Management Review

Does Industrial Policy Help Companies Improve Talents Structure?—Evidence from A-share Listed Companies in China

Zhang Huili, Hu Zhonghui

2026, 38 (1): 3-13.

Abstract ( 35 )

PDF (1243KB) ( 42 )

Achieving the optimal allocation of human capital is an important goal of China's talent strategy and a fundamental guarantee for the long-term balanced development of the Chinese economy. This paper employs the Difference-in-Differences method to examine whether national industrial policy support can help firms attract more highly educated employees. Firms in industries that are supported by industrial policies are designated as treatment group. The empirical research results show that compared to control group firms, the proportion of highly educated employees in the treatment group increased significantly during the period of national industrial policy support, thereby indicating that China's industrial policies can bring about a significant talents aggregation effect. Heterogeneity tests reveal that this talents aggregation effect is more pronounced in firms with weaker comprehensive competitiveness and higher financing constraints. Further research indicates that talents aggregation effect of industrial policies can significantly improve the medium and long-term performance of firms. Our research provides new empirical evidence for the assessment of the implementation effects of industrial policies. The conclusions drawn from the study offer valuable insights and serve as a reference for the implementation of China's industrial policies and the talent allocation strategy proposed at the 20th National Congress of the Communist Party of China.

References | Related Articles | Metrics

Subsidiary Number, Information Asymmetry and Large Shareholders' Tunneling

Song Yuanyang, Xu Feng, Huang Ming

2026, 38 (1): 14-26.

Abstract ( 20 )

PDF (1292KB) ( 16 )

With the continuous advancement of regional diversification, Chinese firms have established many subsidiaries. The increasing number of subsidiaries enhances the complexity of corporate operations and exacerbates the information asymmetry between minority shareholders and the firm, thereby leaving room for major shareholders to take advantage of control rights for their own benefits. This study investigates the mechanism by which the number of subsidiaries affects the tunneling activities of major shareholders, and reveals the negative corporate governance consequences resulting from the increasing number of subsidiaries. Based on a sample of Chinese listed firms from 2003 to 2022,and using firm fixed-effects models and instrumental variable regressions, the analysis concludes that a greater number of subsidiaries leads to more severe information asymmetry between minority shareholders and the firm, making it more difficult to monitor major shareholders, hence more significant tunneling by major shareholders. Further analysis indicates that firm digitalization can mitigate the impact of subsidiary network expansion on information asymmetry, thereby reducing the positive effect of the number of subsidiaries on major shareholders' tunneling activities. Conversely, the control rights of major shareholders can intensify the impact of information asymmetry on their tunneling activities, leading to a stronger positive effect of subsidiary numbers on tunneling by major shareholders. These conclusions contribute to a more comprehensive understanding of the corporate governance consequences associated with the number of subsidiaries and provide important insights for firms to plan their subsidiary network and mitigate the negative impacts resulting from subsidiary network expansion.

References | Related Articles | Metrics

Spatio-Temporal Differentiation and Dynamic Convergence of China's Digital Economy Development from the Perspective of Major National Strategies

Liu Yiwen, Yang Chao, Deng Nan

2026, 38 (1): 27-38.

Abstract ( 17 )

PDF (2276KB) ( 17 )

Focusing on the evolution of China' digital economy under major national strategies, this study adopts the method proposed by BEA(2018) to measure the provincial digital economy scale, examines regional disparities and dynamic evolution in its growth, and identifies the driving factors of digital economy development. The results show that between 2011 and 2018, China's digital economy expanded rapidly, with the production end contributing the most to digital value added. Significant regional disparities are observed, and inter-regional differences among the eight comprehensive economic zones constitute the primary source of the overall gap. Furthermore, both national and intra-regional disparities in digital economy development are evident and exhibit a gradient pattern decreasing from east to west. The digital economy demonstrates strong stability and path dependence, and spatial factors play an important role in state transitions. In terms of driving mechanisms, digital economy development is dynamically influenced by multiple factors, with industrial structure being the dominant driver and the synergistic effect of economic development and human capital becoming increasingly important. These findings provide policy implications for promoting the coordinated development of China's regional digital economy.

