Management Review

Risk Spillover and Dynamic Conduction among Oil, Gold and Stock Markets: New Evidence from Implied Volatility

He Meng, Zhu Xuehong, Chen Jinyu, Liao Jianhui

2025, 37 (1): 3-15.

Abstract ( 146 )

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The outbreak of COVID-19 has had a systematic impact on global financial markets. Based on a new perspective of implied volatility, a cutting-edge risk spillover network model is adopted to comprehensively examine the intensity, scale, and time-varying characteristics of risk spillovers among oil, gold, and major global stock markets. Then, based on the marginal spillover analysis method, the sources and dynamic transmission paths of risk spillovers among oil, gold, and stock markets are observed. The results show that there is a significant and asymmetric risk spillover effect among global oil, gold and stock markets, and the effect increased rapidly in the COVID-19 period, during which the spillover index reached its peak. The oil and gold markets are important sources of risk in the stock market, and the mainland Chinese stock market is the most important exporter of risk. After the outbreak of the epidemic, especially during the first two circuit breakers in the US stock market, the intensity of risk spillovers in the oil market and the Brazilian stock market increased sharply. With the effective control of the domestic epidemic, the mainland Chinese stock market has gradually transformed into a risk-taker.

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Mechanism Research and Empirical Test on How Environmental Regulation Influences Green Economic Efficiency: Based on the Perspectives of Environmental Attention and Local Government GDP Competition

Yue Li, Ren Wanyu, Jiang Lingfeng

2025, 37 (1): 16-27.

Abstract ( 137 )

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Local government environmental attention and GDP competition among local governments play a significant moderating role in the influence of environmental regulation on green economic efficiency in China, with a black box effect, where the unique competition among Chinese local governments serves as an important perspective for studying this issue. Based on provincial panel data from China between 2005 and 2019, this paper uses the Super-SBM model to calculate green economic efficiency and uses a coefficient model to study the mechanisms of how the two complex moderators, i.e., environmental attention and GDP competition, play their respective role. The results show that the “non-linear impact” of environmental regulation on green economic efficiency is significant under both government-commanded and market-incentive environmental regulations, while participatory regulation only has a significant negative effect on green economic development in the short term and no significant long-term effect. Local government environmental attention and government GDP competition both play a complex moderating role in the influence of environmental regulation on green economic efficiency, with the “black box effect” mainly reflected in the fundamental directional differences between the moderating effects of the two on their direct impact on green economic efficiency. In addition, the level of industrial structure and market openness can significantly impede green economic efficiency, while increasing the level of openness to the outside world is conducive to the development of green economy in China.

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Belt and Road Initiative and Evolvement of Cross-cultural WTO Dispute Settlement Network—From the Perspective of Social Computation

Huo Da, Xiao Hao, Zhang Xiaotao, Yi Jingtao, Li Junhang

2025, 37 (1): 28-39.

Abstract ( 86 )

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With development of global economy, cross-cultural business cooperation offers further support to global involvement and policy making across countries. Belt and Road initiative brings increasing synergy to cross-cultural business cooperation. Given that this year is both the 10th anniversary of China launching its Belt and Road initiative and the 20th anniversary of China’s entry into WTO, this research studies the effect of Belt and Road initiative on WTO dispute settlement network by using social computation, analyzes the effect of cross-cultural business negotiation on institutional entry barrier based on Cournot Equilibrium and Stackelberg Equilibrium, and forecasts the effect of Belt and Road initiative on evolvement of WTO dispute settlement network in cross-cultural business cooperation based on Markov Chain Monte Carlo modeling. This research further simulates the multilateral cooperation in cross-cultural business cooperation based on multi-agent based modeling. It is found that Belt & Road initiative mitigates the effect of cultural difference on WTO dispute settlement network. This research helps to further understand structuring an open and compatible WTO cross-cultural cooperation system by development of ecosystem specific advantage based on Belt and Road initiative.

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Does the Tourism Law Promote the Development of the Tourist Industry: Based on an Empirical Evaluation of DID

Zhang Ke, Huang Xijia, Wang Hongjian, Chen Song

2025, 37 (1): 40-51.

