the knowledge management and community governance of late-model communities, and help to promote the emergence and innovation of high-quality knowledge in communities.

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The Influence of Innovation Subject’s Non-economic Benefit Distribution on Project Process Performance——The Mediating Effects of Project Culture

Huang Mian, Li Lin

2023, 35 (12): 84-95.

Abstract ( 38 )

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The distribution of non-economic benefits of innovation subjects has an important impact on the process performance of collaborative innovation projects, but there are few related studies, especially in relation to intermediary mechanisms. This paper constructs a relationship influence model between honor, power and knowledge multiple distribution system and collaborative innovation project process performance based on the intermediary effect of project culture. Through 263 valid questionnaires, the influence parameters of honor, power, knowledge and culture on process performance are empirically obtained. The research finds that honor distribution has the largest direct effect on process performance, while the direct positive relationship between knowledge distribution and process performance is not significant. Project culture has a significant mediating effect between honor distribution and knowledge distribution and process performance, respectively, while the mediating effect between power distribution and process performance is not significant. This study enriches the benefit distribution theory and performance evaluation theory of project management, and provides operational suggestions and countermeasures for managers to design reasonable non-economic benefit distribution mode and non-economic incentive system.

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Qualitative Research on Driving Mechanism of the Industrial Structure Innovation Upgrading of Health Industry

Jiang Hongyan, Sun Yudi, Liu Tian, Sun Peizhen

2023, 35 (12): 96-107.

Abstract ( 42 )

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In the context of the national strategy of “Healthy China”, it is of great strategic significance to excavate driving factors of the industrial structure innovation upgrading of health industry and then accelerate the transformation and upgrading of it, which will foster new economic growth points of China and improve people's health and welfare. Prior studies about the driving mechanism of industrial structure innovation upgrading mostly focus on traditional manufacturing industry, lacking the exploration of the core impetus and inner mechanism affecting the health industrial structure innovation upgrading from the perspective of multi-factor. Based on the new perspective of four factors such as environment, the government, supplier and demander, the current study adopts the qualitative research method to establish a theoretical model driving industrial structure innovation upgrading of health industry. Results show that the four factors synergistically promote industrial structure innovation upgrading of health industry. The present study not only reveals the four-factor theoretical model driving industrial structure innovation upgrading of health industry, but also enriches the theoretical connotation of industrial innovation and upgrading. Meanwhile, this paper also provides targeted policy recommendations and implementation paths for the government to promote the industrial structure innovation upgrading of health industry.

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The Mechanism of How Green Innovation Search Influences Green Innovation under the Background of Double Carbon——The Mediating Role of Environmental Protection Unlearning

Tao Ketao, Ren Jing, Feng Taiwen, Bao Endeer

2023, 35 (12): 108-121.

Abstract ( 74 )

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Under the background of carbon peak and carbon neutrality, the importance of protecting the environment has become increasingly prominent. Enterprises urgently need green innovation to achieve strategic competitive advantage, and a key logic of green innovation is to search for green innovation. Based on organizational learning theory and organizational behavior theory, this paper uses the questionnaire survey data of 211 manufacturing enterprises to test the hypothesis empirically, in order to explore the mechanism of how green innovation search influences green innovation. The results show that the depth and breadth of green innovation search can positively promote exploratory green innovation, utilization green innovation, non-environmental forgetting and environmental change. Non-environmental oblivion and environmental change both play a partial mediating role in the relationship between two dimensions (depth and breadth) of green innovation search and two types of green innovation (exploratory green innovation and utilization green innovation). This study enriches the related theoretical research of green innovation, reveals how green innovation search affects the “black box” of green innovation, and provides theoretical guidance for the sustainable development of enterprises.

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Does Confucian Culture Influence Corporate Green Innovation？

Pan Zicheng, Yi Zhigao, Pan Zhen, Cheng Wenxiu

2023, 35 (12): 122-136.

Abstract ( 123 )

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In the context of China energetically developing green economy, this paper breaks through the traditional framework of formal institutions, and investigates the impact of the Confucian culture on the corporate green innovation from a perspective of informal institutions. Using a sample of Shanghai and Shenzhen A-share listed firms in manufacturing industry during the period of 2008—2018, we find that the Confucian culture significantly puts a positive influence on the corporate green innovation in three primary ways, including the corporate social responsibility, managerial self-interest and business strategic transformation. Besides, the heterogeneity study shows that the environmental regulation intensity, the industry pollution level and the culture shock intensity can play an important role in the association between Confucian culture and corporate green innovation. Additionally, the corporate green innovation which is triggered by the Confucian culture can boost enterprise performance. Not only does this paper provide a necessary theoretical basis for carrying forward the Chinese traditional culture, but also offer guiding suggestions on how to promote the corporate green innovation of manufacturing enterprises.

