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    Invited Article
    An In-depth Analysis of the 2024 Nobel Prize in Economics
    Yang Ziyan, Zhou Yinggang
    2024, 36 (10):  3-8. 
    Abstract ( 177 )   PDF (5023KB) ( 79 )  
    This paper provides a systematic review of the research contributions by the 2024 Nobel laureates in Economics-Acemoglu, Johnson, and Robinson (AJR). From the perspective of whether external experiences can guide domestic development, it examines AJR’s research on how colonial institutions affect economic development and its practical implications. The paper first introduces the academic background and research characteristics of the three scholars, focusing on their breakthrough contributions to institutional economics. While AJR’s “natural experiment” approach confirms the significant impact of institutions on economic development, their theory shows limitations when applied to non-colonial countries. The paper also explores AJR’s profound influence on political economics, particularly examining its theoretical resonance and divergence with Marxist political economics. The study demonstrates that the effectiveness of institutional transplantation depends on local conditions, suggesting that developing countries should forge their own development paths based on national conditions while learning from international experiences.
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    Economic and Financial Management
    A Causal Theoretical Framework Construction and Future Research Directions of Corporate Greenwashing
    Xie Xuemei, Chen Wenyan, Zhang Huimiao
    2024, 36 (10):  9-21. 
    Abstract ( 173 )   PDF (12361KB) ( 163 )  
    The proposal of the national strategic goal of “carbon peak and carbon neutralization” (hereinafter referred to as “double carbon”) urges enterprises to undertake the important task of building a “net zero carbon” country. However, in the process of realizing “net zero carbon”, the emergence of “corporate hypocrisy” which is represented by “greenwashing” needs to be effectively controlled. Therefore, how to identify greenwashing and its governance has become a core issue of enterprise management under the goal of double carbon. On this basis, this study takes 275 references related to greenwashing from the core database of Web of Science as research samples to systematically investigate the antecedent, behaviors, consequences and governance of greenwashing. Firstly, this study forms a logical connection from the perspective of cause and consequence which is derived from describing the development and evolution of research hotspots. Secondly, this study uses the theory of causality to construct a comprehensive theoretical framework of “Antecedents—Behaviors—Consequences—Solution” upon the thorough review. Finally, through summarizing the limitations of existing studies at home and abroad, the future research directions and suggestions for greenwashing governance in the context of China are proposed in a theoretical framework of TCCM (Theory—Context—Characteristics—Methodology).
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    The Environmental Dividend of CRexpress: Theoretical Mechanism and Empirical Test
    Zheng Wanteng, Zhao Hongyan, Zhang Yue
    2024, 36 (10):  22-34. 
    Abstract ( 113 )   PDF (10615KB) ( 57 )  
    The CRexpress is a landmark achievement of the implementation of the “Belt and Road” initiative. In order to promote the green “Belt and Road” construction, it is necessary to clarify the relationship between the opening of CRexpress and environmental pollution. This paper takes the opening of CRexpress as a quasi-natural experiment, adopts the panel statistics of 284 cities in China from 2005 to 2019, and uses the double-difference method to empirically investigate the impact of the opening of CRexpress on urban environmental pollution. The research finds that: compared with cities that have not been opened, the average environmental pollution of cities with CRexpress is reduced by 2.05%, indicating that the opening of CRexpress has released environmental dividends. Mechanism examination shows that, the opening of CRexpress reduces urban environmental pollution by helping upgrade the industrial structure, driving technological innovation and optimizing capital allocation. Heterogeneity analysis confirms that the pollution reduction effect of the opening of CRexpress has significant regional and urban heterogeneity. In western regions and cities with high human capital, strong financial support, and good information infrastructure, the opening of CRexpress can play a stronger role in reducing pollution. At the same time, the pollution reduction effect of the opening of CRexpress shows spatial spillover characteristics, but its contribution rate is very limited.
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    Has the Belt and Road Initiative Promoted Regional Balanced and Full Development? Empirical Evidence from Countries along B&R and Domestic Provinces
    Xu Shengxia, Liu Qiang, Yang Jiahui
    2024, 36 (10):  35-48. 