Abstract ( 112 )

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This paper uses the relative difference between the last revision of the Tourism Management Regulations of 31 provinces before 2013 and the Tourism Law to construct a Difference-in-Differences methodology to evaluate the impact of the improvement of the tourism legal system on the economic development of the tourist industry. The study finds that the implementation of the Tourism Law has improved the tourist industry by improving the tourist industry supporting facilities and tourist public service facilities, and at the same time promoted the establishment of an educational mechanism in the tourist industry, thereby promoting the economic development of the domestic tourist industry. The better local law enforcement environment and the higher informal institutional level the Tourism Law is exposed to, the better able it is to promote the development of tourist industry.

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Whose Vitality Is Inspired by Mixed Ownership Reform?

Li Mingshan, Sun Xiaohua, Guan Shu

2025, 37 (1): 52-63.

Abstract ( 72 )

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As an essential step of “comprehensively deepening reform” in the new era, “stimulating the vitality of market participants” is clearly required in the Fifth Plenary Session of the 19th CPC Central Committee. Given the vigorous development of all kinds of market participants, it is necessary to discuss the effect of mixed ownership reform on enterprises under different ownership structures. In this paper, we theoretically explain the differential effects of mixed ownership reform on state-owned enterprises (SOEs) and non-state-owned enterprises (non-SOEs) by constructing a mixed oligopoly model, and then use a panel data from China’s provinces as the empirical sample. It is found that, mixed ownership reform significantly promotes the economic vitality of non-SOEs, with relieved financing constraints serving as a crucial pathway. The impact of mixed ownership reform on the economic vitality of SOEs exhibits a nonlinear effect. In the early stages of reform, economic vitality in SOEs is primarily stimulated by shedding policy burdens. However, as the reform enters deep waters, blindly reducing the proportion of the state-owned economy will not contribute to boosting the economic performance of SOEs. To further explore the mechanism of how mixed ownership reform influences SOEs, we examine the effects of the new round of mixed ownership reform of SOEs, represented by categorical reform, using microdata from local state-owned listed companies in the commercial category. It is found that the mixed ownership reform of SOEs indirectly improves the economic performance of SOEs by reducing two types of agency costs, without inhibiting SOEs from their social responsibilities such as providing jobs. The above conclusions not only provide empirical evidence for the policy evaluation of mixed ownership reform, but also provide a theoretical basis for deepening the reform of state-owned enterprises in the new era.

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Soybean Production Potential of BRI Countries and Its Impact on China’s Dominance in Soybean Trade

Su Danhua, Ni Guohua, Bao Qin

2025, 37 (1): 64-74.

Abstract ( 70 )

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Strengthening grain cooperation with countries of the Belt and Road Initiative (BRI) would help to enhance China’s dominance in soybean trade. By applying GAEZ model with three simulation scenarios under the RCP4.5 assumption, this paper estimates the soybean production potential and export potential of BRI countries in 2011—2040 (2020s), 2041—2070 (2050s) and 2071—2100 (2080s), and studies the impact on China’s dominance in soybean trade under the optimum scenario. The results indicate that the soybean production potential in BRI countries is 50.36 million to 98.92 million tons, and the potential production may reach 1.7 to 4 times the soybean production in 2020. Moreover, the potential export from BRI countries to China is 8.63 million to 57.19 million tons. The concentration rate of China’s soybean import could be reduced to 91% if BRI countries strengthen their irrigation, and further to 54% if they develop their arable land. Despite China’s dominance of soybean trade will be greatly improved, Brazil, the United States and Argentina will still remain the dominant sources of China’s soybean import. The methods and conclusions of this study provide theoretical and policy supporting for improving cooperation between China and BRI countries in soybean production and trade.

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The Impact of Indigenous Centralized R&D Networks on Enterprise Technology Innovation

Wang Yu, Yang Naiding, Zhang Yanlu, Zhu Xianglin

2025, 37 (1): 75-86.

Abstract ( 85 )

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Indigenous centralized R&D networks aimed at improving the innovation capacity of local firms are emerging in the face of global economic downturn. Based on the general path of complex product technological innovation capacity enhancement in latecomer countries, this paper divides enterprise technological innovation dimensions into technology imitative innovation and technology collaborative innovation, and then establishes a theoretical model of the impact of indigenous centralized R&D networks on enterprise technology innovation, and finally empirically analyses the proposed hypotheses by collecting 279 valid data from complex product enterprises. The study shows that indigenous centralized R&D networks improve both technology imitative innovation and collaborative innovation. And indigenous centralized R&D networks can better stimulate the technology collaborative innovation. Indigenous centralized R&D networks influence enterprise technology imitative innovation through network technology diffusion. Moreover, product modularity, as a moderator, positively affects the relationship between indigenous centralized R&D networks and technology imitative innovation. And technology legitimacy, as another moderator, negatively affects the relationship between indigenous centralized R&D networks and technology collaborative innovation. This study has enlightening significance for technology innovation in the field of complex products, especially for the question of how to utilize product modularity and technology legitimacy to enhance technology imitative innovation and technology collaborative innovation.

