Management Review

Momentum Effect and Reversal Effect under Sticky Expectation and Overconfidence

Wang Xianjia, Yu Zhiying, Chen Cong, Wu Liang, Rao Yulei, Yuan Ying

2025, 37 (12): 3-15.

Abstract ( 23 )

PDF (2291KB) ( 10 )

This paper constructs an investor behavior model to describe investors’ belief bias by using sticky expectation and overconfidence and explains some typical asset price anomalies by discussing the correlation of the asset return in the model. The research results show that the model can explain the momentum effect and reversal effect in the market, and the larger the stickiness coefficient is, the later the inversion occurs. The overconfidence coefficient has a non-monotonic effect on the reversal period. The short-term momentum effect of the asset prices is robust over the whole period. The model can also effectively explain other financial anomalies, such as post-event price drift in event study and lead-lag effect of stock returns in the same industry. Empirical results show that sticky expectations and overconfidence provide a good explanation for the momentum and reversal effects. Among them, the momentum effect is more significant in portfolios with a higher stickiness coefficient. In portfolios with the same degree of stickiness, stocks with a higher level of overconfidence show a more significant long-term reversal effect.

References | Related Articles | Metrics

How does Digital Economy Promote the High-quality and High-benefit Development of Agriculture?—Evidence from Sample Data of 30 Chinese Provinces

Zhang Mingyu, Wu Zheng, Su Zhiwen, Zhang Yihua

2025, 37 (12): 16-27.

Abstract ( 19 )

PDF (1175KB) ( 15 )

As digital economy accelerates its penetration into agriculture and rural areas, it has become a crucial engine for promoting high-quality and high-benefit development of agriculture. How does the digital economy facilitate this agricultural advancement? Based on an in-depth interpretation of the connotation of high-quality and high-benefit development of agriculture, this paper systematically analyzes the mechanism by which digital economy promotes agricultural development. Using data from 30 Chinese provinces from 2011 to 2022 as research samples, we empirically examine the promoting effects of digital economy on high-quality and high-benefit development of agriculture. The main conclusions are as follows: First, digital economy can directly promote high-quality and high-benefit development of agriculture. This promoting effect is stronger in central regions, plain areas, and areas with higher levels of industrialization. Second, digital economy can indirectly promote high-quality and high-benefit development of agriculture by fostering agricultural technological innovation and enhancing rural entrepreneurship levels. Third, the promoting effect of digital economy on high-quality and high-benefit development of agriculture exhibits non-linear characteristics. Rural human capital positively moderates the relationship between digital economy and high-quality and high-benefit development of agriculture. When rural human capital surpasses 6.635, the promoting effect of digital economy development on high-quality and high-benefit development of agriculture undergoes a structural leap. This study helps reveal the mechanism by which digital economy affects high-quality and high-benefit development of agriculture, providing valuable policy insights for leveraging digital economy to promote agricultural advancement. To promote high-quality and high-benefit development of agriculture, efforts should be made to accelerate the construction of new digital rural infrastructure, stimulate the momentum of agricultural technological innovation, deepen support policies for rural entrepreneurship, and enhance the level of rural human capital.

References | Related Articles | Metrics

Digital Innovation and Enterprise Salary Competitiveness

Li Hongbing, Sun Litang, Li Zhen

2025, 37 (12): 28-40.

Abstract ( 11 )

PDF (1343KB) ( 7 )

An enterprise’s employee salary competitiveness is a key factor that affects the stability of its staff and the implementation of its corporate strategy. This paper examines the impact of digital innovation on the competitiveness of employee compensation using data from Chinese A-share listed companies from 2010 to 2022. This paper shows that digital innovation has a significant promoting effect on employee salary competitiveness, and has a more significant impact on the salary competitiveness in industrial, technology-intensive and capital-intensive sectors, enterprises located in areas with strong intellectual property protection and better business environment, enterprises with high proportion of technical personnel and enterprises whose CEO has a background in information technology. Further research shows that digital innovation improves employee salary competitiveness by improving their financial performance and human capital. In addition, digital innovation and the increase of employee salary competitiveness can enhance the growth of enterprises. Unlike digital innovation which enlarges the internal salary gap, employee salary competitiveness narrows the gap.