    Abstract ( 81 )   PDF (11166KB) ( 46 )  
    The ‘Double Cycle’ strategy launched by China provides a new opportunity for the continuous and stable advancement of the ‘Belt and Road’ initiative, and also provides a new model for regional development research. In light of a multi-dimensional measurement design, this paper constructs a research framework for the inadequacy and imbalance of regional development from the perspective of domestic and international dual cycles, and discusses the effect of the Belt and Road Initiative on the adequacy and balance of regional development from the international and domestic levels. We find that, The Belt and Road Initiative can promote the balance and adequacy of regional development. On the one hand, the Belt and Road Initiative plays a significant role in reducing the imbalanced and insufficient development among countries along B&R, especially reflected in the reduction of industrial structure differences and policy governance differences. On the other hand, the Belt and Road Initiative promotes balanced and full development among China’s provinces along B&R and other provinces in China, especially as evidenced by the narrowing gap in economic development and market demand. In addition, the negative inhibitory effect of the Belt and Road Initiative on the imbalanced and inadequate development is characterized by regional heterogeneity, with the strongest effect in Central and Eastern Europe and the smallest effect in Northeast Asia. Therefore, the breadth and depth of the Belt and Road Initiative can be further promoted in terms of expanding cooperation with countries along B&R and other economies, improving industrial division of labor, strengthening the free flow of factors, and expanding the scope of trade and investment, so as to provide policy support for the balance and adequacy of regional development.
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    The Construction of China’s Modern Industrial System and Its Temporal and Spatial Evolution
    Lv Chengchao, Cui Yue, He Jiahao
    2024, 36 (10):  49-61. 
    Abstract ( 98 )   PDF (13377KB) ( 39 )  
    On the basis of in-depth analysis of the connotation of the development of China’s modern industrial system, based on the panel data of 31 provinces in China from 2005 to 2020, this paper constructs an index evaluation system of China’s modern industrial system from four aspects: real economy, modern industrial integration development, digital development and industrial system development guarantee. The entropy method and Dagum Gini coefficient method are used to measure the development level and space-time gap of modern industrial system. The kernel density estimation method and spatial Markov chain method are used to investigate the space-time evolution of the development level of modern industrial system and predict the future development trend. The results show that there are spatial differences in the development level of China’s modern industrial system, showing a non-equilibrium distribution pattern of gradual decline in the eastern coast, northern coast, southern coast, middle reaches of the Yangtze River, northeastern China, middle reaches of the Yellow River, southwestern China and northwestern China. The gap between regions is the main source of the overall gap. There are polarization characteristics in coastal areas. The development level of the national modern industrial system shows a club convergence effect. There are low-level traps and high-level monopoly phenomena in low-level and high-level provinces. The development level shows Matthew effect. The positive radiation driving effect of higher-level provinces is more significant over time, and the trend of spatial polarization is reduced. Therefore, we should give full play to the supporting role of modern infrastructure system, formulate industrial development policies according to local conditions, and enhance the resilience of modern industrial system.
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    The Effect of Digital Progress on Enterprise Total Factor Productivity —The Mediating and Moderating Roles of Dynamic Capability
    Wang Juan, Li Yuehan
    2024, 36 (10):  62-74. 
    Abstract ( 114 )   PDF (9688KB) ( 72 )  
    Taking A share listed companies in China from 2011 to 2022 as a sample, this paper subdivides enterprise digitization into two levels: underlying digital technology use and digital technology application, then constructs a digitization level index by using textual analysis to empirically investigate the differential impact of enterprise digitization on total factor productivity, and finally tests the mediating and moderating roles of dynamic capabilities in the process. The results show that both levels of digital progress contribute to the improvement of total factor productivity, but the promotion effect of underlying digital technology application is greater. Dynamic capabilities play a partial mediating and moderating role between the digital progress of enterprises and total factor productivity. The mediating role of dynamic capabilities is mainly achieved through absorptive capacity and innovation capacity, with absorptive capacity having the greatest moderating effect. The conclusion still holds true after multiple robustness tests. Further analysis reveals that for non-state-owned enterprises, the higher environmental uncertainty they are exposed to and the higher professional quality their employees have, the better able digital progress is to improve total factor productivity. The research conclusion enriches the mechanism of how digitalization influences the total factor productivity of enterprises and reveals the “dual role” of dynamic capabilities between digitalization and total factor productivity.
