Management Review

Dynamic Analysis of Financial Innovation, Risks and Supervision Based on Tripartite Evolutionary Game

Gong Qingbin, Diao Xundi, Wu Chongfeng

2025, 37 (7): 3-14.

Abstract ( 31 )

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Based on the strategic interaction and behavioral assumptions of financial institutions, investors and market regulators, a tripartite evolutionary game model of the financial innovation is constructed. The study establishes a time-varying return matrix for the game by taking account of the correlation between investor participation and market risk levels, as well as their impacts on participant behavior. With the dynamical system method, the equilibria of the model are solved, and the asymptotic stability conditions of equilibria are investigated. The result shows that the mixed strategies are not evolutionary stable strategies (ESS). The evolutionary dynamics are influenced by many factors such as the risk level of financial innovation, the efficiency of supervision, the innovation costs, and investment costs. In order to achieve the low-risk regulatory goals, regulators need to take measures to reduce regulatory costs, improve regulatory efficiency, and increase input costs of high-risk financial products. The numerical simulations further demonstrate the complexity of market dynamics under different parameter conditions, as well as the impact of regulatory policy on market evolution. When there are multiple equilibria, regulators should take several measures simultaneously by changing the initial market conditions and equilibrium stability conditions. This study enriches the theoretical research on financial innovation and regulation, and provides significant implications for formulating and adjusting regulatory strategies.

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Research on the Impact of Enterprise Digitalization on Capacity Utilization from the Perspective of Investment Efficiency

Zhu Guilong, Chen Zili, Ouyang Fang

2025, 37 (7): 15-28.

Abstract ( 24 )

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Using a sample of manufacturing companies listed on the Shanghai and Shenzhen A-share markets from 2008 to 2022, this paper explores the relationship between enterprise digitalization and capacity utilization rate from the perspective of investment efficiency. The results show that digitalization can improve investment efficiency, specifically by curbing over-investment and under-investment. Digitalization acts on over-investment and under-investment via different mechanisms: it curbs over-investment by enhancing corporate governance levels and alleviates under-investment by easing financing constraints. Digitalization can increase capacity utilization, with investment efficiency playing an intermediary role. The capacity-enhancing effect of digitalization is more pronounced in companies that do not have a dual role of CEO and board chair, non-state-owned enterprises, and those with high external financing dependence. The findings of this paper not only enrich related research but also provide new insights for improving capacity utilization and addressing overcapacity.

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The Value Effect of Hidden Champions: Enterprise Specialized and Sophisticated Transformation and Total Factor Productivity

Du Yaguang, He Ying, Guo Mengnan, Zhang Xiaozhe

2025, 37 (7): 29-43.

Abstract ( 29 )

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To prevent the disorderly expansion of capital and accelerate the resolution of bottleneck issues, the government encourages small and medium-sized enterprises (SMEs) to pursue a specialized and sophisticated path of high-quality development. However, the research on the enterprise specialized sophisticated transformation is still in the exploratory stage. Based on partial industry-listed firms on China’s SME board, ChiNext board, and Science and Technology Innovation board from 2011 to 2020, we construct evaluation indicators for enterprise specialized and sophisticated transformation and empirically explore the impact of enterprise specialized and sophisticated transformation on total factor productivity. The paper finds that the degree of enterprise specialized and sophisticated transformation is positively associated with total factor productivity, which arises from improving the efficiency of internal capital allocation and labor production. In addition, the relationship is enhanced under lower financing constraints, industry competition intensity, industrial intelligence level, and non-state-owned enterprises. Specifically, compared to ordinary small and medium-sized enterprises, the transformation of “Little Giant” enterprises significantly promotes total factor productivity. Moreover, specialized and sophisticated transformation helps enhance the firm’s value. Our conclusion enriches the literature on hidden champions and niche winners and has useful reference for promoting the high-quality development of SMEs.