References | Related Articles | Metrics

Corporate Carbon Information Greenwashing and Investor Sentiment—Empirical Evidence Based on Text Analysis of ESG Reports

Wang Wei, Sun Ziyuan, Wang Lihong

2025, 37 (12): 41-53.

Abstract ( 13 )

PDF (1271KB) ( 9 )

ESG report as an important carrier of corporate carbon information disclosure has such problems as unclear disclosure principles and incomplete disclosure system, so some enterprises tend to greenwash their carbon information through ESG report. This paper takes China’s A-share listed companies that published ESG reports from 2018 to 2022 as the research sample to empirically examine the direct impact of corporate carbon information greenwashing on investor sentiment and the mechanism underlying the impact. The results show that carbon information greenwashing provokes investor sentiment, but this effect is not significant for institutional investors and companies that are at their declining stage, not keen on green investment, not much market-oriented and under strong government intervention(or exposed to an environment where market plays a less important role than thegovernment). Meanwhile, environmental subsidies and financing constraints mediate the relationship between carbon information greenwashing and investor sentiment, but they show a “masking” effect. In addition, investor sentiment magnifies the negative impact of carbon information greenwashing on internal enterprise value and external stock price crash risk. This paper enriches the research on measurement and economic consequences in the field of carbon disclosure while providing a reference for standardizing ESG disclosure.

References | Related Articles | Metrics

Disciplinary Effects of Chinese Antitrust Enforcement: Evidence from Stock Market

Tan Shiyu, Ling Hongcheng, Yu Shuyi

2025, 37 (12): 54-65.

Abstract ( 6 )

PDF (1839KB) ( 8 )

Based on hand collected listed-company antitrust enforcement database, this paper uses event study to investigate response of stock market on antitrust enforcement, and provides primary evidence for the disciplinary effects of Chinese antitrust enforcement. Specifically, this paper finds that the market reacts negatively toward a company that will receive or already received antitrust investigation or final penalty, and the company will suffer a 11.5% loss of market value. In typical infringing industries, negative reaction will spill over to the whole industry, indicating that antitrust enforcement not only punishes infringing firms, but also effectively deters the whole monopoly industry. Further analysis on the heterogeneity of market reactions reveals that the strength of market recaction can be explained by direct law-breaking cost, readjustment cost of monopoly profit and market signal effect, and under China’s unique institutional background of antitrust enforcement, the strength of market reaction will also be affected by the nature of companie as central CEOs, type of enforcement agent and timeliness in release of infringement information. These results are of great significance for evaluating the achievements of antitrust enforcement in China, as well as for guiding the reform of antitrust legislation and enforcement agencies.

References | Related Articles | Metrics

Time-Frequency Interconnected Analysis of the International Carbon Market with Crude Oil and Stock Markets—An Empirical Study Based on Multivariate Wavelet Models

Lu Mengyao, Xie Qiwei, Zhao Mengfan, Li Jingyu

2025, 37 (12): 66-78.

Abstract ( 3 )

PDF (14313KB) ( 7 )

This paper is based on wavelet theory from the perspective of time-frequency domain. It mainly studies the relationship between carbon market, crude oil futures market and stock market of energy industry at home and abroad. The wavelet mode maximum algorithm based on Lipschitz index is used to explore the structural mutation characteristics of the market. The correlation between carbon market and other markets in time-frequency domain is analyzed by multivariate wavelet coherence analysis. Different from previous studies, this paper comprehensively considers the structural changes of carbon markets and the correlation analysis between markets. The results show that the carbon market has multiple points of different types of structural mutations. These structural changes can be triggered by factors such as policy promulgation, changes in the economic situation, market reforms, and geopolitical events. When the structure of carbon market changes, the binary and ternary wavelet coherence between carbon market and other markets are enhanced. The time-frequency domain of the original binary wavelet coherence coefficient shows strong coherence, and the ternary wavelet coherence is also strong. Some specific time-frequency domains that show weak correlation in the binary wavelet coherence coefficients show strong correlation in the ternary wavelet coherence coefficients. The reasons for its enhancement are related to regional factors and the interaction of the third market. This paper extends the application of the signal processing domain analysis method to the study of the sudden change characteristics of market structure and the analysis of market correlation. Combined with financial time series analysis, multiple markets are included in the research scope, and higher precision information is mined.