References | Related Articles | Metrics

Research on the Forming Mechanism of Unsafe Production Behaviours in Chain-style Industrial Clusters

Xu Hengjie, Mei Qiang, Liu Suxia, Zhang Jingjing

2026, 38 (1): 39-50.

Abstract ( 12 )

PDF (2434KB) ( 4 )

The recent years' safety accidents in chain-style industrial clusters highlight the seriousness of unsafe production behaviours, and governing the problem is a complex systems engineering that needs to take account of the particularity of production safety in chain-style industrial clusters, so the first step is to clarify the mechanism of how the unsafe production behaviours occur. Based on in-depth interviews, grounded theory research method and behavioural decision theory, this study builds a mechanism model to show how the unsafe production behaviours occur in a chain-style industrial cluster that multi-agents participate, and discusses the responsibilities of each agent and the underlying influence mechanism. The model covers such main participants as safety-supervising government departments, safety service agencies, the public and media, management committee of cluster, SMEs and leading enterprises. Results show that, based on their own behavioural intention, each agent is affected by different individual factors and environmental factors. They all end up choosing negative behavioural strategies and their interactions with each other finally result in the unsafe production behaviours across the industrial cluster. According to the forming mechanism model, this paper puts forward a governance solution, which relies on strengthened supervision by safety-supervising government departments and all participants' safety motivations stimulated through various efforts to promote the transformation the governance only by the government to the governance by multi-agents, thus achieving constructive interactions.

References | Related Articles | Metrics

Research on the Evolution and Endogenous Mechanism of the B&R Production Network

Liu Min, He Lisong, Fu Qiang, Yu Fuxi, and Geng Zizhen

2026, 38 (1): 51-64.

Abstract ( 15 )

PDF (4588KB) ( 22 )

This paper uses value-added data to construct network models to analyze the structural characteristics and evolution of the Belt and Road (B&R) production network, then infers the endogenous mechanisms affecting the evolution of the network based on social network theory, and uses the TERGM model for empirical testing. It is found that: (i) The distance between production division of labor and cooperation among the B&R countries in the “country-overall” and “country-industry” production networks is getting smaller and smaller, the reciprocity feature is becoming more and more obvious, and the relationship is getting closer and closer. (ii) The East-South Asia association led by China and the Europe-Central Asia-West Asia association led by Russia have formed in the network, and the composition of the association is relatively stable. (iii) China is the core country with the highest central position, proximity to other countries and influence in the network. (iv) The evolution of the B&R production network is influenced by endogenous mechanisms. Specifically, reciprocity and delayed reciprocity have a positive impact. The B&R production network has an expansion effect without a central potential, and the partnership between the B&R countries is not monopolized by a few countries. The B&R countries have a tendency to reach indirect cooperation relations through multiple paths, and countries tend to work together as a group. Further analysis reveals that there are differences in the impact of endogenous mechanisms on the evolution of production networks along different routes, in different associations and in different types of industries, and that the reciprocity effect of production network has increased significantly after the B&R initiative.

References | Related Articles | Metrics

Young Heirs' Inadequate Managerial Authority and Family Firms' Green Innovation—Empirical Evidence from Chinese Shanghai and Shenzhen A-share Listed Family Firms

Yan Ruosen, Zhang Suge

2026, 38 (1): 65-77.

Abstract ( 24 )

PDF (1278KB) ( 36 )