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Convenience Yield in the Shipping Market and Forecasting Freight Rate

Sui Cong, Ren Zhaonuo, Zhang Qingqing, Wang Wenyang, Kuang Haibo

2025, 37 (7): 44-55.

Abstract ( 13 )

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The Forward Freight Agreement (FFA) is an important derivative for hedging risks in the shipping market. This paper conducts an empirical research on the convenience yield in the shipping market, utilizing four types of FFAs within the dry bulk shipping market as case studies. Firstly, this paper constructs a two-factor stochastic model of the shipping market, including random freight rates and random convenience yields. Empirical results show that there are convenience yields in the shipping market, and they are strongly correlated with spot freight rates. Secondly, this paper examines the term structure of the four types of FFAs. Empirical results indicate that the stochastic variation in convenience yields is a major parameter in forming the term structure of FFAs. Finally, this paper investigates the predictive role of convenience yields on spot freight rates. The empirical findings indicate that the first-order difference in convenience yields, reflecting market expectations, serves as a significant predictor of spot freight rates. The convenience yield in the shipping market is of great significance for studying price formation, FFA term structure characteristics, and cross-market effects between bulk commodities and shipping.

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Green Development of Chinese Cities from the Perspective of Regional Agglomeration and Configuration Change

Li Hongwei, Jiang Jinyu, Tao Min, Yang Yinsheng, Sun Zuoren

2025, 37 (7): 56-66.

Abstract ( 10 )

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Prefecture level cities play an important role in China’s green development process as they are not only the basic unit of regional green development but also an important carrier for promoting regional green development. Studying the green development of Chinese cities is of great significance for promoting the green urban construction, promoting the green urban economic development, and achieving high-quality development. Based on the relevant data of 282 prefecture level cities from 2008 to 2018, this paper uses the super efficiency SBM model to calculate the green development efficiency of Chinese cities. At the same time, methods such as spatial transition matrix, green development gravity model, and dynamic fuzzy qualitative comparative analysis are used to analyze the green development efficiency of Chinese cities from the perspectives of regional aggregation and configuration changes. The results show that: (1) Currently, the efficiency of green development in Chinese cities is relatively low, and there is still significant room for improvement; (2) There are obvious spatial characteristics in the efficiency of urban green development, and the spatial characteristics are becoming increasingly evident. The convergence of urban green development within the region is significantly enhanced, and the transition of urban space has a certain degree of stability; (3) The correlation between cities within the economically developed urban agglomeration is strong, and the spatial interaction between cities in other regions needs to be improved. In the future, more attention should be paid to areas with insufficient correlation ability, and efforts should be made to enhance the connection between cities within the region; (4) During the 12th Five Year Plan period, there were two sufficient condition configurations: “restricted conditions-industrial optimization” and “restricted conditions-talent cultivation”. During the 13th Five Year Plan period, there were two sufficient condition configurations: “development and improvement-filling the gaps” and “environmental protection driven-market leading”. The green development path formed by this has differences in its constituent elements.

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Analysis of the Impact of Macroeconomic Shocks on Chinese Cross-border Mergers and Acquisitions

Wang Xiuzhenzi, Wei Yunjie, Wang Linjun

2025, 37 (7): 67-76.

Abstract ( 16 )

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With the advancement of globalization, cross-border mergers and acquisitions (M&As) play an increasingly important role in global output. Most of the existing study on the influencing factors of cross-border M&As is carried out from the perspective of enterprise-level or industry-level characteristics, and the effects of macroeconomic are ignored. This study uses Copula entropy to screen out the economic factors that are closely related to the volume of Chinese cross-border M&As, and then uses the vector autoregressive model and the error correction model to focus on the dynamic impact of these economic factors on the trend of cross-border M&A activities of Chinese enterprises. We find that Chinese economic growth rate, macroeconomic liquidity, macroeconomic risks and exchange rates are four important economic variables that affect enterprises’ cross-border M&A decisions, and the degree of influence of each economic variable varies. Positive swing in economic growth will promote Chinese overseas M&A business in the short term, while it will turn into a weak negative impact in the long run. We get management implications for both investors and policymakers from empirical studying, which is particularly essential in the post Covid-19 period for correctly guiding Chinese enterprises to actively explore their overseas market and regain the momentum of cross-border investment.

