Table of Content

28 May 2025, Volume 37 Issue 5 Previous Issue   
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Economic and Financial Management
Innovation and Entrepreneurship Management
Marketing
Organizational Behavior and Human Resource Management
Accounting and Financial Management
Operations Management
Case Studies


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Economic and Financial Management

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Emission Reduction Effect of Low-carbon Transition in Power System: Analysis from the Perspective of Structure Optimization Zhang Guoxing, Gao Xiulin, Yang Yang, Yu Lean, Liu Chuanbin 2025, 37 (5):  3-16.  Abstract ( 74 )   PDF (1501KB) ( 57 )   Promoting structural decarbonization of the power system, the largest source of CO2 emissions in China, is conducive to slowing down urban carbon emissions and realizing the carbon peaking and carbon neutrality goals. On the basis of decomposing the production data of all power plants of 6000 kW and above in China (14,570 plants in total) to the city level, this paper uses the panel data of 274 urban power production terminals from 2015 to 2019 to analyze the impact of low-carbon transformation of power system on urban carbon emissions and the spatial differences by using a spatial metro-logy model. With the aid of LMDI decomposition analysis, the future carbon emission paths of power systems in seven regions are predicted under two policy scenarios. The results show that:(1) Compared with thermal power generation, renewable energy generation can effectively reduce urban carbon emissions in Central, South, Southwest and Northwest China; (2) The clean transformation of power generation structure can effectively inhibit the increase of urban carbon emissions, and there is a positive spatial spillover effect. Specifically, when the share of renewable energy generation increases by 1%, urban carbon emissions fall by an average of 2.1%; (3) Regional policy scenario analysis shows that power systems in Northwest and Southwest China will be the first to achieve the peak of carbon emissions, while those in North and East China will be the last, and all regional power systems will achieve the peak goal successively in 2026-2030. At present, the overall proportion of clean energy power generation is still small, and it is necessary to fully tap and utilize the potential of wind, sunlight and other renewable energy power generation while promoting power generation technology innovation, and continue to enhance the positive role of renewables in urban carbon reduction and green governance. References | Related Articles | Metrics

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Has the Urban Agglomeration Policy Eased Competition for Industrial Land Prices? -Empirical Evidence from 19 Urban Agglomerations in China Huang Zhiji, Shi Tao, He Canfei 2025, 37 (5):  17-29.  Abstract ( 33 )   PDF (1427KB) ( 32 )   Price competition for industrial land transfers is a typical feature of horizontal competition among local governments in China. The implementation of the urban agglomerations' development strategy has adjusted the competitive incentives of local governments at the cross-administrative level and reshaped their industrial land granting behavior. This paper investigates the impact of urban agglomeration approvals on industrial land price competition using panel data from 2007 to 2020 for 281 prefecture-level and above cities across China. The results are as follows. (1) Benchmark regressions find that urban agglomeration approvals mitigate industrial land grant price competition among local governments under the geographic proximity setting, and the estimation results remain robust after changing the proxy variables, urban agglomeration approval time, and spatial weight matrix. (2) The path analysis finds that the administrative and market dividends generated by the urban agglomeration approvals can be manifested as a significant increase in the entropy of manufacturing locations and the share of industrial enterprises in the urban agglomeration and a reduction in the willingness of local governments to engage in land price competition. (3) Expanded analysis reveals that the conditions for industrial land price competition among cities with similar economic development are the existence of geographical proximity or the same provincial administrative division; at the same time, urban agglomeration approvals have the greatest effect on mitigating industrial land price competition among cities with similar economic development in the province. This paper argues that centralizing the authority of urban cluster granting in the central government is an important policy tool to reasonably regulate the incentives of competition and cooperation among local governments. References | Related Articles | Metrics