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Social Influence of Online Observational Learning: Evidence from Self-reported and EEG Data

Diao Yajing, Lu Jian, Yang Qian, Wang Zhiying, Wang Nianxin

2023, 35 (12): 137-147.

Abstract ( 47 )

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In the process of online shopping, the observational learning information presented on the product page is an important source of information for consumers to make purchase decisions. Based on the social influence theory, this paper constructs two theoretical models of online observational learning information, historical sales and time saving which influence consumers' purchase decisions, and discusses in depth the influence of the two types of information on consumers' purchase attitudes and emotions. Through the combination of self-report and EEG experiments, it is found that the influence of historical sales belongs to the informational social influence, the influence of positive and negative historical sales information on purchase attitude is asymmetric, and EEG data show that the informational social influence is related to negative emotion; the influence of time saving belongs to normative social influence, which has a significant positive influence on purchase intention. EEG data show that normative social influence is related to positive emotion induction. The results reveal the differences in social influence between the two types of observational learning information, which has practical implications for businesses and e-commerce platforms to implement targeted promotional strategies. At the same time, the application of the EEG experimental method provides a new perspective for consumer behavior research.

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Impact of the Online Reviews on Pricing for E-commerce Platform and Consumers’ Channel Choices

Huang He

2023, 35 (12): 148-159.

Abstract ( 86 )

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Considering a system consisting of a manufacturer and an e-commerce platform, two game models are established and the impact of online reviews on system equilibrium and consumer behavior is analyzed. The results of this paper show that, the optimal pricing strategy of e-commerce platform is influenced by online reviews. E-commerce platform will only implement a low-price strategy when the competition between direct channel and self-operated channel is sufficiently intense, or when the level of channel competition is relatively low but the effectiveness of online reviews is also sufficiently low. Online reviews facilitate the redistribution of profits between manufacturer and e-commerce platform, and when the level of channel competition is moderate, online review is beneficial to e-commerce platform, while their impact on manufacturer remains uncertain. In addition, the presence of online reviews influences consumers' choice of purchase channels, especially as some consumers abandon direct channels and opt to purchase products through self-operated channel. However, when the effectiveness of online reviews satisfies certain conditions, consumers may decide against purchasing the product based on those reviews, leading to a reduction in product demand. Finally, this paper extends the original model to further examine the issue of competition among e-commerce channels.

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Service and Pricing Strategy of Third-party Manufacturing Platform Considering Intra-group Network Effects and Multihoming Behavior of Bilateral Users

Dan Bin, Xiong Jun, Sui Ronghua, Zhang Xumei

2023, 35 (12): 160-168.

Abstract ( 39 )

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Aiming at two competitive third-party manufacturing platforms that offer parts trading service to manufacturers and suppliers, this paper considers the positive cross-network effects between bilateral users and the negative intra-group network effects within each user group. A Hotelling model is constructed to study the optimal service and pricing strategy of the platforms when manufacturers and suppliers are multihoming. The impacts of intra-group network effects on the optimal decision of platforms are further analyzed. The results show that, when the basic utility that platforms offer to users is high, the two platforms should adopt differentiated service strategy. In this case, platforms always charge more for suppliers, while it's possible to give some subsidies to manufactures. However, when the basic utility that platforms offer to users is low, the two platforms should implement homogeneous service strategy. At this time, platforms no longer give subsidies to manufacturers, and under certain conditions, the platforms will charge more for manufacturers even though manufactures' cross-network effect intensity is greater than suppliers'.

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Strategy Selection of Manufacturer Supply Chain Member under Asymmetric Information: Channel Encroachment and Information Leakage

Li Qiuxiang, Ji Huimin, Huang Yimin, Qi Ershi

2023, 35 (12): 169-181.