References | Related Articles | Metrics

Insurance Institutional Investors and Corporate ESG Performance: Evidence from China

Wei Wei

2025, 37 (12): 79-91.

Abstract ( 8 )

PDF (1177KB) ( 8 )

ESG investment is a mainstream strategy for institutional investors. Nevertheless, whether institutional investors can improve corporate ESG performance has not been unanimously answered. Using a sample of Chinese A-share listed firms from 2009 to 2021, this paper investigatesthe effect of insurance institutional investors on corporate ESG performance, and finds that insurance institutional investors significantly improve firms’ ESG performance. The results still hold after controlling for potential endogeneity. Mechanism tests show that insurance institutional investors improve firms’ ESG performance by playing a governance role. This effect is more pronounced when a firm faces severer financial constraints, when other institutional investors of the firm have greater power, and when the firm is located in an area with a better legal environment. Additional analysis on investor characteristics shows that state-owned and large insurance institutional investors are more likely to improve firms’ ESG performance, whereas foreign insurance institutional investors have no significant impact on firms’ ESG performance. Overall, the finding reveals the impact of institutional investors on corporate ESG performance from a new perspective, enriches the research on insurance institutional investors and capital market, and provides a reference for Chinese regulatory authorities to improve the supervision policy for insurance capital and promote firms’ transformation to sustainable development.

References | Related Articles | Metrics

Breaking through the Dilemma of the Misalignment between Value Perception and Actual Realization of Digital Innovation: Reconsidering Technology Affordance from the Perspective of Executives and Employees

Xiao Jinghua, Cao Wanghua, Xia Zhenghao

2025, 37 (12): 92-105.

Abstract ( 7 )

PDF (1596KB) ( 7 )

Digital transformation has become a critical strategy for corporate innovation, yet in practice, digital innovation often faces a disconnect between value perception and value realization. Existing research primarily focuses on resource limitations or individual resistance, lacking a dual-perspective analysis from both executives and employees. This study uses matched data from executives and employees to conduct an empirical investigation. The results show that when their task demands and digital technology applications are misaligned, employees may act in a way that deviates from their own task needs under managerial influence, leading to negative outcomes in technology use. Based on this, the concept of “deviant behavior” is proposed, highlighting that digital technologies can produce both boosting and deviating effects in two-party interactions. Furthermore, process intelligence and cross-level cognitive differences moderate these effects, suggesting that organizations can address such dilemmas by reducing coordination demands and improving coordination quality. This study not only offers a theoretical explanation for the gap between value perception and actual realization in digital innovation but also extends contextual research on technology affordance and provides managerial insights for fostering executive-employee alignment and enhancing digital innovation outcomes.s

References | Related Articles | Metrics

The Mechanism of How Local Multinational Enterprises’ Innovation Ecological Network Positional Relationship Influences Innovation Niche-fitness

Xie Xuemei, Liu Xiaojie

2025, 37 (12): 106-120.

Abstract ( 11 )

PDF (4143KB) ( 3 )