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The Evaluation of Innovation Efficiency of Listed Enterprises in China’s Strategic Emerging Industries—Based on the Three-stage DEA Model

Li Xiufeng, Li Bo

2025, 37 (7): 77-89.

Abstract ( 17 )

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To effectively and rapidly improve the input and output efficiency of innovation of strategic emerging enterprises in China, and find out the main reasons that lead to the overall low efficiency of industrial technological innovation and the differences in the efficiency of technological innovation in different sectors, this paper uses the three-stage DEA model to analyze and study the innovation efficiency of 225 strategic emerging enterprises from the perspectives of regional differences, industry differences, and external environmental impacts. The research results show that after removing the external environmental factors, the comprehensive technical efficiency and scale efficiency of China’s strategic emerging industries’ innovation decrease, while the pure technical efficiency improves, that is, the impact of pure technical efficiency on the comprehensive technical efficiency is stronger than the scale efficiency, which shows that the innovation and development of China’s strategic emerging industries are mainly driven by management and technology factors, not simply dependent on the scale economy model. The analysis by industry shows that in terms of comprehensive efficiency, the new energy automobile industry, the new energy industry, and the new material industry rank the top three; In terms of technical efficiency, the green environmental protection industry, high-end equipment industry, and biotechnology industry rank the top three; In terms of scale efficiency, new energy vehicles, new energy industry, and new materials industry rank the top three. It can be seen that China’s comprehensive efficiency in the three industries of new energy vehicles, new energy, and new materials is mainly driven by scale efficiency, which may mean that various policies issued by the government in recent years to promote the development of new energy vehicles and new materials have effectively stimulated the investment enthusiasm of enterprises. In general, however, it is also necessary to strengthen technological innovation resources and improve the efficiency of innovative technology.

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Position Transition within Collaborative R&D Network and Breakthrough Technological Innovation—The Moderating Effects of Knowledge Base

Li Jian, Hu Bingxia, Yu Yue

2025, 37 (7): 90-102.

Abstract ( 19 )

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Cooperative R&D networks are effective channels for firms to obtain heterogeneous resources, and occupying key network positions can bring information and control advantages to firms. However, the existing literature has not yet reached a consistent conclusion on the relationship between network position transition and innovation. Focusing on the global biotechnology field, this paper selects a research sample of 264 firms during 1995-2016 to empirically analyze the effects of centrality transition and brokerage transition in collaborative R&D networks on firms’ breakthrough technological innovation, as well as the moderating role of the depth and width of firms’ knowledge bases. The results of the empirical study show that the centrality transition contributes to breakthrough technological innovation, while the brokerage transition has a U-shaped relationship with breakthrough technological innovation. Knowledge breadth positively moderates the relationship between the centrality transition and breakthrough technological innovation, but the moderating effect on the relationship between brokerage transition and breakthrough technological innovation is not significant. Knowledge depth negatively moderates the positive relationship between centrality transition and breakthrough technological innovation, but positively shapes the U-shaped relationship. The results of the study have important implications for understanding the complex relationship between network position transition and enterprise technological innovation.

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A Study of Antecedents Configuration of Enterprise Business Model Innovation Based on CET@I Methodology

Liang Chen, Chen Huaichao, Wu Huichao, Jiang Ke, Wang Lei

2025, 37 (7): 103-114.