Abstract ( 38 )

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The study considers a three-level supply chain consisting of a manufacturer, a large and a small retailer, and a customer, where the manufacturer infers the market demand state from the large retailer's orders and decides whether to invade channel and leak information, and constructs four game models between the manufacturer and the retailer to investigate the manufacturer's optimal strategy choice and the impact on the profit of the supply chain members. It is found that whether a manufacturer invades or not is related to the size of sales cost and the state of product market demand; whether a manufacturer leaks information is related to whether it invades through direct sales channels and the high prior market probability; the average value of large retailer orders affects the manufacturer's decision to leak information; and a manufacturer's information leak is not always beneficial to the small retailer.

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The Impact of E-commerce Live Streaming on Consumers’ Purchase Intention: A Study Based on Grounded Theory

Liu Luchuan, Liu Chenglin

2023, 35 (12): 182-189.

Abstract ( 198 )

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E-commerce live streaming has brought consumers a new shopping experience. Studying the mechanism of how e-commerce live streaming influences on consumers' purchase intention is of great significance to improve the quality of live streaming service and promote the healthy development of e-commerce live streaming business ecology. Through in-depth interviews with 57 respondents, this study constructs the mechanism model of the influence of e-commerce live streaming on consumers' purchase intention. The results show that, in the context of e-commerce live streaming, commodity factors, streamer factors and live streaming context factors affect consumers' engagement in e-commerce live streaming, and on this basis, they will ultimately affect consumers' purchase intention by influencing consumers' cognitive attitude and emotional attitude; At the same time, consumers' personal internal factors play a moderating role in the influence of commodity factors, streamer factors and live streaming context on consumers' engagement in live streaming.

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External Networking or Internal Management? Performance Shortfalls, Perception of Institutional Environment, and Entrepreneurs’ Time Allocation

Yang Fan, Ge Jianhua, Zhu Di

2023, 35 (12): 190-202.

Abstract ( 48 )

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In the face of performance shortfalls, how will entrepreneurs respond and take actions? Although existing studies have established a direct relationship between performance shortfalls and diverse organization behaviors and outcomes (e.g., R&D, mergers and acquisitions, strategy adjustment, and organizational learning, etc.), they have ignored the role of information interpretation and problem assessment in the process of performance feedback and their impact on the final decisions. Integrating the behavioral theory of the firm and institutional theory, we propose that entrepreneurs' perception of the institutional environment will affect their feedback interpretation and problem attribution, leading to subsequent search behaviors and strategic choices. Our study helps open up the “black box” of performance feedback process. Using data from a nationwide survey of Chinese entrepreneurial firms conducted in 2010, we find that entrepreneurs' perception of the institutional environment has a significant impact on their attribution of firm performance shortfalls, which in turn can influence their time allocation decisions. Specifically, when entrepreneurs perceive that the institutional environment is stable and well-functioning, they are more likely to attribute the performance shortfalls to internal management problems, thus investing more time in internal-oriented management activities. In contrast, as the perceived deterioration of the institutional environment increases, they are more likely to attribute the performance shortfalls to external networking problems, leading them to allocate more time to external-oriented networking activities.

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Can Leader’s Promotion-focused Behavioral Modeling Induce Subordinate’s Improvisational Innovation? Considering the Intervention of Substitute Factors

Xiong Li, Liu Bo, Nian Pengxiang

2023, 35 (12): 203-216.

Abstract ( 54 )

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In the VUCA era, it has become an important strategic choice for enterprises to timely respond to market changes by inducing improvisational behaviors in front-line innovators to creatively solve various emergent problems and technical challenges. However, current improvisation researches largely focuses on the above-team level, and there is a lack of systematic exploration on how to induce improvisational innovation in innovation team members in real time. By integrating regulatory focus theory and substitutes for leadership theory, this study aims to elucidate the process by which a team leader's promotion-focused behavioral modeling affects subordinates' improvisational innovation, specifically in four intervention contexts consisting of two substitute factors: formalization and identification with the leader. The analysis of data from 211 leader-member pairs of innovation teams reveals that (1) leader's promotion-focused behavioral modeling induces subordinates' improvisational innovation through their situational promotion focus; (2) subordinates' identification with the leader enhances the positive effect of leader's promotion-focused behavioral modeling, while formalization reverses this positive effect; (3) subordinates' identification with the leader could effectively mitigate the counter effect of formalization. Based on the analysis of the four intervention contexts, this paper systematically explains whether leader's promotion-focused behavioral modeling can induce improvisational innovation in subordinates and uncovers a variety of effect differences. The findings have implications for organizations to stimulate improvisational innovation in employees according to local conditions.