Based on the “ecosystem-as-affiliation” view and knowledge-based theory, this study explores the mechanism and contingent factors of innovation ecological network positional relationship of local multinational enterprises influencing their innovation niche-fitness, and uses the balanced panel data composed of 1,160 observations from 116 Chinese local listed multinational enterprises in the electronic equipment manufacturing industry from 2011 to 2020 to empirically test the conceptual model. The results show that: within the innovation ecosystem of local multinational enterprises, (1) the homophilous-position relationship and heterophilous-position relationship of local multinational enterprises’ innovation ecological network have significant positive effects on innovation niche-fitness, but heterophilous-position relationship improves innovation niche-fitness more significantly than homophilous-position relationship; (2) R&D internationalization plays a mediating role in the relationship between the two dimensions of innovation ecological network positional relationship and innovation niche-fitness; (3) the breadth and depth of knowledge search negatively moderate the relationship between the homophilous-position relationship of innovation ecological network and innovation niche-fitness, but positively moderate the relationship between the heterophilous-position relationship and innovation niche-fitness; and (4) innovation novelty plays a negative moderating role in the mediating path of “heterophilous-position relationship-R&D internationalization-innovation niche-fitness”. This study not only enriches the theoretical framework of innovation ecosystem and its application in multinational enterprises research; but also provides theoretical recommendations for local multinational enterprises to enhance their innovation abilities by leveraging innovation ecosystem more efficiently.

References | Related Articles | Metrics

How does Market-oriented Reform Affect the Income Inequality within Enterprises?—Evidence from the Negative List of Market Access

Zhuojun, Huang Lingyun, Zhang Kuan

2025, 37 (12): 121-133.

Abstract ( 8 )

PDF (1395KB) ( 6 )

This paper builds a DID model based on the negative list of market access, and discusses the impact of this market-oriented reform policy on income inequality within firms and the mechanism underlying the impact. The results show that the negative list significantly improves the salary of ordinary employees and inhibits the salary of managers, finally narrowing the income inequality. The mechanism analysis finds that the negative list can reduce the income inequality by reducing rent-seeking, promoting market competition and easing financing constraints. Heterogeneity analysis shows that the effect of negative list on income inequality is more obvious in private firms, labor-intensive firms and firms in poor regional institutional environment. Further research finds that the reduction of income inequality within firms by the negative list is mainly manifested as the suppression of unreasonable excessive salary gaps, and the implementation of the policy has strengthened the performance incentive effect of reasonable salary gaps. This paper provides new inspiration for the government to optimize the income distribution pattern through the construction of a high standard market system.

References | Related Articles | Metrics

Executive Talents and Enterprise Innovation: Comparative Analysis of Selection Based on Differentiation

Hu Zhiliang, You Biying, Zheng Minggui, Li Junpeng

2025, 37 (12): 134-147.

Abstract ( 10 )

PDF (1201KB) ( 8 )

This study examines the impact of executive talent selection perspectives on corporate innovation by analyzing the source attributes of executive resumes from Chinese listed companies between 2008 and 2021. We categorize these attributes into internal promotion and external recruitment and construct corresponding selection perspectives. Our findings indicate that: (1) Companies preferring internal promotion enhance innovation capability, while those favoring external recruitment experience a decline in innovation. (2) External recruitment negatively affects trade credit, whereas internal promotion improves trade credit and subsequently boosts innovation. (3) Internal promotion also enhances innovation efficiency by effectively converting innovation inputs into outputs. (4) Companies with a preference for internal promotion increase the sensitivity of executive compensation to innovation performance, establishing robust incentives and greater tolerance for short-term performance fluctuations, thereby motivating executives to focus on innovation. These conclusions offer empirical evidence on the type of executive-selection orientation that firms should favor to enhance their innovation capability and provide valuable policy recommendations for China’s talent-driven innovation development.

References | Related Articles | Metrics

“Help the People and Cultivate Virtue”? Research on the Relationship between Family Firms’ Social Responsibility and Illegal Behavior

Zhu Lina, Gao Hao

2025, 37 (12): 148-159.