Abstract ( 15 )

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Based on the CET@I methodology, this paper uses the fsQCA method to systematically study the configuration effects of implicit knowledge factors (formal institutional capital, informal institutional capital, outbound open innovation, inbound open innovation, manufacturing enterprise/non-manufacturing enterprise) and explicit knowledge factors (firm size, resource integration ability, operational experience) on enterprise business model innovation. The findings are as follows. (1) There is no single factor that constitutes the necessary condition for leading to high or non-high enterprise business model innovation, but high inbound open innovation and high resource integration ability play a prominent role in the process of leading to high enterprise business model innovation. (2) There are five configurations that can lead to high enterprise business model innovation, which can be categorized into four types: institutional capital and open innovation-driven type, informal institutional capital and open innovation-driven type, formal institutional capital and open innovation-driven type, and formal institutional capital and inbound open innovation-driven type. (3) There are six configurations that can lead to non-high enterprise business model innovation, and these configurations have an asymmetric relationship with the driving mechanism of high business model innovation.

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Can Digitalization Empower Green Process Innovation

Zheng Hang, Ye Azhong

2025, 37 (7): 115-126.

Abstract ( 25 )

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Taking China’s A-share manufacturing listed companies in 2010-2020 as research samples, this paper explores the micro-effect of enterprise digitalization enabling green process innovation. In order to better alleviate the endogenous problem, this paper introduces machine learning technology on the basis of the traditional causal identification model, and integrates the thinking mode of machine learning with the classical methods of economics, so as to improve the accuracy of causal inference. The research shows that the improvement of digital level of manufacturing enterprises has a positive driving effect on green process innovation, and this effect is still significant after a series of endogenous and robust tests. In the meantime, the influence effect of digitalization empowering green process innovation shows certain heterogeneity under the differences of enterprise life cycle, ownership and network centrality. Specifically, the impact of digitalization empowering green process innovation is more significant for state-owned enterprises, growth-stage enterprises, and enterprises in the center of the network. The above analysis expands the research scope rooted in the natural resource-based view and provides a new micro-explanation for understanding the potential decision-making motivation and driving mechanism in the process of green innovation.

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State-owned Equity Participation and the Innovation Persistence of Family Enterprises: The Moderating Effects of Family Control Structure Heterogeneity

Xu Wei, Zhang Xiaoxuan, Ma Shuyuan, Sun Jing, Wang Chao

2025, 37 (7): 127-140.

Abstract ( 18 )

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Under the background of new development situation and mixed ownership reform, whether and how “reverse mixed-ownership reform” can enhance the persistent innovation ability of family enterprises is an important topic. From the perspective of heterogeneity of family control structures, this paper explores the relationship between state-owned equity participation and innovation persistence of family enterprises. The unbalanced panel data of Chinese digital listed companies from 2013 to 2021 show that there is an inverted U-shaped relationship between state-owned equity participation and innovation persistence of family enterprises. When the enterprise is controlled by husband and wife, the inverted U-shaped relationship flattens. When the enterprise is controlled by brothers, the inverted U-shaped relationship steepens. Further analysis shows that the preparation stage of second-generation succession in the father-son controlled enterprises steepens the inverted U-shaped relationship between state-owned equity participation and innovation persistence. This paper enriches the theoretical research of state-owned equity participation and family business innovation, and provides management implications for revitalizing state capital and improving the innovation persistence of family enterprises.

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U-shaped Curve Relationship between Guanxi and Performance and the Moderating Effect of Marketization Process

Lu Tingyu, Zhang Xubing, Zhou Yuting, Zhuang Guijun, He Yong

2025, 37 (7): 141-153.

Abstract ( 16 )

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Building on institutional theory, this paper examines the impact of distributor-supplier interpersonal guanxi and government-business guanxi on sales performance, as well as the moderating roles of government information transparency and the marketization index. Drawing on 223 paired survey responses from distributors and suppliers in a business-to-business context, as well as government information transparency, marketization index and gross sales, the authors reach following conclusions. First, there is an inverted U-shaped relationship between interpersonal guanxi and sales performance, while government-business guanxi exhibits a U-shaped relationship. Second, government information transparency strengthens the inverted U-shaped relationship between interpersonal guanxi and sales performance, while the marketization index weakens this effect. Third, government information transparency enhances the U-shaped relationship between government-business guanxi and sales performance, while the marketization index weakens this effect. Additionally, we discuss the theoretical contributions, practical implications, limitations, and future research directions.