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A Comparative Study on the Performance of Different Industries under the Same Introduction and Development Model -Take Chip Industry and High Speed Rail Industry as Examples Gong Huiqun, Huang Chao 2025, 37 (5):  30-42.  Abstract ( 21 )   PDF (2465KB) ( 24 )   In order to explore the feasibility of introducing development mode to national industrial development, as well as the problems faced in improving industrial performance, this paper constructs an industrial performance evaluation index system under the introduction development mode, and makes an empirical analysis based on the data of chip industry and high-speed rail industry from 2009 to 2019. Data analysis results show that:chip industry and high-speed rail industry are important supporting industries to promote China's social and economic development, and their overall performance improvement is far faster than the national economic development speed. The two industries have the highest impact on input-output performance, but the chip industry needs to pay more attention to the government's financial expenditure on science and technology activities, while the high-speed rail industry needs to maintain the growth rate of fixed asset investment. In terms of research cooperation performance, the chip industry needs to enhance joint research and development with universities and scientific research institutions, and the high-speed rail industry needs to strengthen cooperation with foreign countries in technology and standards. In terms of market performance, the high-speed rail industry needs to improve the share of the international market, improve the profit contribution rate of international business, and speed up the overseas patent layout strategy. The chip industry needs to expand the domestic market share and carry out synchronous innovation of the whole industrial chain. At the same time, both industries need to pay attention to the reserve of compound talents. Economic performance of both industries is far from satisfactory. It is urgent to attract more social capital and expand financial investment channels as soon as possible, especially in the high-speed rail industry, which needs to find out how to reduce the asset liability ratio, improve the profit margin of main business and the growth rate of revenue, etc., a problem demanding prompt solution from the industries introducing the development mode. References | Related Articles | Metrics

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Advanced Information, Strategic Trading and Price Reversal: The Impact of Information Technology on Financial Market Zeng Qingduo, Xu Yang, Chen Binbin, Liu Shancun 2025, 37 (5):  43-52.  Abstract ( 24 )   PDF (1315KB) ( 18 )   The perfect application of big data and other information technologies has strengthened investors' ability to obtain information, forming the advantage of obtaining advanced information. In this paper, we explore the influence of advanced information on investors' strategic trading behavior and equilibrium prices in light of different investment horizons preferences. The results show that, in the shortterm trading environment, if and only if the accuracy of the advanced information is greater than a certain critical value, the trading intensity of technical traders as for the advanced information is greater than that of the private information, and vice versa. In addition, compared with long-term traders, short-term traders face the risk of price fluctuations in the second period, and they are more cautious in the first period. For private information, the trading intensity is lower than that of long-term traders, while for advanced information, the trading intensity is greater than long-term traders. Further research proves that as the advanced information is incorporated into the price in the first period, the price reverses in the second period. The research conclusions will make theoretical contributions to clarifying the strategic trading mechanism and pricing mechanism under different investment horizons, and will also provide meaningful theoretical guidance for preventing financial risks caused by information technology. References | Related Articles | Metrics

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Estimating the Social Cost of Carbon: Research Progress and Policy Implications Wu Bingbing, Li Xiuting, Ouyang Lu 2025, 37 (5):  53-66.  Abstract ( 25 )   PDF (1639KB) ( 15 )   The social cost of carbon (SCC) is a quantitative benchmark and an important analytical tool for climate policy. There have been extensive related international experience in estimating SCC values and applying SCC in policy analysis and formulation, but there is no official SCC calculation result in China. To provide a useful reference for improving the carbon peak and carbon neutrality policy system, this paper sorts out the relevant research results of SCC from the aspects of conceptual analysis and comparison, measurement methods and key parameters, policy significance and international practices and focuses on controversial issues such as the relationship between SCC and carbon pricing, international SCC and regional SCC, equity weighting, uncertainty, etc. This paper believes that in the process of building and improving the carbon peak and carbon neutrality policy system in China, we can try to introduce SCC valuation as a quantitative benchmark for carbon pricing and carbon trading tools. Based on the status quo of carbon emissions and carbon trading practices in China, as well as the characteristics of existing institutional frameworks and policy tools, we can also promote various carbon trading tools to manage carbon emissions coordinately, keep carbon prices within a reasonable range, and balance the fair relationship between generations, industries, and regions in the process of reducing carbon emissions. References | Related Articles | Metrics