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“Are You Able to Pick Yourself up from Where You Fell”: The Impact of Innovation Failure under Different Antecedent Configurations on Enterprise Re-innovation Behavior

Sun Bing, Zhang Yanfeng, Tian Shengnan

2025, 37 (1): 87-99.

Abstract ( 71 )

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The existing researches have not yet reached a consistent conclusion on the relationship between innovation failure and enterprise re-innovation behavior. This paper argues that the important reason for the inconsistency is that the existing researches ignore the complexity and difference of the antecedents of innovation failure. Using fuzzy set qualitative comparative analysis (fsQCA) and propensity score matching (PSM) methods, this paper systematically examines the different effects of innovation failure under different antecedent configurations on enterprise re-innovation behavior based on identifying the multiple antecedent configuration paths of innovation failure.This study finds that the antecedent configuration of innovation failure can be divided into five types: internal knowledge deficiency, internal governance deficiency, internal cognition and ability deficiency, external impetus deficiency, and internal and external troubles. In addition, there are differences in the impact of the five antecedent configurations of innovation failure on the re-innovation behavior of enterprises. Specifically, innovation failure caused by internal knowledge deficiency, internal governance deficiency, external impetus deficiency, internal and external troubles will lead enterprises to reduce re-innovation behavior; innovation failure caused by internal cognition and ability deficiency will encourage enterprises to increase their re-innovation behavior.The purpose of this paper is to provide empirical reference for enterprise managers to effectively prevent the risk of innovation failure and for government agencies to stimulate enterprise re-innovation behavior.

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How does Entrepreneurs’ Human Capital Affect Entrepreneurial Persistence？—The Moderating Role of Entrepreneurial Anxiety

Zhang Hui, Song Di, Zhou Xiaohu, Zhang Guiyang

2025, 37 (1): 100-113.

Abstract ( 75 )

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With the increasing uncertainty of the entrepreneurial environment, it is so critical for entrepreneurs to choose whether to persist in or give up their entrepreneurial projects. Previous studies have indicated that the entrepreneurs’ human capital is closely related to entrepreneurial persistence, but there are inconsistent conclusions about human capital and entrepreneurial persistence-ranging from positive relationships to negative ones. To solve this problem, drawing on upper echelons’ theory, our paper divides human capital into general human capital and specific human capital, and introduces entrepreneurial anxiety as the moderator to explore the different effects of different kind of human capital on entrepreneurial persistence. Based on two questionnaire surveys and one semi-structured interview, the empirical results show that there is a negative relationship between general human capital and entrepreneurial persistence, while there is a positive relationship between specific human capital and entrepreneurial persistence. And entrepreneurial anxiety intensifies the negative effect of general human capital on entrepreneurial persistence and magnifies the positive effect of specific human capital on entrepreneurial persistence. The conclusion reveals the complex relationship between human capital and entrepreneurial persistence, clarifies the key boundary conditions between them, promotes the development of human capital theory in entrepreneurial field, enriches the researches of the antecedents of entrepreneurial persistence, and deepens our understanding of entrepreneurial anxiety.

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Do “Selfish” Managers Inhibit Corporate Low-carbon Technology Innovation? A Binary Study Based on Explicit and Implicit Self-interested Behavior

Li Nanbo, Sun Hongyuan, Li Shu, Sun Yongmei

2025, 37 (1): 114-126.