Abstract ( 8 )

PDF (1184KB) ( 8 )

Based on the social-emotional wealth and clue consistency theory, this paper discusses the normative effect of family firms’ social responsibility on their illegal behavior. Using the data of Chinese listed family enterprises from 2007 to 2019, this research reaches the following conclusions. First, family firms with better social responsibility performance will care more about their reputation, so as to reduce the possibility of illegal behavior in the later stage. Second, family logic and business logic have a certain effect on the above functions. On the one hand, from the perspective of family logic, those firms that family members participate more in have more motivation to maintain the market reputation brought about by family corporate social responsibility. On the other hand, from the perspective of business logic, family businesses must consider economic benefits and institutional pressure caused by their peers. When family businesses are faced with more serious financial risks, they will focus more on the short-term and rapid recovery of the economic performance of the enterprise, so that the restraint effect of social responsibility on illegal behavior will be weakened. Last but not least, when a family business faces the fierce pressure from peer social responsibility, the restraint effect of social responsibility on illegal behavior will be further strengthened. This research not only provides a new perspective for a better understanding of family business behavior, but also further enriches the research results of social responsibility and illegal behavior.

References | Related Articles | Metrics

The Influence of Differential Atmosphere Perception on Employees’ Discretionary Work Behavioural Intentions—The Role of Motivation Hierarchy and Dimensions

Xia Yongbing, Fang Maotao, Liu Jun

2025, 37 (12): 160-170.

Abstract ( 7 )

PDF (2279KB) ( 8 )

Discretionary work behavior intention (DWBI; three dimensions) has drawn increasing scholarly attention to its within-person level shifts and choices. Extant literature primarily focuses on interpersonal behavioral outcomes, yet rarely examines how multi-dimensional behavioral intentions transform and are selected under situational pressures. Integrating the Theory of Planned Behavior (TPB), Self-Determination Theory (SDT) and Hierarchical Model of Intrinsic and Extrinsic Motivation（HMIEM）, we propose and test a two-stage doubly moderated mediation model using 461 multi-wave data. This study disentangles the motivational pathways between differential atmosphere perceptions (trust-type and behavior-type) and DWBI, thereby opening the “black box” of behavioral choice triggers. Results reveal that: (1) differential atmosphere perceptions is significantly associated with work motivations and DWBI; (2) work motivations mediates the link between differential atmosphere perceptions and DWBI; and (3) perceived leader emotional expressions moderate the indirect effect of differential atmosphere perceptions on DWBI via work motivation. The findings illuminate multiple triggering paths and boundary conditions for voluntary work behavior.

References | Related Articles | Metrics

Empowering and Enabling: Examining the Influence of Inclusive Human Resource Management Practices on Bootlegging

Zeng Hao, Qu Jiaojiao, Zhao Shuming

2025, 37 (12): 171-182.

Abstract ( 13 )

PDF (1236KB) ( 7 )

As an indispensable component of independent innovation, bootlegging plays a vital role in driving the development of new quality productivity. While existing research has examined the antecedents of bootlegging from organizational, leadership, job-related, and individual perspectives, theoretical explorations focusing on specific human resource management (HRM) practices remain limited. To address this gap, drawing on the integrated model of human energy, this study investigates how inclusive HRM practices trigger bootlegging behavior by activating employees’ energy. Specifically, it explores the dual mediating pathways of empowerment (via job autonomy) and enablement (via thriving at work), and further examines the moderating role of leader secure-base support. Using a three-wave survey design, data are collected from 1,095 employees across 179 small and medium-sized enterprises. The findings reveal that: (1) Inclusive HRM practices positively influence bootlegging behavior; (2) This relationship is dually mediated by job autonomy and thriving at work, indicating that inclusive HRM practices foster bootlegging by enhancing both employees’ autonomy and their thriving at work; (3) Leader secure-base support positively moderates the indirect effect of inclusive HRM practices on bootlegging via thriving at work-meaning that when such support is high, the positive impact is amplified. However, its moderating role in the path through job autonomy is not significant. From the perspective of energy activation, this study identifies organizational-level antecedents of bootlegging, enriches the outcome literature of inclusive HRM practices, and deepens our understanding of the dynamic interplay between HRM systems and leadership. These findings offer theoretical insights for organizations seeking to foster inclusive management strategies to stimulate bootlegging among employees.

References | Related Articles | Metrics

Gradual Progression: The Dynamic and Phased Impact of Intergenerational Entrepreneurship on Innovation Decisions in Family Businesses

Liu Yin, Feng Baojun, Sun Xiufeng

2025, 37 (12): 183-195.