Innovation and Entrepreneurship Management

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Research on the Relationship between Resource Slack and Innovation Performance -A New Mechanism with the Introduction of Time Perspective Jiang Zhenyu, Li Zhubo, Wang Zongjun 2025, 37 (5):  67-80.  Abstract ( 46 )   PDF (2488KB) ( 26 )   Appropriate slack resources have an important impact on corporate technological innovation. Taking the listed companies from 2006 to 2017 as a research sample, we deeply explore the direct effect of financial slack, personnel slack and time slack on innovation performance and further reveal the moderating effect of time slack. The results are as follows. First, financial slack and personnel slack are in an inverted U-shaped relationship with corporate innovation performance, while time slack is positively related to corporate innovation performance. Second, as time slack increases, the inverted U-shaped curve of financial slack and personnel slack becomes steeper, while the vertex of the curve of the financial slack moves to the right, and the vertex of the curve of the personal slack moves to the left. In addition, this paper further explores the impact of corporate ownership and R&D intensity on the above results and deeply discusses the interactive effects of financial slack and personnel slack on corporate innovation performance and the reasons why excessive resource slack is not always better. This research not only helps to deepen the understanding of the relationship between organizational slack and innovation performance in academia but also provides guidance for organizational resource management and innovation practice. References | Related Articles | Metrics

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Enterprise Structural Disorder and Technological Innovation Investment: Empirical Evidence from “High Deposit and High Loan” Zhai Shiyun 2025, 37 (5):  81-93.  Abstract ( 23 )   PDF (1318KB) ( 16 )   Corporate technological innovation serves as a core pillar of China's innovation-driven development strategy, while a sound financial structure constitutes a fundamental prerequisite for such innovation activities. As a prominent manifestation of financial structure imbalance, "high deposit and high loan" has not only attracted sustained media attention and regulatory scrutiny from the China Securities Regulatory Commission but also posed significant challenges to firms' technological innovation efforts. However, there is still very little attention and discussion in the academic circles on the "high deposit and high loan". The few existing studies use rigid and rough indicators to measure the "high deposit and high loan". This paper takes China's A-share listed companies from 2007 to 2020 as the research sample. We discuss the impact of the "high deposit and high loan" on corporate technological innovation investment, then analyze the differences of the relationship when macroscopic, mesoscopic and microscopic environments change, and try to reveal the internal path of the "high deposit and high loan" affecting the technological innovation investment of enterprises. The research results show that the "high deposit and high loan" significantly hinders the technological innovation of enterprises, resulting in insufficient investment in innovation. Furthermore, under the circumstances of high economic policy uncertainty, high financial marketization, or no support from a special financial company, the "high deposit and high loan" harms the technological innovation investment of enterprises more seriously. The path analyses show that the increase of going concern risk is the main reason for the "high deposit and high loan" to hinder corporate technological innovation investment. References | Related Articles | Metrics

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Digital Technology Investment Rhythm, Interentrainment and Green Innovation Performance Sun Zhongjuan, Li Huaqian, Liu Xuexin 2025, 37 (5):  94-107.  Abstract ( 28 )   PDF (1309KB) ( 28 )   Existing researches of digital technology investment mainly focus on the perspective of "quantity", while ignoring the "temporal" perspective of digital technology investment process. Based on the "Rhythm View" and "Entrainment View" of corporate strategy, this study uses the panel data of listed companies in the heavy polluting industries from 2013 to 2020 to study the mechanism of how the rhythm of digital technology investment influences green innovation performance, and addresses the research gap in the temporal dimension of digital technology investment. The results show that:(1) there is an inverted U-shape relationship between technician investment rhythm and green innovation performance, and CEO's environmental cognition can enhance the relationship; (2) there is a U-shape relationship between digital asset investment rhythm and green innovation performance, and pressure-sensitive institutional ownership can enhance the relationship; (3) there is a U-shape relationship between the interentrainment of technician investment rhythm and digital asset investment rhythm and green innovation performance, and political connection can enhance this relationship. In the process of leveraging digital technology to drive green innovation, firms should pay attention to the rhythm of digital asset investment and technician investment, as well as the interentrainment between them. References | Related Articles | Metrics