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    Research on Measurement and Causes of Investors’ Expectation Error
    Jiang Yuan
    2024, 36 (10):  75-86. 
    Abstract ( 73 )   PDF (12110KB) ( 42 )  
    This paper proposes a measure of investors’ expectation error by following the basic idea of Piotroski & So (2012) and discusses how expectation error premiums could exist in the market in the long run based on novel research by Lakonishok et al. (1994). Particularly, this paper investigates why naïve investors repeatedly make expectation errors in stock markets, while contrarian investors fail to eliminate mispricing to make a profit by effectively constructing risk-free arbitrage trading strategies. It is found that the existence of arbitrage risk makes it difficult to eliminate mispricing when stocks’ prices are higher than their fundamental value. This generates expectation error premiums as stocks’ prices converge to their fundamentals in price discovery and market trading. By investigating return characteristics on both sides of expectation error factor ERROR, this paper finds that the effectiveness of ERROR factors ultimately comes from significantly negative returns on the short sides caused by arbitrage risk. In contrast, the returns on the long sides have no significance. This paper conducts a difference-in-difference model under the quasi-natural experiment setting when China’s margin trading and Shanghai Stock Exchange 50ETF options were implemented and finds that the margin trading and options’ short-selling effectively reduces arbitrage risk of their underlying assets and then weakens the expectation error premium as securities’ prices are higher than their fundamental value. This research argues that expectation error premium is caused by stocks’ arbitrage risk that cannot be hedged under short-selling regulation.
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    Innovation and Entrepreneurship Management
    Double-edged Effect of External Knowledge Search on Talent’s Innovation Performance: The Moderating Effect of Key Inventors
    Wang Wei, Yin Ximing, Chen Jin, Xing Wanying
    2024, 36 (10):  87-99. 
    Abstract ( 86 )   PDF (11744KB) ( 43 )  
    With regards to the impact of external knowledge search on innovation, the existing researches generally look at firm-level and mainly focus on combinatorial searching strategies. Further, some individual-level research endeavors to investigate the positive or negative effect of external knowledge search on innovation. There has been little attempt at exploring the nonlinear effects of external knowledge search by distinguishing the dimensions of innovation, and more crucially, few study investigates the heterogeneous influences of inventor types. Drawing on the U.S. pharmaceutical patents, this study investigates the nonlinear effects of external knowledge search on innovation performance from the dual perspective of quantity and quality. Further, we probe the moderating effect of key inventors, as the most important intelligent capital of enterprises, on above relationships. Results indicate that there is a curvilinear relationship, taking on an inverted U-shape, between external knowledge search on the one hand as well as innovation quantity and quality on the other. The inverted U-shaped curve of external knowledge search and innovation quantity in key inventors is steeper relative to that in general inventors, while the curve of innovation quality is flatter when compared to general ones. In theory, such conclusions enrich our understanding of external knowledge search, reveal the dual moderating effect of key inventors, and contribute to the open innovation research and organizational learning theory. In practice, our results provide suggestions for R&D managers to dialectically understand the ‘double-edged sword’ role of external knowledge search. In addition, this research offers reference for policymakers to differently stimulate scientific and technological talents and accurately grasp the characteristics of key inventors, further enhancing innovation capability and high-quality development.
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    The Impact of Collaboration Network Expansion on Enterprises’ Dual Innovation Performance —The Mediating Role of Knowledge Recombination
    Zhang Na, Sun Chao, Bi Yanran, Luan Weixin
    2024, 36 (10):  100-110,133. 