How intergenerational inheritance affects corporate green innovation transformation has been an important issue in family business governance research. This paper examines how young heirs' inadequate managerial authority affects green innovation of family firms. Using data on Chinese Shanghai and Shenzhen A-share listed family firms for the period 2009-2021, this paper finds that young heirs' inadequate managerial authority, resulting in their difficulty in gaining support, has restrained family firms' green innovation. The findings still hold after mitigating endogeneity and a series of robustness tests. The mechanism test shows that the negative effect is mainly achieved by increasing the young heir' myopia preference and aggravating the corporate uncertainty. Heterogeneity analysis shows that the effect of young heirs' inadequate managerial authority on family businesses' green innovation is more pronounced in regions with a weaker environmental regulation intensity, in areas with a lower public awareness of environmental protection, in entrepreneurial family firms, in firms that have more intra-family conflicts, and in the stage of the parent-child co-governance. Economic consequences analysis shows that the effect of young heirs' inadequate managerial authority on family businesses' green innovation has brought about a significant loss of corporate sustainable development performance, manifested in the undermining of both economic value and environmental performance. This paper enriches the existing research on green innovation in family firms from the perspective of the young heir's inadequate managerial authority, and provides empirical evidence and managerial insights on how family firms should optimize intergenerational inheritance plans, improve corporate green innovation and enhance the quality of economic development.

References | Related Articles | Metrics

Salary Inversion and Firm Innovation—Evidence from Chinese State-owned Enterprise Groups

Lu Chuang, Jiao Yan, Zhang Wenting

2026, 38 (1): 78-89.

Abstract ( 14 )

PDF (1245KB) ( 19 )

Innovation is a crucial strategic activity for firms, and has a significant impact on firms' building long-term competitive advantages. However, previous practice and studies have demonstrated that there are substantial variations in firms' innovation behaviors caused by different interest mechanisms. The executives' decision-making behaviors can be directly impacted by the salary contracts, which is a key incentive mechanism. The occurrence of executive “salary inversion” between state-owned enterprise groups and their subordinate firms provides an opportunity for this study to identify differentiated innovation behaviors of firms. This study investigates how salary inversion affects a firm's innovation investment using a sample of A-share listed firms affiliated to state-owned enterprise groups from 2015 to 2019. As this study reveals that salary inversion leads to an increase in innovation investment, and the higher degree of salary inversion in a firm, the higher investment the firm tends to make in innovation. Further analysis shows that salary inversion motivates firms to choose tactic innovation, which mainly increases the quantity of innovation output, but does not significantly improve the quality of innovation. This paper provides an analysis of firm innovation behaviors within the framework of state-owned enterprise's salary system reform, an examination of firm innovation motivation from the pay defense perspective, and some new insights into the policy ramifications of state-owned enterprise salary system reform.

References | Related Articles | Metrics

Institutional Complexity and Driving Paths for Enterprises' Green Innovation: A Dynamic QCA Study Based on the Automotive Manufacturing Industry

Liang Xiaomei, Wang Xiuqiong, Wu Xiaojie

2026, 38 (1): 90-103.

Abstract ( 17 )

PDF (1392KB) ( 35 )

To discuss the paths of multi-stakeholder institutional complexity driving green innovation, we adopt the stakeholder theory and dynamic coupling perspective, take Chinese automobile manufacturing enterprises as an example, and apply dynamic QCA to explore the configurations and dynamic trajectories of multiple paths. Panel data QCA finds stronger time effects than case effects for the causal relationships between stakeholder institutional complexity and green innovation. The results of multi-temporal QCA show that there are three configurations in the 12th Five-Year Plan period: market-driven underperforming state-owned enterprises(SOEs), SOEs with inconsistent performance feedback, and non-SOEs with inconsistent performance feedback under the approach of “dual dominance by both the government and the market”. For the 13th Five-Year Plan period, the four configurations are: government-driven high-performing SOEs, market-driven high-performing SOEs, high-performing SOEs with “strong regulations and weak communities”, and poor-performing enterprises co-promoted by multiple stakeholders. Finally, we draw out the dynamic coupling characteristics of the causal relationship between firms' responses to multi-stakeholder institutional complexity and green innovation.

References | Related Articles | Metrics

The Impact of Digital Platform Capability on Firms' Open Innovation Performance under the Perspective of Resource Dependence

Ge Yuanqin, Zhang Wen, Ouyang Taohua, Zhao Ruitong, Sun Xiaomeng

2026, 38 (1): 104-119.