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Is Integrity a Hindrance to Innovation? Research on the Impact of Leader Moral Ownership on Enterprise Business Model Innovation Wang Xuedong, Cui Yang, Meng Jiajia 2025, 37 (5):  108-120.  Abstract ( 34 )   PDF (1346KB) ( 35 )   Although the cross-research on leadership and business model innovation is flourishing, existing literature still lacks a deep understanding of how leadership moral traits affect business model innovation. Based on the Upper Echelon Theory and attention-based view, introducing managers' exploratory attention and exploitative attention as mediating variables, and dividing business model innovation into novel and efficient types, this paper explores the mechanism of how leader moral ownership influences different types of business model innovation and the boundary conditions. An empirical research based on a questionnaire survey of 135 enterprises shows that:leaders' moral ownership has a negative impact on novelty-centered business model innovation, with exploitative attention and exploratory attention playing a mediating role between the two; Leaders' moral ownership has a positive impact on efficiency-centered business model innovation. Exploitative attention still plays a mediating role, but exploratory attention presents a masking effect, that is, the moral ownership of leaders hinders efficiency-centered business model innovation by inhibiting exploratory attention. As the dynamics of the environment increase, the negative impact of leader moral ownership on exploratory attention and the positive impact on exploitative attention both show a weakening trend. This study reveals the differentiated impact of leader moral ownership on different types of business model innovation, as well as its intermediary mechanisms and boundary conditions, providing new insights for the cross-research of leadership and business model innovation. References | Related Articles | Metrics

Marketing

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The Influence of Brand Word Position on Consumer's Click Behavior——Based on the Empirical Research of Vipshop Discount Advertising Zhou Xiongwei, Wang Xiaoyu, Li Cui 2025, 37 (5):  121-132.  Abstract ( 25 )   PDF (1320KB) ( 18 )   The flourishing online advertising has motivated numerous enterprises to utilize this medium for product promotion. However, a problem demanding prompt solution is how to attract consumers' attention in a short time and effectively increase the click-through rate of online advertising. Focusing on the position of brand words in online advertisements and based on relevant theories such as the attention mechanism and implicit memory, this study takes discount advertisements from Vipshop as the research object to empirically explore the mechanism of how the position of brand words in advertisements influences consumers' click behavior. The findings are as follows. Consumer click behavior is negatively affected by brand word position, but specifically, as the brand word position moves backward, consumer click behavior presents an inverted U shape; and this effect is moderated by the brand awareness and discount rate; the higher the brand awareness, the stronger the negative effect of the brand word position on consumers' click behavior; the larger discount ratio, the stronger negative effect of brand word position on consumers' click behavior. References | Related Articles | Metrics

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When does Mind Wandering Become Meaningful? -The Impact of Mind Wandering on Purchase Intention in Different Cognitive Load Tasks Qiao Lin, Li Dongjin, Yang Qiang, Jiang Yushi 2025, 37 (5):  133-144.  Abstract ( 20 )   PDF (1382KB) ( 8 )   Mind wandering is an inevitable and common experience in individuals' daily lives. With the ubiquity of social media and smart devices, consumers experience more mind wandering when receiving product information. However, few studies in the marketing field have explored the influence of mind wandering on purchase intention and its functional adaptability. Specifically, the positive impact of mind wandering on consumers' purchase intentions during the information coding process has not been systematically discussed. Drawing on the fuzzy tracking theory and psychological simulation research, this paper employs experimental methods and eye-tracking experiments to investigate the impact of mind wandering on purchase intention under varying levels of cognitive load. Bootstrap analysis is used to test the mediating effect of process orientation and outcome orientation. The results demonstrate that a higher level of mind wandering has a positive impact on purchase intention under conditions of higher cognitive load, while a lower level of mind wandering has a positive impact on purchase intention under conditions of lower cognitive load. Consumers with higher levels of mind wandering perceive more outcome-orientation, leading to increased purchase intention under conditions of higher cognitive load. Conversely, consumers with lower levels of mind wandering perceive more process orientation, resulting in increased purchase intention under conditions of lower cognitive load. Moreover, mind wandering has a significant impact on purchase intentions only in tasks with high-level cognitive load caused by an increase in the number of products, rather than an increase in attribute information. These results contribute to the existing literature on the positive effects of mind wandering on consumer behavior and provide insights into the psychological mechanisms influenced by mind wandering. The findings also have important practical implications for marketers in disseminating information with varying cognitive loads. References | Related Articles | Metrics