    Abstract ( 103 )   PDF (10085KB) ( 55 )  
    Based on the knowledge based view, social network theory and absorptive capability theory, this paper examines the impact of enterprise collaboration network expansion (close expansion and far expansion) on enterprise’ exploratory and exploitative innovation performance, and the mediating role of enterprise knowledge recombination (adjacency knowledge recombination and non-adjacency knowledge recombination). Using 179 enterprises in communication equipment industry to empirically test the research hypothesis, the study finds that enterprises’ close expansion can improve their exploitative innovation performance; enterprises’ far expansion can improve their exploratory innovation performance. Further research shows that the non-adjacency knowledge recombination plays a mediating role in the relationship between far expansion and exploratory innovation performance. This study demonstrates the realization path of enterprises’ dual innovation performance from dynamic perspective, and reveals the inner mechanism of how collaboration dynamics impacts enterprises’ dual innovation performance.
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    Research on the Ambidexterity Learning, Frugal Innovation and Enterprise Green Competitive Advantage
    Tao Ketao, Zhao Ying, Jiang Changchang, Ren Jing
    2024, 36 (10):  111-121. 
    Abstract ( 83 )   PDF (9882KB) ( 30 )  
    The climate issue is one of the most severe global challenges in today’s era. In order to address the contradiction between high-quality economic development and the protection of the natural environment, enterprises should undertake green and low-carbon transformation development. Within the green perspective, ambidexterity learning has emerged as a crucial strategic choice for enterprises seeking to gain a competitive advantage. Based on a sample of 187 companies, this paper delves into the relationship among ambidexterity learning, frugal innovation, and green competitive advantage drawing upon organizational learning theory. The study reveals that both the joint dimension and the balance dimension of ambidexterity learning positively impact green competitive advantage. Additionally, frugal innovation is shown to have a positive influence on green competitive advantage, while also serving as a partial mediator between the joint dimension of ambidexterity learning and green competitive advantage. Further research indicates that a harmonious alignment of exploitative learning and exploratory learning can foster frugal innovation, and the higher level that the harmonious alignment is at, the better position enterprises are at for frugal innovation. The research conclusions of this study has significant implications for enhancing corporate governance capabilities within the context of green development.
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    Dynamic Evaluation of Innovation Efficiency of Medical Device Companies Listed on SSE STAR Market-Based on DEA Model
    Wu Peixin, Ouyang Zhaolian, Wei Yunjie
    2024, 36 (10):  122-133. 
    Abstract ( 72 )   PDF (10128KB) ( 32 )  
    Medical device companies of SSE STAR Market are of great significance in breaking through key core technologies, improving independent innovation ability and enhancing international competitiveness. However, no scholar has studied the innovation efficiency of these companies. In this paper, a three-stage DEA model is firstly used to conduct a cross-sectional analysis of the innovation efficiency of 35 medical device companies of SSE STAR Market in 2021. Then the DEA-Malmquist index model is used to dynamically analyze the change of their innovation efficiency from 2019 to 2021 by eliminating the environmental factors and random error interference in stage two. The results of the three-stage DEA model show that the innovation and development of medical device companies of SSE STAR Market in 2021 is mainly driven by management and technical factors. Without considering the influence of environmental factors and random errors, the overall innovation efficiency of medical device companies is underestimated. The results of DEA-Malmquist index model show that the overall innovation efficiency of medical device companies of SSE STAR Market kept improving during 2019 to 2021. Among concerned efficiencies, the utilization efficiency of innovation resources improved, the pure technological efficiency improved significantly but the technology was not fully utilized, and the innovation input exceeded the optimal investment scale. Generally, the innovation efficiency of medical device companies of SSE STAR Market improved from 2019 to 2021, but the overall innovation efficiency was still low. The increase of provincial per capita GDP, government subsidies and asset-liability ratio is not favorable to the reduction of the redundancy of capital and manpower input of enterprises in the process of technological innovation. Enterprises should be encouraged to transfer low-value production to provinces with lower production costs. At the same time, medical device companies in cities with relatively low per capita GDP should be encouraged to seek financing from SSE STAR Market.