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How to Realize Value Co-creation on Online Medical Platforms?—Research on Multi-stakeholder Interactive Behaviors and the Commercial Value Realization of Medical Consultation Products

Liu Kan, Zhou Hongrui, Jin Xin, Sun Xueying

2025, 37 (7): 154-165.

Abstract ( 12 )

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Online medical platforms can promote economic and social welfare development because they not only facilitate the efficient matching of medical resources but help alleviate social issues caused by local resource shortages. However, online consultation products can hardy grow in market share and revenue due to their nature as credence goods that are characterized by intangibility, heterogeneity and information asymmetry. This paper examines the impact of multi-stakeholder interactive behaviors on the commercial value realization of online medical consultation products. Based on value co-creation theory, a multi-stakeholder interaction model is constructed. Using data of 76,447 records on “haodf.com”, the study employs a negative binomial regression model to analyze the effects of relational feedback, economic feedback, payment price, response speed, and knowledge sharing on the sales of medical consultation products. The results indicate that these behaviors significantly and positively influence product sales. Platform recommendations enhance the effects of relational feedback, response speed, and knowledge sharing, while diminishing the effects of economic feedback and payment price. The study elucidates the mechanism of how multi-stakeholder interactions impact the commercial value realization of medical consultation products, identifies the relationship between price and value co-creation, and proposes a sustainable business value realization model for online medical platforms, thus providing theoretical and practical guidance for enhancing two-sided user participation and corporate performance on online medical platforms.

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Exploring Inheritance Patterns in Chinese Private Enterprises: An Empirical Study from the Perspective of Relational Culture

Liu Jianjun, Long Xiaoning, Yue Yang

2025, 37 (7): 166-177.

Abstract ( 16 )

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This research, through the lens of “relational culture”, investigates the inherent logic behind the “family business succession” phenomenon in Chinese private enterprises. We develop a city-level “relational culture” intensity index and combine it with data from a survey on succession issues in Chinese private enterprises for empirical analysis. The results indicate that in areas with a strong “relational culture”, private entrepreneurs are more likely to hand over their businesses to their children. Heterogeneity analysis reveals that for businesses with a long operating history or entrepreneurs possessing political status, the city’s “relational culture” significantly influences the entrepreneur’s preference for their children to take over the business. Conversely, in companies with strong technology R&D capabilities and significant growth potential, the influence of local “relational culture” is less. Additionally, cities in the eastern coastal provinces exhibit a lesser influence of “relational culture” compared to those in the central and western regions. The empirical conclusion remains robust after addressing potential endogeneity issues using instrumental variable regression. The empirical results support the view that in private enterprises that rely on relational culture, “family business succession” becomes an inevitable institutional choice to protect the enterprise’s social relationship capital; the higher the value of relational culture is, the more common this arrangement is. Therefore, to mitigate the “family business succession” phenomenon and its adverse impacts, it is necessary to establish transparent government-business relations and a rule-of-law business environment to promote high-quality development of the private economy.

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Executive Pay Gap and Enterprise Digital Transformation: Evidence from A-share Listed Companies

Rui Zhengyun, Zhang Yunpeng

2025, 37 (7): 178-188.

Abstract ( 21 )

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Based on the data of Shanghai and Shenzhen A-share listed companies from 2008 to 2020, this paper empirically tests the impact of executive pay gap on enterprise digital transformation and its action path. Research shows that both the internal and external pay gaps of senior executives significantly promote the digital transformation of enterprises. The conclusion is still valid after a series of endogeneity and robustness tests. The channel mechanism test shows that the executive pay gap can promote the digital transformation of enterprises by improving the radical degree of corporate strategy and enhancing the quality of internal control. The moderating effect test shows that the size of the firm and the business social capital of the executive team play a negative moderating role. This study not only enriches the literature results related to the executive pay gap and enterprise digital transformation, but also provides experience and enlightenment for enterprises to improve the executive pay system and corporate governance system in the process of digital transformation.