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Research on the Mechanism of How Corporate Social Responsibility Participation Influences Advocacy Behavior

Liu Zonghua, Li Yanping, Guo Yulang, Deng Shangkun

2023, 35 (12): 217-227.

Abstract ( 51 )

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Advocacy behavior as an extra-role behavior that effectively improves organizational effectiveness has recently received increasing attention from academics and practitioners. Based on the conservation of resources theory, this study examines the effect of corporate social responsibility (CSR) participation on employees' advocacy behavior, the mediating role of harmonious work passion on the CSR participation/employees' advocacy behavior, and the moderating role of person-supervisor fit on strengthening the link CSR participation and employees' advocacy behavior. The theoretical hypotheses are tested by using two-wave data from 303 employees. The results show that CSR participation is positively related to employees' advocacy behavior, harmonious work passion mediates the relationship between CSR participation and employees' advocacy behavior, person-supervisor fit moderates the effect of CSR participation on harmonious work passion as well as the indirect effect of CSR participation on employee advocacy behavior via harmonious work passion such that the indirect effect is stronger when person-supervisor fit is high.

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The Effect of a Platform’s Entry into a Complementary Market on Its Competitive Advantage

Tang Fangcheng, Jia Kai

2023, 35 (12): 228-238.

Abstract ( 37 )

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Platform entrying a complementary market in the platform ecosystem has been increasingly concerned by the theoretical and practical community. In order to explore the mechanism of how a platform's entry into a complementary market influences its competitive advantage, this paper studies the cases of JD Logistics and Cainiao Logistics, based on the platform ecosystem theory and grounded theory. The results show that: (1) platform entering a complementary market in an exclusive way will reduce the openness of the platform, resulting in a strong competitive effect between the platform and its complementors. Complementors' service innovation for the platform is reduced, but exclusive entry will enhance the dominant position of the platform, which is beneficial to platform governance; (2) platform entering a complementary market in the open way will enhance the openness of the platform and its complementors' enthusiasm for service innovation, and accelerates the development of the platform and platform ecosystem on the strength of network synergistic effect. The results enrich the platform ecosystem theory, reveal the role of platform openness changes in the process of platform entering complementary markets and provide a theoretical basis for platform's penetration into market and platform ecosystem's governance mechanisms.

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Does the Emissions Trading Program Affect the Structure of Labor Force Employed by Enterprises?——Evidence from Chinese Listed Companies with SO₂ Emission

Lv Kangjuan, Zhu Siwei, Pan Minjie, Huang Min

2023, 35 (12): 239-256.

Abstract ( 51 )

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Market-based environmental regulation is an effective means to address environmental externalities, and assessing the potential impact of environmental regulation on social effects is an important element of environmental policy assessment. We explore the impact of environmental regulation on companies' labor force hiring structure based on Porter's hypothesis, institutional compliance cost theory and externality theory, as well as combining local static equilibrium models, and explore the impact mechanisms involved. Taking the SO₂ emissions trading program as a quasi-natural experiment, we use DID to reveal the impact of the emissions trading program on companies' labor force hiring structure by observing the SO₂ emitting firms that were A-share listed from 2004 to 2018. the SO₂ emissions trading program has a significant inhibitory effect on enterprises labor hiring, and the annual effect shows an increasing trend from year to year. Further analysis reveals that the emissions trading program has a biasing effect on low-skilled labor force, which significantly reduces the demand for low-skilled labor in regulated enterprises and leads to a shift in the quality structure of the enterprise labor force to higher levels. In addition, the emissions trading program has a negative impact on labor force hiring by increasing labor productivity and labor price levels. The impact of the emissions trading program on the employment structure of companies' labor force is significantly heterogeneous, influenced by the strength of environmental enforcement, industry concentration and the nature of firm ownership. The findings of this paper provide important policy implications for further full-scale rollout of the SO₂ emissions trading program and securing employment of low-skilled labor.

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Stages of Extenics Development and a Comparative Study with WSR Methodology

Peng Yixie, Zhang Lingling, Gao Chang

2023, 35 (12): 257-271.