Abstract ( 8 )

PDF (1608KB) ( 8 )

The innovation decision during intergenerational succession is critical to the long-term survival and development of family business. Based on the perspectives of providing heterogeneous knowledge for the adjustment of innovation decisions and enhancing the legitimate authority of successors, this study uses the samples of Chinese listed family businesses that completed succession from 2010 to 2022, and reveals the differentiated dynamic phased impact of intergenerational entrepreneurship on innovation decisions of family firms (before and after involving in management, as well as before and after receiving management). It is found that, as the intergenerational succession process evolves, intergenerational entrepreneurship exerts an increasingly pronounced influence on the adjustment of innovation decisions within family firms, implying a marked escalation in high-risk exploratory innovation. For family firms with high environmental uncertainty, heavy assets, large scale and high-tech, intergenerational entrepreneurship have a significant continuous positive impact on their exploratory innovation after receiving management. Further research shows that the second generation that engaged in intergenerational entrepreneurship relies more on the establishment and consolidation of their own authority to promote the adjustment of innovation decisions, rather than the help of their parents, and can guide the resources flow to exploratory innovation more effectively after succession, shaping long-term competitive advantages for the resource-scarce family firms. The study conclusions can provide theoretical enlightenment and practical guidance for the realization of cross-generational growth of family firms in the process of power handover.

References | Related Articles | Metrics

Attainment Discrepancy and Digital Innovation for the Company

Song Di, Zheng Dengjin, Lin Dongjie

2025, 37 (12): 196-208.

Abstract ( 6 )

PDF (1182KB) ( 5 )

Digital innovation is exerting a profound impact on China’s economic development and social progress, with an increasing number of listed companies investing in digital technologies-drawing significant attention from both academia and industry. This paper examines the relationship between the attainment discrepancy and the company’s digital innovation, finding that when a company’s actual performance and expected performance differ significantly from each other, its management team will face greater pressure for change, thereby driving company to pursue transformation and enhance its digital innovation capabilities. Further analysis reveals that the attainment discrepancy stimulates corporate digital transformation motivations, ultimately improving digital innovation levels. Moreover, under the same level of performance expectation gap, firms are more likely to enhance their digital innovation when external financing is more accessible, industry competition is more intense, and human capital quality is higher. This study not only explains the underlying drivers of corporate digital innovation but also uncovers the mechanism through which performance feedback fosters digital transformation. The findings offer important insights for the sustainable development of enterprises and the orderly functioning of capital markets.

References | Related Articles | Metrics

Common Ownership and Abnormal Audit Fees

Zhou Donghua, Zhou Siyang

2025, 37 (12): 209-222.

Abstract ( 11 )

PDF (1188KB) ( 5 )

More and more scholars have discussed the influence of common ownership, a link between enterprises in the same industry, on corporate behavior, but less attention has been paid to the research of common ownership in the field of auditing. This paper examines the impact of common ownership on abnormal audit fees by selecting a sample of listed companies in China from 2009 to 2020. It is found that common ownership reduces companies’ abnormal audit fees both by improving the quality of internal controls and by restricting management’s tendency to audit conspiracy. This conclusion is still robust after testing with distinguishing the changes of common ownership, entropy balancing, instrumental variable method and other methods. Further analysis shows that the negative effect of common ownership on abnormal audit fees is more pronounced in firms whose management has greater power and whose marketization level is lower. In addition, common ownership improves the quality of the audit while reducing the abnormal audit fee. This study provides a reference for the regulatory authorities to strengthen the supervision of abnormal audit fees and audit quality, and also for the improvement of audit bargaining rules.

References | Related Articles | Metrics

Can ESG Responsibility Fulfillment Inhibit Corporate Leverage Manipulation?—Mechanism Test Based on “Governance Effect” and “Resource Effect”

Lin Binghong, Li Bingxiang, Zhang Tao

2025, 37 (12): 223-236.