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The “Process Trap” of High-performance Work Systems and Its Occurrence Mechanism: Evidence from a State-owned Power Service Group in China

Qiquan, Zhang Junwei, Long Lirong

2025, 37 (7): 189-199.

Abstract ( 14 )

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In this paper the phenomenon of HPWS “process trap” is confirmed and its occurrence mechanism is explored through quantitative and qualitative sub studies from 72 subsidiaries of a state-owned power service group in China. Study 1 (quantitative) based on 4,186 questionnaires and objective data of external customer complaints, confirms the bewilderment and harmfulness of HPWS process traps: (1) the correlation between managers’ HPWS climate and employees’ HPWS climate is not significant; (2) there is a significant gap between the two; and (3) the larger the gap is, the more serious the customer complaint is. Study 2 (qualitative) follows the principle of grounded theory, and based on the interview data of 24 department managers and 30 employees, discusses the occurrence mechanism of HPWS process traps from the perspective of social cognition: it originates from the hierarchical differentiation of HR policy itself and the cognitive difference between employees and managers on HR policy objectives, which is blocked by the social communication inertia of acquaintances in the workplace and strengthened by identity cognition. At the same time, the polarization of the trap is constrained by the zhong-yong thinking based on collective identity. This paper helps to enlighten the new direction of HPWS process perspective research, contributes to the localization research of HPWS, provides clues for the social information processing system model to further distinguish cognitive information from a functional perspective, and also has some enlightenment significance for enterprises to prevent internal management traps.

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Decision-makers’ Myopia Fluctuations, Diversification Strategies and Enterprise Investment

Ren Shengce, Du Mei, Cao Yougen

2025, 37 (7): 200-213.

Abstract ( 19 )

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For an enterprise, its decision-makers’ long-term orientation plays a prominent role in its withstanding environmental threats and maintaining sustainable growth. However, not all decision-makers have a long-term vision. Myopia becomes more and more common, especially during the outbreak and spread of public crises that bring challenges to the production and operation activities of an enterprise, and catch its decision-makers in the dilemma of balancing short-term benefits and long-term development. This problem arouses the question of how decision-makers should navigate myopia fluctuations to make strategic choices in sudden public crises and nurture new growth opportunities? Based on upper-echelon theory and a resource-based view, we analyze the impact of decision-makers’ myopia fluctuations and diversification strategies on enterprise investment, and the moderating effects of absorptive capacity and organizational redundancy. The results show that decision-makers’ myopia fluctuations will significantly reduce R&D investment and significantly increase advertising expenditures. The effect of fluctuations in decision-makers’ myopia on R&D investment and advertising is primarily realized through diversification strategies. When the corporate absorptive capacity is stronger, the negative impact of decision-makers’ myopia fluctuations on R&D investment is weaker, while the positive impact on advertising expenditures is stronger. When the absorbed slack resources are abundant, the positive impact of decision-makers’ myopia fluctuations on advertising expenditures is weaker. On the contrary, when the unabsorbed slack resources are abundant, the positive impact of decision-makers’ myopia fluctuations on advertising expenditures is stronger. The conclusion theoretically reveals the effect of decision-makers’ myopia fluctuations in sudden major public crises, expands the related studies of managerial myopia and diversification strategy, and provides certain theoretical guidance and practical insights for the improvement of enterprise input level.

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In-laws’ Involvement in Management and Strategic Changes of Family Businesses

Teng Manru, Dai Mingyu

2025, 37 (7): 214-225.