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Corporate Digital Responsibility Based on Consumer Perception Perspective: Construct Dimensions, Scale Development and Validation Yang Ping, Peng Zhengyin, Ji Chunli 2025, 37 (5):  145-156.  Abstract ( 20 )   PDF (1466KB) ( 15 )   Digital transformation has become an irresistible trend. However, the lack of corporate digital responsibility that has emerged along with it has become an increasingly prominent problem. Although the research literature on corporate digital responsibility has gradually emerged, currently, systematic and empirical research is still relatively scarce, and a measurement scale for corporate digital responsibility has not yet been developed. Based on this, on the basis of systematically combing through the existing literature, this paper combines the interview method, grounded theory, and standardized scale development techniques to construct and validate a perception dimension model of corporate digital responsibility and develops a measurement scale following scientific and standardized empirical steps. The research conclusions show that the corporate digital responsibility perceived by consumers contains a total of six dimensions:transparency, data privacy protection, digital product quality, digital remedy system, education and training, and digital fairness, and these dimensions can be measured through 24 items. This research not only highlights the necessity of putting forward corporate digital responsibility as a separate concept but also lays a tool foundation for the subsequent empirical research in this field and promotes the empirical process of research in this field. References | Related Articles | Metrics

Organizational Behavior and Human Resource Management

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Why do Employees Engage in Workplace Cheating Behavior in Remote Work? Yang Yang, Yan Rui, Zou Mingyang, Meng Yan 2025, 37 (5):  157-167.  Abstract ( 29 )   PDF (2296KB) ( 20 )   Today, organizations are facing serious ethical challenges in drastic environmental changes. Especially in remote work, organizations are always worried about whether they will be deceived by their employees. It seems that employees have more opportunities to cheat their organization, due to the work environment change resulting from remote work. Therefore, this study attempts to use a grounded theory approach to illustrate why employees' cheating behavior is increasing in remote work and address this by analyzing an online open-ended survey from 100 employees. The results indicate that employees' cheating behavior has new causes (i.e. slack and withdrawal) and new motivations (i.e. protecting life and team interests). In addition, this study constructs a new framework based on the theory of personal-environment fit to explain employees' cheating behavior in remote work. This framework reveals the mechanism by which selfdemand and organizational requirements influence employees' cheating behavior through work state from the perspective of needssupplies and demands-abilities misfit and the boundary role of the organizational justice climate. The above results will help managers better understand why and when employees cheat their organization when working remotely, and provide valuable implications for organizations to improve management in remote work. References | Related Articles | Metrics

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How Managers' Decision Making Efforts Promote Their Voice Aversion: The Critical Role of Power and Illusion of Control Guan Tao, Zhang Xiang, Chen Ying, Wu Riyuan 2025, 37 (5):  168-179,205.  Abstract ( 25 )   PDF (1437KB) ( 22 )   This paper aims to explain when and why managers are more aversive to seeking and adopting advice. Based on the resource conservation theory, we study the effect of decision-making effort on voice aversion. We propose that decision-making effort promotes voice aversion via the mechanism of illusion of control. Moreover, this relationship is contingent on the power of managers. To examine our theory, we conduct questionnaire surveys among 191 managers and find that managers' decision-making effort is negatively related to voice solicitation and endorsement, which provides support on the promoting effect of decision-making effort on voice aversion. The results also support the mediating effect of illusory control on the relationship between decision-making effort and voice aversion. Finally, power moderates the relationship between decision-making effort and illusion of control such that low-power managers have higher illusion of control after their endeavor in decision-making than high-power managers, which reduces the likelihood of soliciting and endorsing others' advice. The study highlights the need to examine the antecedents of voice aversion from the perspective of managerial decisionmaking effort and furthers the understanding of when and why managers are more aversive to seeking and adopting advice via the role of illusory control and power. References | Related Articles | Metrics