Abstract ( 19 )

PDF (2540KB) ( 7 )

In the era of digital economy, open innovation has become an inevitable choice for the future development of enterprises. However, the vigorous development of digital technology has also brought new challenges such as platform incompatibility and technical risks. Digital platform capabilities play a unique role in addressing these new challenges and adapting to the highly dynamic, complex and diverse innovation landscape in the open innovation ecosystem. Based on the resource dependence theory, this study uses 430 enterprise data as research samples and applies hierarchical regression analysis, Bootstrap and fsQCA methods to empirically test the impact of digital platform capabilities, innovation partnerships and knowledge transfer quality on the open innovation performance of enterprises, and considers the moderating effect of knowledge power. The results show that digital platform capabilities positively affect the open innovation performance of enterprises. Innovation partnerships and knowledge transfer quality play a chain mediating role between digital platform capabilities and the open innovation performance of enterprises in sequence. Knowledge power moderates the chain mediating effect of innovation partnerships and knowledge transfer quality between digital platform capabilities and open innovation performance by strengthening digital platforms' ability to reconfigure. In addition, there are five different types of configurations that can achieve high open innovation performance for enterprises, while low open innovation performance only corresponds to one type of configuration result. The research conclusions not only conform to the cross-boundary research trend of the resource dependence theory, revealing the mechanism black box and boundary effect of digital platform capabilities on open innovation performance, but also provide new management ideas for enterprises to improve their open innovation performance.

References | Related Articles | Metrics

Trust or Threat: Leaders' Differentiated Responses to Their Subordinates' Creative Deviance

Zhang Pengcheng, Zhao Xuhong, Liu Mingwei, Wang Yunru

2026, 38 (1): 120-131.

Abstract ( 17 )

PDF (1444KB) ( 11 )

Creative deviance is a significant phenomenon in the field of innovation, yet its consequences at the leadership level remain controversial. Existing research has not thoroughly explored the psychological mechanisms underlying leaders' reactions or the root causes of their differentiated responses, thereby limiting a comprehensive understanding of the role leaders play in the process of creative deviance. Based on social information processing theory, this study proposes that subordinate creative deviance may trigger leaders' perceptions of self-esteem threat, leading to ostracism, while simultaneously enhancing trust in the subordinate, resulting in supportive behavior. Job-related situational strength serves as a critical boundary condition. Using a mixed-methods design incorporating quantitative questionnaire survey and qualitative interview, this study tests the theoretical model. The results reveal that in high situational strength contexts, creative deviance increases leaders' self-esteem threat, leading to ostracism, while reducing trust and supportive behavior. Conversely, in low situational strength contexts, creative deviance enhances leaders' trust in subordinates, fostering supportive behavior, while diminishing self-esteem threat and ostracism. Qualitative findings further indicate that, in addition to situational strength, leadership style and employee characteristics are important boundary conditions influencing leaders' subsequent psychological and behavioral responses. Theoretical contributions and practical implications are also discussed.

References | Related Articles | Metrics

Why does Coworker Self-leadership Lead to Employee Silence? The Role of Social Information Processing and Perceived Agency

Zhang Lianghua, Li Yingming, Wang Yongli

2026, 38 (1): 132-142.

Abstract ( 12 )

PDF (1278KB) ( 6 )

Self-leadership is defined as a self-influencing process and has received considerable attention in both academic research and management practice. Existing research has primarily focused on the positive effects of self-leadership, while ignoring the potential negative influences. Based on social information processing theory framework and the self-leadership literature, this study explores the negative interpersonal effects of self-leadership. Through a scenario experiment and a two-stage survey, this study finds that coworker self-leadership exerts a positive impact on employee silence through improving perceived coworker agency. Organizational competitive climate moderates the relationship between coworker self-leadership and perceived coworker agency, such that the positive effect of coworker self-leadership on perceived coworker agency is weaker when organizational competitive climate is stronger. Furthermore, organizational competitive climate moderates the indirect effect of coworker self-leadership on employee silence via perceived coworker agency, such that the indirect effect is weaker when organizational competitive climate is stronger. This study not only expands the understanding of the negative impacts of self-leadership but also broadens the concept of self-leadership from an individual behavior to a social behavior, providing valuable insights for the practical application of self-leadership.