Abstract ( 26 )

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With multi-dimensional data and based on Schneider's four-stage theory, we improve a four-dimensional analysis framework of discipline display, research content, researchers and technology application. We integrate bibliometrics, social network analysis, and patent and content analysis methods for analysis, and conduct a comparative discussion with Wuli-Shili-Renli (WSR) related research conclusions. We find that Extenics has entered the conceptualization and tool construction stages since 1983 and the application stage since 2005; the two disciplines are not well developed in tool construction. Compared with WSR, Extenics application is longer, and the development of tool construction and application is more mature. The development of local disciplines can be strengthened in such a manner as to ensure that conceptualization be based on localization to promote Chinese cultural concepts and thinking, with the strengths of East and West combined together. The tool construction should encourage the migration of mature methods of other disciplines, and pay attention to the development of discipline-specific tools and targeted technical methods. The application should emphasize that theoretical research and practical research go hand in hand, and be fully close to social practice; and should give full play to discipline leaders, successor talents and discipline teams.

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Impact of Intelligentization on Retail Logistics: Empirical Evidence from Lianhua Huashang

Tian Xin, Wang Haoqing, Wang Shouyang, Song Yan, Chen Qinghong, Tian Jian

2023, 35 (12): 272-281.

Abstract ( 92 )

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Intelligentization, which provides solutions to the problems of labor shortage and geographical imbalance faced by brick-and-mortar retail enterprises, can reduce the labor intensity, facilitate the implementation of intensive storage, save warehouse space, and improve the capacity and utilization of logistics center. Based on the case of Lianhua Huashang smart logistics center, we examine the impact of intelligentization on retail logistics operations from three aspects: cost, efficiency and quality. The results of the empirical study indicate that intelligentization has increased the cost of building the logistics system, effectively improved the efficiency of retail logistics operations, but not made the quality of retail logistics better. From a global and long perspective, adopting intelligentization of logistics will promote the long-term development and cross-regional expansion of brick-and-mortar retail enterprises.

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Can Digital Traceability Facilitate Supply Chain Integration?——Dual Moderating Effects of Inter-firm Trust and Government Support

Zhou Xiongyong, Xu Zhiduan

2023, 35 (12): 282-294.

Abstract ( 47 )

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In the era of the digital economy, a widely asked question is whether and how the booming digital technology can facilitate supply chain integration by food firms. Based on stakeholder theory and resource dependence theory, this study develops a conceptual model and explores the impact of an important emerging information technology, digital traceability, on supply chain integration while examining the dual moderating effects exerted by inter-firm trust and government support. The questionnaire survey method is used to investigate 250 food firms from four demonstration areas of traceability system construction in China, and the empirical test is carried out using hierarchical regression analysis and moderated effect test methods. The study finds that: (1) input traceability has a significant positive impact on supplier integration, process traceability has a significant positive impact on internal and customer integration, and output traceability has a significant positive impact on customer integration; (2) inter-firm trust has a moderating effect on the linkage between input traceability and supplier integration, and on the linkage between output traceability and customer integration, while government support plays a moderating role in the relationship between process traceability and internal integration; and (3) inter-firm trust and government support interaction terms moderate the relationship between input traceability and supplier integration. When the food firm maintains a high level of trust with supply chain members and is highly supported by the government, the implementation of input traceability can increasingly facilitate supplier integration.

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When will the Central Environmental Protection Inspection Play Its Role?——The Time-lag Effect of the Central Environmental Protection Inspection on Urban Environmental Quality

Ma Jieqiong, Zhao Haifeng

2023, 35 (12): 295-307.

Abstract ( 48 )

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Unlike conventional environmental regulations and policies, the central environmental protection inspection is carried out in a campaign style, so its impact on the environmental quality of the inspected cities is worth studying. In order to explore when the central environmental protection inspection will play its role, this paper focuses the time-lag effect of the central environmental protection inspection. Based on the data of 287 prefecture-level cities in China from 2012 to 2019, the two-way fixed effects model is used to analyze the central environmental protection inspection's time-lag effect and the mechanism of its influence on urban environmental quality. Results show that: (1) there is time-lag effect in policy effect of the central environmental protection inspection and the time-lag effect on the emission reduction of different pollutants is heterogeneous in time and space; (2) the central and western regions show significant characteristics of campaign-style, and the central environmental protection inspection has a U-shaped impact on gaseous pollutants in the central and western regions; and (3) for different pollutants in cities with different scales of economy, the central environmental protection inspection plays its role at different time. Finally, based on the above conclusions, related policy recommendations are put forward.