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    Research on the Effect of Virtual Enterprise Relationship Governance Mechanism on Innovation Performance
    Zhang Baocang
    2024, 36 (10):  134-147. 
    Abstract ( 66 )   PDF (11593KB) ( 44 )  
    As the premise and foundation of the orderly operation of virtual enterprises, relationship governance bears on the quality and efficiency of collaborative innovation of virtual enterprises, and affects the innovation performance. Based on the perspective of relational governance mechanism, this paper explores the effect of trust mechanism, learning mechanism and reputation mechanism among virtual enterprises on innovation performance through joint action mediation under the moderating effect of network scale and network structure. An empirical study is conducted with 221 innovative enterprises as samples. The results show that the trust mechanism, learning mechanism and reputation mechanism of virtual enterprise can promote the joint problem-solving action among enterprises, and improve the innovation performance. Joint action plays a partial mediating role among inter-firm trust, inter-firm learning, organizational reputation, and innovation performance respectively. Network scale has a significant negative moderating effect on trust mechanism and joint action, but has no significant moderating effect on inter-firm learning, reputation, and joint action. Network centrality has a significant positive moderating effect on trust, learning, reputation and joint action among firms. There are complementary effects among trust mechanism, learning mechanism and reputation mechanism. The research results enrich the theory of virtual enterprise relationship governance and innovation performance theory, and have innovative practical application value.
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    Organizational Behavior and Human Resource Management
    Green Human Resource Management and Green Job Withdrawal Behaviors —The Suppressing Effects of Self-identity Threats
    Zhang Wei, Yang Qiong, Tu Yanhong
    2024, 36 (10):  148-160. 
    Abstract ( 89 )   PDF (12032KB) ( 46 )  
    Based on the audience-centered theory, a moderated indirect effect model is constructed to explore the relationship between employees’ perception of green human resource management and employees’ green job withdrawal behavior. Based on a 6-month sample questionnaire survey of 411 employees in 18 companies, the data results show that employees’ identity threat has a significant masking effect between their perception of green human resource management and green job withdrawal behavior: the direct effect of employees’ perception of green human resource management practices on green job withdrawal behavior is negative, but the effect through the path of employees’ identity threat is a significant positive effect, the positive effect is greater than the negative effect, and the masking effect is significant. Employees’ green values moderate the relationship between green human resource perception and self-identity threat. Specifically, the positive relationship between green human resource management perception and self-identification threat is strong for employees with low green values, which further produces a higher degree of green job withdrawal behavior, but this phenomenon occurs less frequently for employees with high green values. This paper provides new perspectives for research fields such as green human resource management and job withdrawal behavior, explores the boundary conditions applicable to green human resource management practices, and provides management suggestions for enterprise green human resource management to reduce employees’ negative psychology and behavior and improve the effectiveness of green management.
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    The Dual Impact Path of Negative Workplace Gossip on Job Crafting from the Perspective of Work-related Rumination
    Yu Weina, Tarnoff Karen, Wang Zhanhao
    2024, 36 (10):  161-171. 
    Abstract ( 93 )   PDF (9510KB) ( 58 )  
    Based on the Theory of Stress Cognitive Activation, this paper explains how negative gossip in the workplace affects the gossip target employees' job crafting behavior. Through a longitudinal follow-up survey of 395 employees over a period of 6 weeks, the following hypotheses are empirically supported: 1) Negative workplace gossip positively influences the affective rumination of the gossip goal; affective rumination negatively influences the job crafting behavior of the gossip goal; and the relationship between negative workplace gossip and job crafting behavior is mediated by emotional rumination; 2) Negative workplace gossip positively influences the problem-solving pondering of the gossip goal; problem-solving pondering positively influences the job crafting behavior of the gossip goal; and the relationship between negative workplace gossip and job crafting behavior is mediated by problem-solving pondering; 3) The relationship between negative workplace gossip and affective rumination is negatively moderated by self-monitoring ability, while the relationship between negative workplace gossip and problem-solving pondering is positively moderated by self-monitoring ability; 4) The mediating roles of affective rumination/problem solving pondering in the relationship between negative workplace gossip and job crafting are moderated by self-monitoring ability.