Abstract ( 12 )

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In-laws are an important component of family business kinship and a significant source of heterogeneity in family businesses. This paper takes the kinship data of Chinese listed family businesses from 2003 to 2022 as a sample, and based on social identity theory, examines the impact of in-laws’ involvement in management on the strategic transformation of family businesses. Our research finds that involvement of in-laws in management can hinder the implementation of strategic changes in family businesses. Further research finds that the level of strategic change in family businesses is lower when the intimacy of in-laws and kinship relationships are low; when the in-laws involved in management are the in-laws of the actual controller’s siblings and male in-laws, it is conductive for family businesses to implement strategic changes. Heterogeneity analysis finds that when a family business is located in an area with low social trust and faced with higher environmental uncertainty, the involvement of in-laws in management hinders the implementation of strategic changes in the family business more significantly. Finally, this paper finds that the involvement of in-laws in management has a restraining effect on strategic change and will reduce the long-term value of family businesses. This paper not only expands the research on the driving forces of strategic change in family businesses from a new perspective, but also has certain enlightening significance for how to effectively optimize the family governance structure to drive enterprise change and promote enterprise transformation and development.

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Customer Stability and Corporate Misconduct: Correction or Provocation?

Liu Lina, Chen Minghao, Ma Yamin, Zhang Yunyun, Li Changhong

2025, 37 (7): 226-237.

Abstract ( 13 )

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Based on the relational contract theory and choosing China’s A-share listed companies from 2009 to 2021 as the research sample, this paper uses Python to treat data related to customer stability and corporate misconduct and empirically examines the impact of customer stability on corporate misconduct through the bidirectional fixed effects model and instrumental variable regression. The findings show that stable customer relationships significantly suppress corporate misconduct, meaning that companies with a stable customer base are less likely to get out of line. Mechanism analysis reveals that stable customer relationships inhibit corporate misconduct by increasing analyst attention, improving corporate governance, and enhancing supply chain transparency. Heterogeneity analysis indicates that the inhibitory effect of customer stability on corporate misconduct is more pronounced in companies with lower regional legal standards and higher ownership concentration. The economic consequences test shows that corporate misconduct reduces business performance, while stable customer relationships not only serve as a supervisory role in curbing misconduct but also help improve business performance. The conclusions of this study enrich the research on micro-level corporate-customer relationships and provide insights into corporate governance from the perspective of company-customer relations. Furthermore, this paper offers a reference for promoting high-quality development of enterprises from the perspective of customer relationships within the context of China’s dual circulation economic strategy.

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Does the Accuracy of Prior Management Earnings Forecasts Affect Corporate Debt Default Risk?

Zhai Xiaofang, Song Yunling, Huang Xiaobei

2025, 37 (7): 238-248.

Abstract ( 10 )

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We examine whether and how the accuracy of prior management earnings forecasts (hereinafter APMEF) affects corporate debt default risk using A-share companies listed on Shanghai and Shenzhen Stock Exchanges during the period from 2006 to 2023. The results indicate that APMEF can significantly reduce corporate default risk. A one standard deviation increase in APMEF leads to a drop of 18.17% over the sample mean of corporate debt default risk. APMEF affects corporate debt default risk via forecast reputation and forecasting ability. The negative relation between APMEF and corporate debt default risk mainly occurs in companies facing high external uncertainty, exposed to stringent monetary policies and low-percentage owned by common institutions and in the growing or declining stage of their corporate life cycle. Our results enrich researches on the relationship between information disclosure and debt default risk, and provide evidence on the “spill-over effects” of mandatory management earnings forecast. The results also shed lights on the feasible approach to prevent and resolve material financial risk via information disclosure.

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How to Effectively Reduce the Cost of Equity Capital in Enterprise Digital Transformation

Liu Jiajia, Ren Lijun, Wang Shouyang

2025, 37 (7): 249-261.

Abstract ( 19 )

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How can digital transformation of enterprises more effectively reduce the cost of equity capital and alleviate the difficulty of enterprise financing? This is an important issue of concern for both academia and the industry. From the perspective of internal control, this paper discusses the effective ways of digital transformation of enterprises to reduce the cost of equity capital. Based on the data of A-share listed companies from 2011-2021, this paper uses the fixed effect model to conduct empirical research. The findings are as follows. Firstly, digital transformation of enterprises has a significant effect of reducing the cost of equity capital, but this reduction effect lags behind; Secondly, the quality of information disclosure and stock market liquidity play a mediating role in the effect of enterprise digital transformation on the cost of equity capital; Thirdly, internal control has a U-shaped moderating effect in the effect of enterprise digital transformation on the cost of equity capital; Fourthly, digital transformation of enterprises has a significant effect of reducing the cost of equity capital for both state-owned and non-state-owned enterprises, but has a greater impact on non-state-owned enterprises.