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The Double-edged Sword Effect of the Use of Intelligent Machines on Employees'Work Engagement: A Stereotype Content Model Approach Zhan Xiaojun, Zhou Wenjun, Wang Tao 2025, 37 (5):  180-190.  Abstract ( 33 )   PDF (2002KB) ( 28 )   The usage of intelligent machines (AI, robots, and algorithms) has changed the way employees work. Given the workplace complexity arising from the interaction between employees and intelligent machines, it is critical to understand how the usage of intelligent machines on their work engagement. Based on the stereotype content model, this study explores the double-edged sword effect of employees' perception of the usage of intelligent machines on their work engagement through 325 valid samples. The results show that for employees with low AI identity, the usage of intelligent machines reduces their warmth perception, thus inhibiting their work engagement; for employees with high AI identity, the usage of intelligent machines enhances their competence perception, thus promoting their work engagement. This paper opens the black box of the mechanism of how the usage of intelligent machines influences employees' work engagement and broadens the research field of stereotype content model, thus helpful for organizations to effectively combine intelligent machines with employee work, for employees to reasonably recognize intelligent machines, and for both organizations and employees to benefit from succeed artificial intelligence. References | Related Articles | Metrics

Accounting and Financial Management

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Minimum Wage Increase and Financial Asset Allocation Cao Feng, Gu Xiaoying, Dai Ming 2025, 37 (5):  191-205.  Abstract ( 17 )   PDF (1318KB) ( 12 )   Based on the scenario of the exogenous rise of minimum wage, this paper studies the impact of the rise of minimum wage on corporate financial asset allocation by taking Shanghai and Shenzhen A-share non-financial listed companies from 2009 to 2021 as samples. The empirical test shows that the increment of the minimum wage increases by one standard deviation, and the increment of the enterprise financial asset allocation decreases by a percentage equivalent to 36.55% of the sample mean. In addition, this effect is more significant in the enterprises with high capital labor substitution elasticity and weak cost transfer ability, and mainly reduces the allocation of financial assets exposed to "crowding out effect", but has no significant impact on the financial assets exposed to "incentive effect". The mechanism test shows that the increase of minimum wage promotes the increase of capital expenditure while reducing the cash liquidity of companies, thus reducing the allocation of financial assets. This study not only clarifies the substitution relationship between the real economy and the fictitious economy from the perspective of the rise of the minimum wage, and the allocation of enterprise financial assets, but also provides useful reference for the improvement of minimum wage standard system and the rectification of economic financialization. References | Related Articles | Metrics

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Media Reports and Tone Manipulation of Annual Reports: A Reexamination of the Role of Media Governance Lv Kefu, Yu Mingyang, Liu Chen, Ruan Yongping 2025, 37 (5):  206-220.  Abstract ( 23 )   PDF (1522KB) ( 18 )   The dissimilation effect of media in corporate governance is gradually recognized by academia:the sensational effect of media reports can form market pressure on the reported companies. Based on the data of A-share listed companies from 2007 to 2020, this paper discusses the impact of media reports on the tone manipulation of annual reports text of listed companies. The findings show that media reports increase the tone manipulation of the annual reports text. From a temporal perspective, tone manipulation involves both historical information and forward-looking information. From a content perspective, tone manipulation primarily concerns information related to performance, operations, investments, financing, accounting and regulatory matters. Moreover, this paper also finds that under the pressure of media reports, the management's tone manipulation of the annual report text can improve investor impression, mobilize investor sentiment and increase analyst optimism, which can realize the management' s impression management motivation to a certain extent. The moderating effect shows that the more motivated a listed company's management is to manage impression, the greater influence media reports have on the tone manipulation of the annual report text, especially when more attention is paid by the market participants and the listed company has a merger or refinancing plan in the year. The extended texts find that under the pressure of media coverage, management also increases the manipulation of digital information. Moreover, there is a complementary effect between the two manipulations. The the more severely digital information is manipulated, the more obviously annual report text is tone-manipulated. Finally, through the economic consequences test, we find that when the pressure of media attention is greater, the tone manipulation behavior of the management's annual report text will significantly increase the level of mispricing of the company's assets, which seriously endangers the orderly and benign development of the capital market. References | Related Articles | Metrics