Abstract ( 8 )

PDF (1412KB) ( 14 )

Based on the dual realistic background of the rise of ESG concept and the government’s implementation of “deleveraging” policy, this paper analyzes how ESG responsibility fulfillment affects corporate leverage manipulation behavior from the perspectives of “governance effect” and “resource effect”. The results show that ESG responsibility fulfillment can effectively reduce corporate leverage manipulation, and this effect is more prominent in non-state-owned firms, firms implementing equity incentive and firms in highly market-oriented regions. The impact mechanism test shows that ESG responsibility fulfillment through the “governance effect” channel will suppress corporate leverage manipulation by strengthening internal control and reducing downside risk; in the “resource effect” channel, corporate leverage manipulation will be suppressed by alleviating financing constraints. The ESG split regression shows that the responsibility fulfillment of S and G dimensions has a greater inhibitory effect on leverage manipulation, while the responsibility fulfillment of E dimension plays a limited role. An analysis by the type of leverage manipulation shows that ESG responsibility fulfillment mainly inhibits the real debt of nominal stocks, but the inhibitory effect on off-balance sheet liabilities is not obvious. The analysis of economic consequences shows that after ESG responsibility fulfillment inhibits leverage manipulation, corporate value and corporate growth are effectively improved. The research conclusions provide a reference for clarifying the mechanism of how ESG responsibility fulfillment governs corporate leverage manipulation, and how to rely on ESG responsibility fulfillment to resolve enterprise debt crisis and promote high-quality economic development.

References | Related Articles | Metrics

A Research into the Mechanism of How Team Faultlines Influence Operation Performance from the Perspective of Network Structure

Wei Feng, Yang Yi, Chen Ruiqiang

2025, 37 (12): 237-246.

Abstract ( 6 )

PDF (1177KB) ( 8 )

The concept of team faultlines serves as an important indicator of explaining subgroup interaction and team effectiveness. However, the mechanism of how team faultlines influence team performance needs to be explained from a more comprehensive theoretical perspective. In this paper, by integrating the optimal distinctiveness theory and the network structure perspective, we establish a theoretical model to explore how team faultlines influence team operation performance by changing the internal interaction structure of the team. Based on questionnaire data of 4,022 employees from 165 work teams and objective operation performance data, the results show that team faultlines has an inverted U-shaped effect on team collaboration network density. Team collaboration network density plays a nonlinear mediating role between team faultlines and team operation performance. The process mentioned above is strengthened by leader brokerage. This study provides a novel theoretical perspective for understanding the key effects of team faultlines, which clarifies the process mechanism between team faultlines and operation performance, and then provides practical implications for firms to manage heterogeneous teams.

References | Related Articles | Metrics

“Harmony-Cooperation” Culture and Local Corporate Social Responsibility of Private Enterprise

Tang Linjia, Wang Longyu, Guo Yingying

2025, 37 (12): 247-262.

Abstract ( 10 )

PDF (1236KB) ( 11 )

The organizational culture of “harmonious coexistence and win-win cooperation” serves as an intrinsic driver for promoting private enterprises to actively fulfill their local social responsibilities. However, existing literature seldom addresses this phenomenon and its underlying deeper logic. Drawing on fundamental theoretical frameworks of corporate culture and strategic management, this paper investigates the impact of “Harmony-Cooperation” culture on private enterprises’ performance of local corporate social responsibility. Using a sample of Chinese A-share listed private enterprises from 2007 to 2021, the empirical research demonstrates that “ Harmony-Cooperation” culture significantly promotes the fulfillment of local social responsibilities by private enterprises. This positive effect is particularly more significant when conditioned by a high level of marketization in the corporate registration location and the local executive appointment. Further analysis reveals that the influence of “Harmony-Cooperation” culture is stronger in enterprises located in regions with a more pronounced Confucian cultural atmosphere. Geographically, the impact is most significant in the eastern region, while it is relatively weaker in the central and western regions. In the eastern region, the fulfillment of local social responsibilities by private enterprise is jointly influenced by both “Harmony” and “Cooperation” cultures. By contrast, the central region is more influenced by “Cooperation” culture, while the western region is more influenced by “Harmony” culture. This study organically integrates corporate “Harmony-Cooperation” culture with strategic decisions regarding local social responsibility fulfillment by private enterprises. It expands the theoretical understanding of corporate culture and corporate local social responsibility, contributing positively to accelerating the development of core research topics in Chinese-style management with distinctive Chinese characteristics and theoretical value.