References | Related Articles | Metrics

Keeping the Original Aspiration and Founding Mission in Mind: The Content Structure of Occupational Calling of Skilled Talents and Its Impact on Creativity

Zhou Xiaoxue, Yu Zhen, Xie Baoguo, Han Yanfang

2026, 38 (1): 143-152.

Abstract ( 12 )

PDF (1267KB) ( 10 )

Driven by innovation, the current development of new quality productive forces places higher demands on the creativity of skilled talents. Occupational calling, serving as a crucial source of intrinsic motivation, significantly influences the creativity of these talents. Therefore, this study constructs a content structure model of occupational calling of skilled talents, encompassing five dimensions: professional adherence, altruistic contribution, guidance force, pursuit of excellence, and meaning and value. The model is developed through literature review, exploratory factor analysis, and confirmatory factor analysis, leading to a new measurement tool for empirical testing. A longitudinal survey with 380 skilled employees is conducted, utilizing structural equation modeling to examine how occupational calling influences creativity of skilled talents. Results show that:(1) occupational calling is positively related to psychological ownership of skilled talents;(2) psychological ownership is positively related to the creativity of skilled talents;(3) psychological ownership mediates the relationship between occupational calling and creativity of skilled talents;(4) person-organization fit amplifies the mediating role of psychological ownership in the relationship between occupational calling on creativity of skilled talents. In the end, theoretical implications, practical significance, and limitations are discussed.

References | Related Articles | Metrics

Employees' Resistance to Digital Transformation: Conceptual Dimensions, Scale Development and Antecedent Examination

Zhang Xixi, Hao Xinglin

2026, 38 (1): 153-166.

Abstract ( 17 )

PDF (1349KB) ( 16 )

“People as the core” is the underlying logic of enterprise digital transformation. However, during the digital transformation process, the feelings and demands of employees, as the grassroots implementers, are frequently overlooked. To solve this new organizational management problems, both academics and industrial practitioners need to make an in-depth research on employees' resistance to digital transformation. In response, this study integrates qualitative and quantitative research methods to explore the connotative dimensions, measurement tools, and antecedent mechanisms of employees' resistance to digital transformation. Study 1 employs grounded theory to explore the content structure of employees' resistance to digital transformation, uncovering three dimensions: resistance to the intrusion of work freedom, resistance to the threat of individuals' rights, and resistance to the imbalance of effort and reward. Study 2 develops the scale based on the initial one by combining exploratory(N=205) and confirmatory(N=547) factor analysis methods, establishing a second-order and three-factor measurement model, and employing various methods to ensure its good reliability and validity. Study 3(N=255) draws on the conservation of resources theory to analyze and verify the inhibitory effect of digital transformational leadership on employees' resistance to digital transformation, and the partial mediation effect of digital transformational self-efficacy. The nomological validity of the scale measuring employees' resistance to digital transformation is confirmed based on this result. The research findings not only theoretically define the conceptual dimensions of employees' resistance to digital transformation but also provide concrete and operational scale tools for subsequent empirical research, and further offer practical inspirations for enterprises to overcome internal obstacles in digital transformation.

References | Related Articles | Metrics

Preventive Supervision and Corporate Leverage Manipulation—A Quasi-natural Experiment Based on Random Inspections by CSRC

Niu Yuhao, Cheng Lin, Wen Wen

2026, 38 (1): 167-180.

Abstract ( 10 )

PDF (1344KB) ( 18 )

Random inspection by the China Securities Regulatory Commission(CSRC) is an important means of preventive supervision, and its effectiveness has received much attention. Using a sample of highly leveraged A-share listed companies between 2013 and 2022, this paper examines the impact of random inspection by CSRC from the perspective of corporate leverage manipulation. The results show that random inspection can effectively restrain the leverage manipulation of listed companies. The mechanism tests show that random inspection has an effective information effect and governance effect, by enhancing information transparency and optimizing internal governance, which restrains the leverage manipulation behavior of listed companies. Further study shows that the inhibitory effect of random inspection on corporate leverage manipulation is more pronounced in firms exposed to a low-quality information environment, under weak external supervision, and highly motivated to manipulate leverage. This paper extends the study on the economic consequences of random inspection, and also provides useful insights for preventing leverage manipulation and mitigating systemic financial risks.