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    Organization and Strategic Management
    Has China’s E-cigarette Industry’s Self-regulation Influenced Government Policy?
    Xu Yanmei, Wang Ziqiang, Li Xiang, Song Xia, Zhang Yanan, Bai Zhenli
    2024, 36 (10):  172-184. 
    Abstract ( 73 )   PDF (12151KB) ( 29 )  
    Technological innovation gives birth not only to new technologies and new products, but also to new industries, all of which combine into a new enterprise ecology that is challenging for the government to manage. As a little-known emerging industry, the e-cigarette industry is experiencing “disorderly development” in China, a world leader, just as the Internet once did. In order to achieve a better living environment, enterprises in China’s e-cigarette industry adapt themselves to the industry characteristics and the external environment by implementing and demonstrating extraordinary self-discipline. For example, they spontaneously established China E-cigarette Industry Committee, affiliated the committee to China Electronic Chamber of Commerce for communication, formulated industry standards, worked with industry associations of other countries to issue the Declaration on World E-cigarette Public Health and Safety, take actions to protect minors, and participated in the anti-epidemic initiative by providing relief and donating money and goods. Has this “bottom-up” self-regulation behavior in China’s e-cigarette industry influenced government policy making? From the perspective of game analysis, this paper discusses the influence of industry self-discipline on policy regulation, and seeks an optimal solution for both enterprises’ decision-making and government policy making in order to open the market, maintain competition, promote technological innovation and economic development, and promote industry self-discipline.
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    The Synergistic Effect of Corporate Social Responsibility and Competitive Strategy
    Long Xianyi, Deng Xinming
    2024, 36 (10):  185-198. 
    Abstract ( 80 )   PDF (10742KB) ( 43 )  
    The synergistic effect between corporate social responsibility (CSR) and competitive strategy has become a new topic in CSR research. However, few of the existing researches probe into it and their conclusions are inconsistent. This study suggests that focusing on the cost and reputation effects of CSR under different competitive strategies can provide a clearer understanding of this issue. Based on a questionnaire survey of 330 Chinese companies, this paper finds that: (1) the reputation effect and cost effect of CSR offset each other; (2) low-cost strategy weakens the performance impact of CSR by weakening its reputation effect, while differentiation strategy strengthens the performance impact of CSR by weakening its cost effect. This paper constructs a critical connection between CSR and competitive strategy, emphasizing the importance of synergistic effect between different strategies, which has important implications for CSR practice.
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    Digital Transformation, Employee Responsibility and Total Factor Productivity
    Ding Xiangan, Wang Xiaoling, Han Shaojie
    2024, 36 (10):  199-211. 
    Abstract ( 104 )   PDF (9415KB) ( 67 )  
    Digital transformation brings challenges for enterprises to fulfill their corporate social responsibilities (CSR). Does digital transformation promote employee responsibility in CSR and thus improve a company’s total factor productivity? This paper examines the impact of digital transformation of enterprises on total factor productivity and the role of employee responsibility. This study has the following findings: First, the implementation of digital transformation can significantly improve their total factor productivity. Artificial intelligence technology, big data technology, and the practical application of digital technology can significantly improve the total factor productivity of enterprises. However, the application of blockchain technology will reduce the total factor productivity. Second, digital transformation can improve the total factor productivity of enterprises by motivating them to perform employee responsibility, and employee responsibility plays a mediating role. Implementing digital transformation that is responsible to employees can also help improve total factor productivity. This paper contributes to enriching responsible digitalization theory and provides relevant enlightenment for enterprises to improve efficiency and effectiveness through digital transformation.
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    Accounting and Financial Management
    Does “Bringing in Foreign Investment” Help “Go Global”?-The Effect of Foreign Shareholding in a SOE on Its Overseas Acquisitions
    Gong Min, Jiang Xu, Zhang Xiaolei
    2024, 36 (10):  212-225. 