Abstract ( 63 )

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Enterprises are the main body of low-carbon technology innovation. Balancing the personal interests of enterprise managers with low-carbon technology innovation can effectively improve the level of low-carbon technology innovation in enterprises and help achieve the “dual carbon” goals. This paper takes high carbon emission enterprises listed on the Shanghai and Shenzhen A-share exchanges from 2012 to 2022 as samples, examines the impact of explicit and implicit binary self-interest behavior of managers on low-carbon technology innovation, explores the differential effects of different ownership properties and enterprise lifecycles, and characterizes the explicit and implicit binary mechanism of how manager self-interest behavior affects low-carbon technology innovation. The research results show that both explicit and implicit self-interest behaviors of managers can inhibit low-carbon technological innovation in enterprises, and this inhibitory effect has a lag effect; Both explicit and implicit self-interest behaviors of non-state-owned enterprise managers inhibit low-carbon technological innovation, while low-carbon technological innovation in state-owned enterprises is only influenced by implicit self-interest behaviors of managers; Implicit self-interest behavior has a suppressive effect on enterprises at any stage of their lifecycle, while explicit self-interest behavior suppresses low-carbon technological innovation when the enterprise is in its mature and declining stages; Mechanism analysis shows that financialization plays a non-linear mediating role in the process of explicit self-interest behavior inhibiting low-carbon technological innovation, while implicit self-interest behavior exacerbates agency conflicts and hinders low-carbon attention from turning to inhibiting low-carbon technological innovation. The research conclusion provides policy reference and empirical evidence to alleviate the inhibitory effect of managers’ self-interest behavior on low-carbon technological innovation in enterprises, and has important strategic significance for ensuring high-quality economic development and national industrial security.

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Research on the Influence of Uncertainty Perception on Employee Resource Crafting—Based on Cognitive Appraisal Theory

Wu Huanwei, Sun Meiquan

2025, 37 (1): 127-140.

Abstract ( 89 )

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In recent years, the turbulent global environment and frequent public crises have caused many uncertainties in the work and life of employees, affecting the acquisition and utilization of their resources. Therefore, the resources crafting in specific social situations is particularly important. Based on the cognitive appraisal theory, this paper focuses on the perspective of resource, adopts the methods of linear regression and structural equation model, and explores the impact of employees’ uncertainty perception on resource crafting through different ways. The results show that uncertainty perception positively affects avoidant resource crafting through threat appraisal, and on the other hand, it affects approaching resource crafting through challenge appraisal in a turbulent social environment. Furthermore, job remodeling self-efficacy (JCSE), as a key cognitive resource, moderates the relationship between uncertainty perception and threat appraisal and challenge appraisal. This paper reveals the antecedents and process mechanisms of two resource crafting in the current turbulent and changeable social environment, and provides important reference for organizational intervention in employee resource crafting under the pressure of uncertainty.

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Integration from Top to Bottom Leads to Common Goals: The Influence of Party Organization Embedding on Corporate Social Responsibility in Chinese Private Enterprises

Wang Yanyu, Lu Ting

2025, 37 (1): 141-153.

Abstract ( 60 )

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Party organization embedding is an important guarantee for the high-quality development of private enterprises. Based on data from Chinese Private Enterprise Survey from 2006 to 2016, the present study investigates the relationship between party organization embedding and CSR in private enterprises. The results demonstrate that party organization embedding in a private enterprises is conductive for the Confucian concept of righteousness and interests to extend internally through a top-down manner and develop at grass-roots level, thus making them more active in performing CSR. For environmental responsibility, party organization embedding is conductive for enterprises to carry out more ex ante environmental responsibility rather than ex post environmental responsibility. This paper explores the internal mechanism by which the embedding of party organizations in private enterprises promotes the fulfillment of corporate social responsibility from the perspectives of traditional Chinese Confucian views on righteousness and interests and embedding theory, providing a theoretical basis and empirical evidence for the comprehensive advancement of party building in private enterprises.

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The Effect of Leader Developmental Feedback on Task Performance: The Role of Skill Development Behavior and Leader-Member Exchange

Yin Kui, Xu Qian, Dong Niannian, Zhang Kaili, Niu Jia

2025, 37 (1): 154-165.