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Analysis of the Effectiveness of Carbon Emission Trading Pilot Policies in China——New Evidence from PSM-DID and SCM

Li Zhiguo, Che Shuai, Wang Jun

2023, 35 (12): 308-318.

Abstract ( 83 )

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Based on the panel data of Chinese provinces from 2000 to 2018, this paper comprehensively investigates the emission reduction effects of carbon emission trading pilot policies by using propensity score matching differential method, synthetic control method and spatial differential method. The study finds that in terms of average effect, the implementation of carbon emission trading pilot policy can effectively promote the pilot areas to reduce carbon dioxide emissions. This paper further analyzes the dynamic impact of the policies, and finds that the emission reduction effect of the pilot policies of carbon emission trading has an “inverted U-shaped” feature. This paper also uses SCM method to conduct a case study, and finds that the implementation of pilot policies leads to much less carbon emission in Hubei, Tianjin, Chongqing, etc., but brings little effect in Beijing, Shanghai, Guangdong, etc. Taking the spatial spillover effect into consideration, we find that the existence of carbon leakage leads to a significant decrease in the overall emission reduction effect of the pilot policies. In view of the above findings, the pilot provinces and cities should, on the basis of local actual situation, make full use of the market mechanism to achieve low-carbon development, and strengthen regional linkage to promote coordinated emission reduction.

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How to Build Complementary Advantages in Digital Business Ecosystems?——An Exploratory Case Study Based on IFLYTEKE

Liu Shuang, Shan Yu

2023, 35 (12): 319-332.

Abstract ( 77 )

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The rapid advancement of next-generation information technology and digital technology has prompted cross-border collaboration and value co-creation among organizations, and whether core enterprises can shape complementarity in the process of building a digital business ecosystem is critical for enterprises to gain competitive advantage and achieve long-term growth. With regard to Iflyteke's practice of developing digital business ecosystems, this paper comprehensively investigates the establishment of complementary interactions in digital business ecosystems and the construction of their complementary advantages. The research finds that: (1) a process feature can be seen in the complementing building of the digital business ecosystem. Through search and attraction, core enterprises first pick matched eco-partners to enter the ecosystem, and then create connection ties with eco-partners by establishing association structures and deepening linkage relationships. Finally, the key skills of ecological partners end up complimentary through the two-way cycle of value element sharing and feedback element transformation; (2) under the leadership of core enterprises, complementary resources are accumulated around digital technology, stable interdependence relationships are established based on the development and application of digital technology, and finally, complementary resources are used to realize value co-creation, transforming complementary resources around digital technology into values that promote the development of the digital business ecosystem and creating complementary advantages of the digital business ecosystem. The theoretical framework developed in this paper can help to fill a research gap caused by existing studies' lack of consideration of ecosystem complementarity, enrich knowledge of the construction of complementary advantages in digital business ecosystems, and expand research on the construction of digital business ecosystems.

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Research on the Financial Digital Transformation Based on the Dynamic Middle-platform Architecture：Taking a Traditional Data-intensive Enterprise for Example

Han Xiao, Huang Zhixiang, Huang Yuan

2023, 35 (12): 333-352.

Abstract ( 99 )

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With the development of the digital economy, the defects of traditional financial management such as rigid organizational structure, miscommunication and weak risk resistance are gradually revealed. How to launch the financial digital transformation effectively is an issue that Chinese traditional enterprises have to address. The intelligent financial management models centered on shared service centers or middle-platform have been explored in previous studies. But most of them just focus on static organizational structures of internet enterprises and new retail industry, without fully considering the rapid changes in the external market in the digital economy. In view of this, selecting traditional data-intensive enterprises as research subjects, starting from the perspective of dynamic development, based on the financial digital transformation theory and the shared service theory, combined with the strategy of dynamic middle-platform, applying digital technologies such as big data, blockchain and artificial intelligence, a financial digital transformation model with the characteristics of dynamic middle-platform, deep intelligence and user orientation is built. Then China Railway Siyuan Survey and Design Group Co. with digital transformation experience is used as an example to test the model's validity. The result shows that the model could effectively enhance the digital service capabilities and business agility capabilities of enterprise's finance, and improve customer service experience. This research can help to deepen the theoretical understanding of the middle-platform, and provide some practical enlightenment for the financial digital transformation of traditional data intensive enterprises.

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