References | Related Articles | Metrics

Absence of Actual Controllers and Corporate Excessive Financialization

Han Qianqian, Qiu Jinlong, Pan Ailing, Chen Xiuqin

2026, 38 (1): 181-194.

Abstract ( 11 )

PDF (1275KB) ( 9 )

The ownership structure of Chinese listed companies has gradually exhibited a trend towards diversification, with absence of actual controllers as a typical feature in this context. Utilizing A-share listed companies from 2007 to 2022 as the sample, this paper studies the economic consequences of companies without actual controllers from the perspective of excessive financialization. The empirical results indicate that absence of actual controllers leads to excessive financialization, but institutional investors, as an effective supervisory entity, can weaken the inducing effect. Mechanism tests show that absence of actual controllers amplifies the power of managers and weaken the quality of corporate governance, leading to excessive financialization. Heterogeneity tests discover that absence of actual controllers has a more significant impact on excessive financialization in companies audited by a non-Big-Four accounting firm, with poor internal control, and located in a region with a low degree of marketization. Moreover, the consequence tests indicate that excessive financialization in companies without actual controllers serves as a tool for managers to seek private interests and results in the under-performance of core business. This study supplements the researches on the driving factors of corporate financialization, and has important reference for improving the governance mechanism of companies without actual controllers, guiding companies to allocate financial assets reasonably, and promoting the high-quality development of Chinese listed companies.

References | Related Articles | Metrics

Corporate Debt Financing under Tax and Fee Reduction Policies: Evidence from Firms' Actual Tax and Fee Burdens

Tang Dantong, Zhao Yaxuan, Zhang Xiaoxu, Chen Tong

2026, 38 (1): 195-207.

Abstract ( 12 )

PDF (1278KB) ( 7 )

Tax and fee reduction policies serve as a crucial instrument for easing corporate burdens and revitalizing market vitality. As an essential source of external financing, corporate debt issuance is a good reflection of the issuer' expectations and risk-taking behaviors, thereby providing a useful lens for assessing the micro-level effects of fiscal policy interventions. This study investigates how actual tax and fee burdens influence corporate debt financing decisions, using a panel dataset of A-share listed firms in Shanghai and Shenzhen from 2010 to 2021. The empirical results show three main findings. First, a decline in effective tax and fee burdens significantly increases firms' marginal debt financing, suggesting that fiscal relief stimulates external financing demand. However, this effect is accompanied by shorter debt maturities—particularly among non-state-owned enterprises—driven by the crowding-out effect of intensified government credit demand, which further exacerbates short-term borrowing for long-term investment. Second, the mechanism analysis reveals that lightened tax and fee burdens enhance firms' risk-taking capacity and alleviate financing constraints, jointly conveying positive signals to both equity and debt investors. Third, heterogeneity analysis indicates that the positive impact of tax relief on debt financing is more pronounced among firms located in regions with higher levels of financial development, in jurisdictions with weaker tax enforcement, and among high-tech and small-to-medium-sized enterprises. By linking firm-level financing behavior with fiscal policy incentives, this study provides new micro-level evidence on the behavioral responses of debt financing under China's tax-and-fee reduction framework. The findings offer meaningful implications for improving fiscal policy design and promoting high-quality economic development.

References | Related Articles | Metrics

Research on the Pricing and Market Entry Timing of Service-oriented Manufacturing Products Considering Consumer Heterogeneous Preferences

Zhao Hongli, Zhao Haifeng, Liu Hongda, Zhang Ying, Li Chenyang

2026, 38 (1): 208-220.