Abstract ( 74 )

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Facilitating resource development and resource utilization are important mechanisms to explain the impact of leadeship behaviors on individual outcomes, but the existing researches examine the process mechanism of leader developmental feedback affecting employee task performance mainly from the perspective of resource utilization paths, without regard to resource development paths. Based on the leadership process model, this paper argues that skill development behavior and leader-member exchange as task and relationship resource development, respectively, are the mediating variables that can explain the influence of leader developmental feedback on employee task performance, and skill development behavior and leader-member exchange substitute for each other in this process. By analyzing the paired data of 498 employees and 122 leaders, this study finds that: leader developmental feedback positively influences employee task performance; skill development behavior and leader-member exchange both have a mediating role in the relationship between leader developmental feedback and employee task performance; skill development behavior and leader-member exchange have a negative interaction effect on task performance and there is an alternative role of mediation in the relationship between leader developmental feedback and employee task performance. The above findings expand the application context of the leadership process model, clarify the multi-process resource development paths of leader developmental feedback affecting task performance, refine the types of resource development in leadership process theory, and deepen the complex role of different resource development paths in leadership process theory.

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Why Leader’s Trust Hurt the Relationship between Peers? Feeling Trusted and Workplace Ostracism: A Social Comparison Perspective

Lu Hailing, Zhang Xin, Duan Guang, Wang Yongli, Yang Yang, Liu Dege, Lv Haoran

2025, 37 (1): 166-176.

Abstract ( 81 )

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Feeling trusted is a crucial part of trust research. Previous researches on the consequences of feeling trusted have largely developed along two paths: the first has examined the impact of feeling trusted on employees, and the second has examined the impact of feeling trusted on the relationships between employees and their leaders. However, there is no current research exploring the potential impact feeling trusted on the relationships between employees and their peers. To fill this gap, drawing on social comparison theory, we conduct an experiment and a multi-source field study to explore the effect of employees feeling trusted by supervisors on being envied by peers, which in turn influences employees workplace ostracism. Furthermore, we examine the moderating effect of perceived intraorganizational competition on the relationship between feeling trusted on being envied. We find that perceived intraorganizational competition moderates the indirect effect of feeling trusted on workplace ostracism via being envied, such that the indirect effect will be stronger and positive when perceived intraorganizational competition is high and will be weaker when perceived intraorganizational competition is low.

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Corporate Diversification Strategies during Public Crises: Motivations and Consequences

Yu Junli, Liang Shangkun, Lin Huan, Zhang Kuo

2025, 37 (1): 177-188.

Abstract ( 64 )

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We investigate the motivation of firms to adopt diversification strategy and its impact on corporate performance against the backdrop of Covid-19. Our results show that firms are willing to diversify away from their existing business and into the production of epidemic prevention supplies if so doing requires low investment and can benefit more from overseas operations. Results from event studies on a matched sample suggest that firms adopting such diversification strategies received significantly more positive stock returns during the announcement period and in the long run, compared to the control firms. Moreover, firms that diversified into the new sector achieved better accounting performance than their peers after their foray into the production of pandemic-related supplies. The positive impact of diversification strategy on corporate performance is more pronounced for firms that are exposed more widely to the shock and financially constrained. This conclusion is consistent with the existing theoretical inference that diversification helps alleviate financing frictions. Overall, our findings shed light on the value of corporate diversification strategy in a period of global economic downturns.

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Multi-scale Research Method of Project Network Structure: The Case of PPP Project Network

Feng Xiaowei, Cao Jiming, Liu Liang, Fu Lixin

2025, 37 (1): 189-202.

Abstract ( 49 )

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The dynamic nature of the interaction processes and the diversity of interaction relationships within the project network contribute to the complex system characteristics of its structure. This paper employs the multi-scale theory of complex networks to construct a multi-scale analysis framework for project networks, ranging from macroscopic to microscopic levels, and empirically investigates the PPP project network. The study reveals that, at the global structural level, the PPP project network exhibits self-organizing characteristics, featuring two organizational collaboration mechanisms: project cooperation and strategic cooperation. At the community clustering level, the preferential attachment effect leads super-enterprises to develop increasingly stronger collaborative relationships in the project network, coupled with the geographical proximity effect shaping the clustering network structure. At the micro level, motifs form the foundation for contractual and non-contractual governance among organizations, while the embeddedness mechanism reveals the cooperative trajectories of PPP organizations at the micro level. Furthermore, under different payment mechanisms, PPP private-sector organizations, assuming higher risks, exhibit more pronounced characteristics in terms of strong alliances at the macro level, clustering features at the meso level, and motif composition proportions in the microstructure. The innovation of this study lies in uncovering cooperative mechanisms in the PPP project network at three levels, analyzing the evolutionary features in terms of time and multi-scale dimensions, and considering the multi-scale cooperative characteristics of PPP organizations under different payment mechanisms. This study provides a multi-scale framework for the government to analyze PPP project networks, aiding in understanding cooperative behaviors among PPP organizations. Additionally, it offers a comprehensive industry cooperation landscape for private-sector organizations and introduces a new perspective for the study of project network structures.