    Abstract ( 80 )   PDF (9930KB) ( 33 )  
    State-owned enterprises (SOEs) are the main force of China’s overseas mergers and acquisitions (M&A), but their state-ownership status often causes serious legitimacy concerns from the host country, which restricts the implementation of the “go global” strategy. The introduction of foreign equity can weaken the “state-ownership color” of SOEs, but the existing researches rarely consider the role of foreign shareholding in SOEs’ overseas M&A. Using the overseas M&A data of SOEs from 2003 to 2020, we find that foreign shareholding could make the regulatory authorities of host country significantly less concerned about legitimacy and improve the success rate of SOEs’ overseas M&A. The effect of foreign shareholding in local SOEs on the success rate of overseas M&A is stronger than that of central SOEs. Foreign shareholding is better able to promote the success rate of overseas acquisitions by the SOEs that have more CPC members in their top management team and more centralized source countries of foreign equity. With the increasing diversity of the source countries of foreign equity, the effect of foreign shareholdings in SOEs on their success rate of overseas M&A shows an inverted U-shaped trend. This paper extends the research on foreign shareholding to include its role in SOEs’ overseas M&A activities, which enriches the existing literature on the legitimacy liability and legitimacy acquisition of SOEs during the overseas M&A process, and helps to deeply understand the impact of the “bring in” strategy on the “go global” strategy.
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    Economic Cycle Fluctuation and Private Enterprises’ Asset-light Operation
    Wang Haoran, Zhou Zejiang
    2024, 36 (10):  226-237. 
    Abstract ( 60 )   PDF (10129KB) ( 29 )  
    Under the background of China’s economic slowdown, it is worth paying attention to whether private enterprises choose asset-light operation to break through development bottlenecks. Based on the above consideration, this paper selects A-share listed private enterprises in China’s capital market from 2011 to 2021 as research samples, and tests the impact of economic cycle fluctuation on private enterprises’ asset-light operation and its action mechanism and corresponding context characteristics empirically. The findings are as follows. (1) There is a significant negative correlation between economic cycle fluctuation and private enterprises’ asset-light operation. In other words, when the economic cycle is downward, private enterprises are more likely to choose asset-light operation. (2)The mechanism test shows that downward economic cycle promotes private enterprises’ asset-light operation by reducing their fixed asset investment and increasing their marketing and R&D investment. (3) Situational analysis shows that the promoting effect of downward economic cycle on private enterprises’ asset-light operation intensifies when financial distress, performance pressure or product market competition is higher. This research enriches literature on economic cycle and asset-light operation, and has some enlightenment for private enterprises to choose their asset operation mode.
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    Public Management
    Pollution Control Strategies of Government and Large-scale Livestock Enterprises under Media Supervision: An Evolutionary Game Model Based on System Dynamics
    Jia Xiaojing, Xie Weizheng, Qian Cheng
    2024, 36 (10):  238-249. 
    Abstract ( 71 )   PDF (10316KB) ( 30 )  
    Pollution control in large-scale livestock and poultry breeding has emerged as a crucial aspect of achieving the objectives outlined in the ‘Beautiful Village’ initiative. Effectively addressing pollution in livestock and poultry breeding requires collaborative efforts from the government, agricultural enterprises, and third-party supervisory bodies. However, existing studies have not provided a comprehensive understanding of the intricate interactions and collaborative mechanisms among the three parties. This paper employs a systematic approach, combining System Dynamics and Evolutionary Game methods, to delve into the strategic dynamics and system evolution between the government and large-scale livestock and poultry breeding enterprises concerning pollution control, all within the context of media supervision. The findings underscore that the sewage disposal system in large-scale livestock and poultry farming is inherently complex, and media supervision plays a pivotal role in influencing its behavior positively. Furthermore, the study reveals that the impetus from both government regulations and media attention enables the system to reach a better steady state faster. The primary contribution of this paper lies in constructing a rate variable fundamental in tree model of the large-scale livestock and poultry breeding sewage disposal system. Additionally, the introduction of a delay function improves the evolutionary game model, unraveling the dynamic and complex characteristics of the system. The conclusions drawn from this research offer valuable insights for advancing pollution control measures in livestock and poultry breeding, contributing to the enhancement of rural ecological environments. Ultimately, the study’s outcomes can serve as a guide for further initiatives aimed at fostering sustainable practices and environmental well-being in rural areas.