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Controlling Shareholders' Common Ownership and Corporate Strategy Dong Huaili, Luo Jinhui, Xiang Yuangao 2025, 37 (5):  221-232.  Abstract ( 21 )   PDF (1252KB) ( 9 )   In the past two decades, common ownership has increased tremendously in domestic and foreign capital markets and received intense attention from the academic. Prior research mainly focuses on common ownership of institutional investors, but hardly examines the impact of controlling shareholders' common ownership. Based on this, this paper uses the sample data of annual observations of nonstate-owned A-share listed companies to empirically test the related economic impact of controlling shareholders' common ownership on corporate strategy and the underlying mechanism. The results show that:(1) controlling shareholders' common ownership significantly increases corporate strategic radicalization; (2) the positive impact of controlling shareholders' common ownership on corporate strategic radicalization is more pronounced for firms with low institutional ownership and regions with low degree of marketization. The mechanism test show that controlling shareholders increase corporate strategic radicalization only when they hold common ownership of firms in different industries and lower ownership of controlling firms, which supports the risk dispersion mechanism. Consistent with the expectation of the financing constraint mechanism, controlling shareholders' common ownership significantly reduces the degree of financing constraint. In addition, controlling shareholders' common ownership increases corporate innovation and market expansion tendency, thereby enhancing corporate strategic radicalization. References | Related Articles | Metrics

Operations Management

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Can Cooperation Enhance the Operational Capabilities of Charging Operators? A Study from the Perspective of the Platform Economy Gao Xin, Jia Fuyuan, Song Ruizhen, Nan Haonan, Zeng Ruochen 2025, 37 (5):  233-242.  Abstract ( 22 )   PDF (15263KB) ( 24 )   As one of the key development areas in new infrastructure, the operational capabilities of operators are a significant factor affecting the healthy development of China's charging market for new energy vehicles. The establishment of charging platforms provides a space for matching the supply and demand between charging pile operators and users. However, due to the uneven operational and maintenance capabilities of charging operators within the platform, operators with low capabilities tend to free-ride, damaging the economic interests of operators with high capabilities. This can lead to the tragedy of the commons within the charging platform. Therefore, this study adopts a platform economy perspective to examine the interactions among charging operators with heterogeneous operational and maintenance capabilities within charging platforms. Utilizing game theory and public goods theory, a public goods game model is constructed to analyze the decision-making behaviors of different charging operators regarding the enhancement of their operational capabilities and to identify key influencing factors. The research reveals that spontaneous cooperation among charging operators is insufficient to resist the invasion of operators employing the hitchhiking strategy. Increasing population density and learning range promote a gradual shift from cooperation to hitchhiking strategy among operators, while an expanded migratory range fosters the formation of stable spatial clusters by operators choosing the cooperation strategy. This research offers important insights for improving the operational capabilities of charging operators within charging platforms, fostering the healthy development of charging platforms and markets, and realizing the construction objectives of new infrastructure projects. References | Related Articles | Metrics

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Critical Chain Project Buffer Sizing Based on Multi-level Resource Conflict Zhang Junguang, Zhang Xu 2025, 37 (5):  243-250.  Abstract ( 10 )   PDF (2166KB) ( 2 )   In order to avoid the project delay caused by the shortage of resources, a method of dynamically adjusting the project buffer according to the use of resources is proposed. This method considers the horizontal and vertical impacts of resource conflicts between multilevel links to determine the size of project buffer, determines the vertical impacts of resource conflicts according to link hierarchy span and arrangement, and predicts the horizontal impacts of resource conflicts by combining resource attributes with Markov chain. The simulation results show that this method can effectively reduce the risk of project delay caused by resource conflict, and combine with the prediction method to optimize the buffer amount dynamically to improve the stability and adaptability of project buffer. References | Related Articles | Metrics