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Entrepreneurship Ecosystem Governance and Technological Innovation in Key Core Technologies Domains: A Loose-coupled Perspective

Zou Ji, Yang Delin, Li Mengya, Hao Chen, Li Hao

2025, 37 (7): 262-274.

Abstract ( 16 )

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Key core technologies play an important role in national defense and security and national economic development. Most of the existing studies have paid attention to the interaction between entrepreneurial ecology and innovation activities. However, most of the innovation activities in the field of key core technologies have long periodicity and large investment, which is different from general innovation activities and contrary to the characteristics of entrepreneurial enterprises. It is of great significance to explore the interaction between entrepreneurial ecology and innovation activities in key core technologies fields. This paper takes the entrepreneurial ecology in the optoelectronics industry chain as the research background, takes the hub enterprise Sike Holdings as the main case study object, explores the targeted governance of the entrepreneurial ecology by the hub enterprises, so as to promote the innovation activities in the key core technologies fields, and further analyzes the governance mechanism from the perspective of loose coupling. The research first finds that the construction process of entrepreneurial ecology mainly includes four stages: contact, binding, relaxation and strengthening, and the corresponding technological innovation process includes four stages: perception, perspective, array and penetration. Further, this paper explores the interaction between entrepreneurial ecology and innovation activities in key core technologies fields and the deep internal logic. On this basis, this paper further analyzes the mechanism of innovation cost reduction and innovation order improvement from the loose coupling theory. The research results of this paper provide an insight into how hub enterprises with different institutional logics balance marketability and planning in the ecology, which is helpful to further understanding the interactive relationship between entrepreneurship ecosystem governance and technological innovation in key core technologies fields, and promoting the sustainability of key core technologies innovation in practical work.

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Research on the Value Co-creation Path of the “Belt and Road” Enterprise Technology Standards Alliance: The Case of Haier Ecosystem

Cao Xin, Liu Yao, Zhou Qing, Liu Renhuai

2025, 37 (7): 275-288.

Abstract ( 26 )

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BRTSA as a new form of organization for enterprises to go overseas in a group, the value co-creation of alliance subjects has become an important means to enhance competitive advantage. In this paper, a longitudinal case study of the Haier ecosystem reveals the following results. Firstly, BRTSA value co-creation presents an evolutionary path of “chain integration-network synergy-ecological empowerment”, through the resource integration of “aggregation-optimization-reconstruction” and the interactive cooperation of “complementarity-interaction-openness”. It links upstream and downstream resources of the industry chain, synergizes multi-chain integration relationship network and builds cross-domain value ecology, which promotes the leap of alliance technology standards and standard products. Secondly, BRTSA value co-creation has an inherent mechanism of joint construction and sharing. The main body of the alliance reaches consensus on technical standards and improves technical innovation capability; the alliance as a whole builds technical standards and promotes the transformation of technical achievements; the alliance eco-sharing boosts the value-addedness of technical standards and strengthens the empowerment of technological leadership, thus realizing the value symbiosis of the main body and the sustainable development of the alliance. Thirdly, compared with the traditional enterprise technology standard alliance, BRTSA has the new features of adaptability, synergy and leapfrogging. This paper clarifies the attribute characteristics of BRTSA, constructs the alliance value co-creation path process model and internal mechanism, which not only enriches the theoretical connotation and extension of the enterprise technical standard alliance, and deepens the alliance value co-creation process research and application situation, but also provides practical inspiration for enterprises to enhance technical standardization capability and international competitive advantage.

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