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    Short-term Impacts of COVID-19 on PM2.5 in Urban China
    Cao Ting, Zhu Bangzhu, Wang Ping
    2024, 36 (10):  250-259. 
    Abstract ( 59 )   PDF (7173KB) ( 19 )  
    This paper quantifies environmental impact of extreme event in urban China by integrating empirical mode decomposition (EMD) with time-varying difference-in-differences (DID) approach. Our approach allows us to separate short-term random fluctuation from long-term trend and event shock, and thus improves the precision of the subsequent impact estimation. Using data on the daily PM2.5 concentrations and climate variations in 295 cities at the prefectural level from November 2018 to May 2020, the results show that the outbreak of COVID-19 caused structural changes of PM2.5 in 196 cities, and the response efficiencies across cities varied greatly. During the COVID-19 period, a significant decline of PM2.5 concentrations by 10.66 μg/m3 in 155 out of 295 cities, largely attributable to the city level lockdown. Compared with unlocked cities, PM2.5 dropped by 7.45 μg/m3 on average in cities with lockdown policy, with significant regional variations. Lockdown plays a short-term effect on the improvement of PM2.5 in Chinese cities. The temporary air quality improvement is achieved at tremendous economic cost. Therefore, governments shall address environmental pollution with more sustainable measures rather than city lockdown.
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    Case Studies
    Dual Value Creation in Hybrid Social Organizations: A Longitudinal Case Study of the Interactive Process between Institutional Logics and Resource Management
    Yin Juelin, Liu Yuhuan, Hu Youxin, Yang Xinyu
    2024, 36 (10):  260-271. 
    Abstract ( 91 )   PDF (15545KB) ( 35 )  
    Based on a dual theoretical perspective of resource orchestration and institutional logics, this paper presents a longitudinal single case study on the value creation mechanism of a hybrid social organization. It demonstrates how the organization responds to multiple institutional logics in order to create both social and economic values through resource orchestration at different stages. The main findings are as follows: (1) The hybridity of institutional logics is the key factor that drives hybrid social organizations to adopt different resource management practices; (2) The managerial cognition of organizational goals, as well as the cognition of how to achieve them, serves as the intermediate mechanism in the interaction between institutional logics and resource management. This implies that institutional logics influence organizational resource management practices by shaping managers’ cognition; (3) As organizational resource management practices advance, the hybridity of institutional logics evolves and promotes the renewal of managerial cognition and subsequent resource management, leading to dynamic adjustments in the value creation pattern. By constructing a dynamically evolving model of “institutional logics-resource management-value creation,” this paper not only contributes to a deeper understanding of institutional logic theory and resource orchestration theory in the context of hybrid organizations, but also provides valuable suggestions for hybrid social organizations to achieve sustainable value creation.
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    Resource Matching and Pathway Selection for Building Digital Resilience: A Multiple Case Study from Dynamic Resource Perspective
    Cui Miao, Qian Jinfang, Liu Tao
    2024, 36 (10):  272-288. 
    Abstract ( 124 )   PDF (15170KB) ( 42 )  
    Developing digital resilience requires companies to clarify the matching conditions between digital resources and non-digital resources, and redeploy organizational resources. However, the matching patterns of digital and non-digital resources, and the pathways for building digital resilience in different matching conditions remain unclear. Based on the dynamic resource perspective, this study adopts the multi-case study method to systematically identify four matching conditions of digital resources and non-digital resources, as well as four patterns of digital resilience construction, i.e., progressive activation, native agility, leveraging to make up, and technological upgrading. This study reveals the resource actions in the four matching conditions of digital resources and non-digital resources. The study further develops the theoretical research on digital resilience construction, and provides reference for companies to choose the appropriate pathway in building digital resilience.
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