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Does Signatory Auditor Narcissism Affect the Information Content of Critical Audit Matters Disclosures?

Wu Weirong, Liu Yingzi, Zhang Min

2025, 37 (1): 203-216.

Abstract ( 64 )

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The issue of information content of critical audit matters (CAM) is a cutting-edge issue that has received considerable attention from the auditing community. Using Shanghai and Shenzhen A-share listed companies from 2017 to 2021 as the research sample, this paper empirically investigates the relationship between signed auditor narcissism and information content of key audit matters by applying natural language processing techniques in the field of machine learning. It is found that narcissistic auditors can effectively improve the information content of key audit matter disclosures, and it is mainly project auditor narcissism not review auditor narcissism that helps improve the information content. The phenomenon is more pronounced for impairment-type matters and in the presence of audit fee premiums. In addition, project auditor narcissism facilitates CAM to provide more ongoing incremental information and the increased information content makes the text more difficult to understand. These findings hold after robustness tests, one of which eliminates the effect of a third auditor. The findings not only enrich the research related to the information content of key audit matters from the perspective of auditor psychological characteristics, but also provide reference for firms to formulate business development strategies and regulators to further regulate the disclosure of qualitative content of audit reports.

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Impact of a Multinational Firm’s Internal Embeddedness on the Performance of Its Foreign Subsidiaries: The Perspective of Subsidiary Roles

Xu Qiqi, Wang Lei, Liu Lu

2025, 37 (1): 217-228.

Abstract ( 68 )

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More and more Chinese firms are reaching out overseas and the performance of their foreign subsidiaries has become a focus of international business research. However, the existing studies have not reached a consistent conclusion on the effect of internal embeddedness on foreign subsidiary performance. In order to resolve the embeddedness paradox, this study explores the different impacts of administrative embeddedness and knowledge embeddedness on foreign subsidiary performance, and further examines the moderating roles of excess control and subsidiary roles. We employ SPSS21.0 to empirically test a matching data including 197 foreign subsidiaries from 167 Chinese multinational firms. The results reveal that: (1) administrative embeddedness negatively affects foreign subsidiary performance, but knowledge embeddedness positively affects foreign subsidiary performance; (2) as the degree of excess control grows, the negative effect of administrative embeddedness on foreign subsidiary performance becomes weaker and the positive effect of knowledge embeddedness on foreign subsidiary performance becomes stronger; (3) administrative embeddedness has a more significant negative impact on the performance of innovation-oriented foreign subsidiaries, and knowledge embeddedness has a more significant positive impact on the performance of contribution-oriented foreign subsidiaries; and (4) the moderating effect of excess control in the relationship between knowledge embeddedness and foreign subsidiary performance is more positive for contribution-oriented subsidiaries, while its moderating effect in the relationship between administrative embeddedness and foreign subsidiary performance is not significantly different for innovation-oriented and contribution-oriented subsidiaries. These results can help Chinese multinational firms to formulate appropriate parent-subsidiary relationship and governance mechanism based on different foreign subsidiary roles, so as to improve their foreign subsidiary performance.

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Construction and Application of Risk Early Warning Model for Industrial Transformation in Resource-based Cities

Xiong Zhijian, Zhao Hong, Liu Xiuli

2025, 37 (1): 229-242.

Abstract ( 63 )

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Industrial transformation and upgrading is crucial for the sustainable development of resource-based cities. This paper identifies and analyzes the relevant risk factors, and categorizes them as macro risk and micro risk. The former mainly includes policy, environment, market and social risks, while the latter covers opportunities, models, talents and capital risks. On this basis, a three-dimensional map of risk identification for industrial transformation of resource-based cities is creatively constructed from three dimensions: target, time and factor. Fault tree analysis (FTA) is used to build the transformation early warning indicator system, which gives consideration to integrity and minimization, availability and accuracy, and includes 8 first level, 20 second level and 35 third level indicators. The transformation early warning model is constructed, seven sample cities are selected, and the analysis of their risk factor probability and influence quantity are carried out respectively. The transformation risk (early warning) values of each city are calculated, the transformation early warning criteria are proposed, and the transformation suggestions are given.