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From Single Variable to Multiple Combination: A Configurational Perspective for Newsvendor Model Liu Lei, Yan Zhanghua, Xi Xi, Lv Yanyi, Hong Xuanjiao 2025, 37 (5):  251-264.  Abstract ( 17 )   PDF (3478KB) ( 12 )   As an important operation optimization framework, newsvendor model has been extended from multiple aspects. In order to give a better explanation and guide the practice, this paper introduces the configurational idea of variable combination into the newsvendor model, and analyzes the optimal decisions in the newsvendor model from the perspective of multivariate combination without/with residual value. The result shows that:(1) the risk attitude is affected by objective conditions such as product profitability, decisionmaking structure between subjects (with or without interaction); (2) combinations of variables such as relative risk, residual value rate, product profitability, have important impacts on the optimal decision-making of the newsvendor model, and the impacts are manifested in a variety of regulation effects which separate the decision spaces into multiple domains; (3) the interactive decision-making structure generally improves the risk-taking willingness of decision-making subjects, which is also affected and even reversed by whether interaction is involved. The research results of this paper extend the research conclusions of the newsvendor model from the perspective of configurational theory, and also provide an integrating framework for explaining the conflicting views in literature. References | Related Articles | Metrics

Case Studies

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Digital Intelligence-driven Retail Ecosystem Model and Its County-level Practice: The Case of Yidu Tian Xin, Lu Zhaoxu, Ren Jianing, Tao Ye, Sheng Huizhan 2025, 37 (5):  265-276.  Abstract ( 48 )   PDF (1660KB) ( 21 )   Analyzing the chain retail business models under the commercial environment of a county and promoting the digital and intelligent transformation of local retail enterprises is helpful for the county's economic growth, labor employment, and the cultivation of new quality productive forces in retail. We take the fat headquarters-thin store model, virtual retail model, and ecosystem retail model based on virtual business theory as the theoretical framework, and conduct a case study on Yidu, the only county-level retail enterprise that ranks among the top 20 convenience stores in China. We systematically summarize the business model of county chain convenience stores from the perspectives of development strategy, site selection, assortment management, data decision-making, community group buying, and business intelligence of chain retail operations. On this basis, we propose a retail ecosystem model driven by data and intelligence. Our research findings transcend the limitations of traditional convenience store theory, which posits that convenience stores are primarily concentrated in core urban areas and developed regions. We also expand the research on county-level retail, business ecosystems, and new quality productive forces in retail. In this way, we provide retail business models and a path for counties to accelerate the development of the distribution industry, promote labor employment, and drive regional economic growth. References | Related Articles | Metrics

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The Formation Path and Mechanism of Cross-border Integration of Business Models in the Context of Digital Transformation: Hybrid Research Based on Grounded Theory and fsQCA Wang Bingcheng, Sun Yuxin, Zhao Jingyi 2025, 37 (5):  277-288.  Abstract ( 27 )   PDF (1326KB) ( 13 )   Digitization has blurred industry boundaries and promoted industrial integration. Many enterprises choose to gain competitive advantages through cross-border integration of multiple business models. However, existing researches lack a systematic analysis of its driving factors and formation paths. This paper first uses classical grounded theory to extract the driving factors for cross-border integration of business models in the context of digital transformation, and then uses a combination of NCA and fsQCA methods to configure and analyze these factors, in order to explore the formation path and mechanism of cross-border integration of business models in the context of digital transformation. The findings are as follows. (1) The cross-border integration of business models in the context of digital transformation is influenced by resource and capability factors such as unabsorbed slack resources, cross-border knowledge search and digital technology embedding, external environment insight, organizational coordination flexibility and employee skill malleability; (2) The above six factors cannot constitute the necessary conditions for cross-border integration of business models, but improving external environmental insight and cross-border knowledge search level plays a relatively universal role in achieving cross-border integration of business models; (3) There are four groupings that drive the cross-border integration of business models, which can be categorized as stepby-step, employee-technology matching, rapid advancement, and flexible response based on the extension of employees' skills, led by the dual elements of cross-border knowledge resources and environmental insights. The research conclusion provides systematic thinking and useful insights for enterprises on how to achieve cross-border integration of business models in the context of digital transformation. References | Related Articles | Metrics