Abstract ( 7 )

PDF (2704KB) ( 6 )

Considering the nature of service-oriented manufactured(SOM) products as both tangible products and intangible services and the fact that SOM products' market value depends on consumers' perceptual effects, this paper, based on the division of heterogeneous consumer preferences, constructs a pricing decision model for the competitive scenarios between service-oriented manufacturers and traditional manufacturers. The study investigates pricing and market entry timing issues under six decision scenarios formed by the combination of pricing strategies(unified pricing(UP) and behavior-based pricing(BBP)) and decision sequences(leading, simultaneous, and following). The results show that:(1) Under certain conditions, service-oriented manufacturers adopting BBP strategies are superior to those using UP strategies. In BBP, service-oriented manufacturers tend to implement price premiums for service-sensitive consumers in comparison to pricing for price-sensitive consumers.(2) In the context of BBP, the pricing of SOM products is negatively correlated with the ratio of price to service preference for service-sensitive consumers, while it exhibits a U-shaped relationship with the ratio for price-sensitive consumers.(3) Regardless of implementing UP or BBP strategies, the timing of market entry for SOM products will impact their profits, market share, and the level of investment in service-related elements. Notably, the optimal timing for SOM products to enter market is after traditional manufactured products are already introduced.

References | Related Articles | Metrics

Drugs Dual-channel Supply Chain Equilibrium Considering Patients' Receptivity in Health Rumors' Intervention

Chen Xi, Li Xin

2026, 38 (1): 221-234.

Abstract ( 10 )

PDF (1512KB) ( 4 )

Health rumors mediate the purchasing behaviors of patient populations for Over-the-Counter(OTC) drugs, and differential patients have varying receptivity in health rumors, which brings about various drug purchasing strategies. This paper focuses on the dual-channel supply chain network consisting of pharmaceutical manufacturers, drugstores and patient demand market, and develops a non-cooperative game model in which the rumors receptivity, medical reimbursement, online-purchasing risk, patients' utility as well as channel preferences are included in the mathematical framework, so as to describe the decision-makers' optimum behavior and analyze the influence of these factors on supply chain's equilibrium strategies and benefits. The results show that: 1) As patients' receptivity to rumors increases, the trading volume in the corresponding channel increases and the trading price in the patient demand market decreases; 2) Channel preferences positively affect the trading volume in the corresponding channel and demand market size; 3) Higher reimbursement rates will increase traditional channel's trading volume and overall efficiency, and decrease the direct channel's trading volume.

References | Related Articles | Metrics

Research on the Valuation Adjustment Mechanism of Risk-averse Retailer under Partial Demand Information

Deng Jie, Yao Li, Chen Mengyi, Wang Yu

2026, 38 (1): 235-248.

Abstract ( 8 )

PDF (3130KB) ( 10 )

Given partially available market demand information, the valuation adjustment mechanism(VAM) problem between a risk-averse retailer and a private equity investment institution(PE) is studied. This paper constructs a decision model based on the worst-case conditional value at risk(WCVaR) criterion, discusses the value of VAM in enterprise operation management by comparing with the decision and utility of the case without VAM, and reveals the impact of the retailer' risk aversion behavior on the execution process of VAM. The results show that entry into a VAM has a certain incentive effect on the retailer, but the incentive effect will be weakened by the retailer's risk aversion behavior. There exists a critical interval for the retailer's risk avoidance degree, within which it becomes easier for the investment and financing parties to cooperate. In addition, the high valuation in the process of entering into a VAM will reduce the effort level of the retailer, and high financing amount will lead to over-incentivization, both of which are not conducive to the development of financing enterprises. Enhancing the growth and profitability of enterprises is the key to achieving a win-win situation and helping enterprises to grow rapidly.

References | Related Articles | Metrics

Data-driven Condition-based Maintenance Decision-making Research

Cai Yue, Gong Qiguo

2026, 38 (1): 249-260.

Abstract ( 9 )

PDF (2003KB) ( 8 )

With the rapid development of data collection and processing technologies, particularly in the field of machine/deep learning, significant progress has been made in manufacturing system failure diagnosis in recent years. However, there is currently limited research that integrates these failure diagnoses of the system into subsequent maintenance decision-making. On the other hand, existing maintenance optimization models often assume known system failure processes, which is not realistic in practical scenarios. In this study, we propose a data-driven maintenance planning approach for a single-unit system. Based on the system's condition information, we first employ a Long Short-Term Memory(LSTM) network to predict the probability of the system's failure in the next time period. Subsequently, we apply the estimated probabilities to a modified maintenance optimization model adapted for data-driven scenarios to determine the threshold at which preventive maintenance activities should be initiated when the system failure probability reaches a certain level. We validate the effectiveness of the proposed data-driven maintenance decision-making method using two turbo engine datasets. Compared to the classical periodic maintenance decision-making approach, this novel method significantly reduces the average maintenance costs of the system.