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Evolution Characteristics of Association and Risk-taking Level of Listed Companies Based on Multi-layer Network Model

Li Mingxin, Li Xingyi, Li Zhongfei

2025, 37 (1): 243-256.

Abstract ( 81 )

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Enterprises are one of the subjects of real economy and financial market, and the complex relationship between enterprises plays an important role in overall stable development of the economy. This paper constructs a multi-layer network of listed companies, including shareholder association and executive association, based on the complex network theory, and takes all A-share listed companies from 2010 to 2019 as samples to empirically study the structural evolution characteristics of listed companies under multiple association and their impacts on the risk-taking level. The results show that: 1) in terms of restraining risk contagion and improving the risk-taking level, the executive network of listed companies plays a great role through information transmission, while the shareholder network plays a small role through related transactions; 2) from the perspective of inter-layer, the structural stability of the executive network is relatively high, while the structural stability of the shareholder network is relatively low, the similarity between the two networks in the same year is low, and the structural difference of the networks effectively inhibits inter-layer spread and contagion of risks.

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Mechanism of Value Co-creation in Construction Projects with the Integrated Digital Delivery Mode: A Service Ecosystems Perspective

Wang Guangbin, Yang Yuchen, Zhang Wenjuan, Liu Gang, Cao Dongping

2025, 37 (1): 257-272.

Abstract ( 93 )

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In the context of national high-quality development requirements, value-driven strategies have become a pivotal direction in professional management in construction. Integrated Digital Delivery (IDD) is an innovative execution mode for realizing value delivery in construction projects. This study focuses on the value co-creation process within the IDD mode from a service ecosystems perspective, utilizing the Structured-Pragmatic-Situational case study methodology to establish a value co-creation mechanism model. This study reveals that: (1) the value co-creation within the IDD mode is based on a service ecosystem characterized by a loosely coupled actor-to-actor oriented network; (2) institutions govern the relationships between actors across regulative, normative, and cognitive dimensions, guiding decisions and actions based on project value; (3) digital technologies enable cross-phase collaboration, facilitating the integration and simplification of project workflows; (4) interaction is a crucial antecedent to value co-creation, enabling actors to engage in each other’s value creation processes; (5) the value emergence from the heteropathic resource integration is the cornerstone of value creation within the IDD mode. This study innovatively abstracts construction projects as service ecosystems, revealing how the IDD mode facilitates value co-creation through the interplay of various elements, and making a theoretical contribution to the studies of value co-creation in construction projects and the theoretical framework of service-dominant logic.

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How Startups Achieve Disruptive Innovation in the Digitalization Era: Dynamic Marketing Capability Perspective

Wu Chunlin, Zhao Tianyue, Cao Xin, Ouyang Taohua

2025, 37 (1): 273-288.

Abstract ( 130 )

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The new generation of information technology has brought new opportunities for disruptive innovation. In the fiercely competitive market scenario, startups can gain mainstream market share and achieve rapid advancement through disruptive innovation. This paper conducts a vertical case study on Tiying Media, a startup company, to explore the evolutionary process and underlying mechanisms of disruptive innovation achieved through dynamic marketing capabilities empowered by digitalization. The findings are as follows. Firstly, compared to traditional disruptive innovation, in the context of digitalization, disruptive innovation in startups has leading, sharing, and leapfrogging characteristics in terms of innovation motivation, innovation process, and innovation results, and is an advanced extension of traditional disruptive innovation. Secondly, startups utilize digital resources to empower dynamic marketing capabilities, forming an integrated framework of “data absorption - data collaboration - data transformation”. Through the dynamic alignment of internal capabilities and external demands, startups drive continuous disruptive innovation. Thirdly, startups leverage digital resources to establish technological chains, business platforms, and value ecosystems, facilitating exponential growth and leading the digital transformation of the whole industry, thus achieving comprehensive and multidimensional disruptive innovation. This paper constructs a dynamic process model for achieving disruptive innovation in startups within a digital context. It not only addresses the limitations of traditional innovation theories in the era of the digital economy but also holds significant practical value for startups in seizing opportunities for digital transformation and upgrading, thereby facilitating latecomer advantages and contributing to the strategic goal of realizing “Digital China”.

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