References | Related Articles | Metrics

Innovative Mechanism and Practical Path for Integrity Governance of Major Engineering Projects: Analysis Based on the “Four-in-One” Governance System of Pinglu Canal Case

Zhu Bangzhu, Liu Meng, Zhang Shaohua, Zhang Jianyi, Wang Shouyang

2025, 37 (12): 263-276.

Abstract ( 18 )

PDF (1385KB) ( 18 )

Due to their extreme complexity, major engineering projects face a challenging requirement for modernizing the integrity governance systems and capabilities. This paper, based on in-depth research and analysis of the “Century Project” Pinglu Canal systematically analyzes its innovative mechanism and practical path of effectively solving the problems of “engineering corruption black box” and fragmented supervision by constructing a “four-in-one” integrity governance ecosystem of “system technology process culture”. So far as the case of Pinglu Canal project is concerned, a rigid constraint is established through institutional innovation to ensure no one can be corrupt, a digital governance base is created through technological empowerment to make it difficult for anyone to be corrupt, a transparent operating loop is formed through process reengineering to ensure no one dare be corrupt, and a value recognition is cultivated through cultural infiltration to ensure no one wants to be corrupt. The theoretical contribution of this paper lies in its proposing and verifying a new model of “full element full cycle full chain” clean governance empowered by technology, revealing the innovative coupling mechanism of “four in one”and “364” characteristic practices for governance optimization, and promoting the paradigm shift of clean governance in major projects from “post punishment” to “systemic immunity”. By combining the “147” supervision system, digital twin platform, “364” characteristic practices, and the practice of promoting integrity innovation, the coupling and collaborative efficiency of the “four-in-one” innovation mechanism are achieved, resulting in a system efficiency of “1+1+1+1>4”. It goes beyond the limitations of traditional clean governance measures of “point by point efforts” and vividly interprets how the advantages of the socialist system with Chinese characteristics can be transformed into specific governance effectiveness, providing a replicable and promotable “Chinese solution” for clean governance in major global projects.

References | Related Articles | Metrics

Quality and Safety Control Mechanism in Fresh Food E-commerce: A Case Study of JD Fresh

Chen Honghua, Zhang Lei, Xiang Nan

2025, 37 (12): 277-288.

Abstract ( 16 )

PDF (1952KB) ( 15 )

Against the backdrop of high-quality development, how fresh food e-commerce platforms can effectively implement quality and safety control to enhance product quality and the benefits of all stakeholders has garnered significant attention. Taking JD Fresh as a case study, this paper adopts a “motivation-action process-impact” logical framework to explore the dynamic process by which fresh food e-commerce enterprises achieve effective control at different development stages, thereby revealing the mechanisms of quality and safety control in this sector. The findings indicate: (1) The quality and safety control of fresh food e-commerce primarily progresses through three stages, namely, exploration and construction, deepened management, and capability accumulation, demonstrating a developmental trend from“quality assurance to quality improvement to quality innovation”; (2) Fresh food e-commerce platforms construct a full-chain quality and safety control system through a dynamic process involving “designing control processes-defining quality standards-enhancing signal transmission”; (3) The quality and safety control mechanism of fresh food e-commerceinfluences the behaviors of upstream and downstream stakeholders through quality interventions, signal transmission, and moderate control, thereby reducing the risk of substandard products entering the market, incentivizing manufacturers to improve product quality, promoting a better-quality, better-price market dynamic, achieving supply chain network equilibrium, and enhancing transaction efficiency. This study not only enriches and expands the application of supply chain quality management theory in platform governance but also provides practical insights for quality and safety control in fresh food e-commerce enterprises.

References | Related Articles | Metrics

Table of Content