References | Related Articles | Metrics

From Local to Global: Research on the Construction and Transition Mechanism of Global Innovation Capability of Overseas Subsidiaries—A Longitudinal Single-case Study Based on Hexagon(China)

Yang Jindong, Xu Hui, Wang Zepeng, Zhao Ziqian

2026, 38 (1): 261-273.

Abstract ( 19 )

PDF (2380KB) ( 13 )

Benefiting from the extensive application scenarios and customer resources in the Chinese market, more and more multinational corporations' subsidiaries in China are gradually growing from local production centers to global innovation centers. However, the mechanism of how global innovation capabilities of overseas subsidiaries is built remains unclear. Based on a longitudinal single case study of Hexagon(China) from 1993 to 2024, this paper explores this mechanism. Our research shows that: firstly, there are three ways for local customers of overseas subsidiaries to participate: information participation, development participation, and innovation participation. At different stages of participation, customers' role changes from information provider to development participant to independent innovator; Secondly, based on customer engagement methods, overseas subsidiaries deeply observe the demand scenarios of local customers, and build innovation capabilities by bridging internal and external resources of multinational enterprises and cross organizational boundary learning, thus forming an inherent mechanism featured with customer scenario observation, resource bridging and cross boundary learning; Third, the innovation capability of overseas subsidiaries upgrades from local innovation to reverse innovation to global innovation, or, to be specific, from adaptive innovation led by parent company, to forward-looking innovation driven by overseas subsidiaries, and then to leading innovation led by overseas subsidiaries. The theoretical model presented in this paper provides important reference for multinational corporations and their overseas subsidiaries to achieve global innovation.

References | Related Articles | Metrics

Dual-response Mechanisms for Outbound Chinese Companies under the Pressure of Being Labeled: Based on the Conservation of Resources Theory Perspective

Li Linwei, Chang Yu, Li Huiying, Zhao Qin

2026, 38 (1): 274-288.

Abstract ( 15 )

PDF (3400KB) ( 22 )

Given the fact that Chinese companies are increasingly stigmatized in recent years by Western countries against the backdrop of profound changes in global political landscape and economic environment, both practitioners and scholars have to address the risk of outbound Chinese companies being labeled. Drawing on conservation of resources(COR) theory and based on an exploratory case study of AC Valve, a Chinese manufacturing company that reached out overseas, this study finds that:(1) Under managers' stress appraisals, different stigma labels generate heterogeneous pressures, namely challenge-label pressure and obstacle-label pressure. Challenge-label pressure induces a demand for resource investment, driving the company to adopt proactive response strategies, whereas obstacle-label pressure triggers a need for resource preservation, prompting the company to take defensive response strategies.(2) Resource investment under a pioneering orientation is critical for addressing challenge-label pressure, enabling the company to invest in leveragesable entrepreneurial resources such as technological leadership, data assets, and human capital. This reflects the underlying mechanism through which the company persist in risk-taking entrepreneurial activities to proactively respond to the pressure of being labeled. Conversely, resource preservation under a restrained orientation is essential for coping with obstacle-label pressure, helping the company safeguard bridging entrepreneurial resources such as relational networks, social emotional resources and organizational emotional resources. This reveals the internal mechanism by which the company signals humility to defensively respond to the pressure of being labeled.(3) Through the synergistic interplay of these dual response mechanisms, the company achieved a restructuring of its growth paradigm and accumulated relational capital, thereby transforming “pressure into impetus”. This study advances theoretical understanding of the pressure on outbound Chinese companies being labeled, extends the contextual boundaries of COR theory, and offers valuable implications for Chinese enterprises to navigate an international environment where stigmatization prevails.

References | Related Articles | Metrics

Table of Content