Management Review

Foreign Stones can Polish Jade: Policy Uncertainty and Multinational Enterprises’ Multimarket Contact

Deng Xinming, Qin Yi, He Jiurui, Zhong Lejia, Lin Shiqi

2026, 38 (2): 3-14.

Abstract ( 30 )

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The overseas business practices of multinational enterprises are faced with changing policies and complex institutional environment. Previous studies on policy uncertainty and its economic consequences fail to clarify whether companies can use cross-market forces to alleviate policy uncertainty. This paper uses the panel data of the global mobile phone industry from 2013 to 2022 to empirically test the relationship between policy uncertainty and multimarket contact. The results show that there is an inverted U-shaped relationship between host country policy uncertainty and multimarket contact. Specifically, under medium extent of institutional uncertainty, multinational enterprises could use multimarket contact to form mutual forbearance with local competitors, thereby alleviating the uncertainty of the host country market. Media governance in host countries and policy uncertainty in home countries amplify the inverted U-shaped relationship between policy uncertainty and multimarket contact. This paper provides important practical enlightenment for multinational enterprises to cope with the turbulent international business environment.

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Political Cycle, Factor Flow, and Strategic Interaction of Public Services among Regions: Identification of Spatial Causality Using Quasi-experimental Settings

Yuan Hehui, Song Jinbo, Nie Rong

2026, 38 (2): 15-30.

Abstract ( 9 )

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Spatial econometric analysis, while widely used to examine spatial dependence, suffers from understudied endogeneity issues and causal identification strategies, leading to empirical pitfalls (e.g., overstating correlation over causation) and theoretical limitations (e.g., mismatches between econometric models and mechanisms). This study examines China’s interregional public services by leveraging quasi-experimental scenarios, where provincial official turnover and factor market reforms play their respective roles, to isolate spatial spillovers via spatial IVs and system GMM estimation. Results reveal positive spatial interdependence, driven by intergovernmental competition (tied to political cycles) and factor mobility (capital/population flows), confirming causal mechanisms (yardstick competition and resource flow). By integrating quasi-experimental designs into spatial econometrics, this study advances causal inference methods and refines policy insights for regionally coordinated public service development, emphasizing cross-regional interaction and complementarity.

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Fire-suffering or Fire-watching: How do Fund Managers React to Climate Risk?

Zhao Daping, Li Jingyi, Fang Yong

2026, 38 (2): 31-42.

Abstract ( 9 )

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Climate risk is playing an increasingly important role in economic and financial markets. We use data of equity funds to study the relationship between changes in fund holdings and the occurrence of climate disasters. The results of main regression prove that climate risk can reduce the position of fund managers located in disaster- occurrence areas. Fund managers will further reduce high climate risk stocks when they are facing “fire-suffering”. Those behaviors can be partly explained by enterprises’ operating profits reduction. Further analyses show that when climate risk occurs, if both the fund company and the holding company are in same area, the fund manager will reduce more holdings of the companies, which can be regarded as fund managers’ overreaction to climate risk. The government’s emphasis on environmental protection can alleviate this reduction behavior to some extent. For fund managers who are famous, experienced, multi-managed and fund managers in where local governments attach important to environment, the reactions to climate risk are weaker than others. Our study provides a fund-level perspective on the interaction of climate risk and financial market.

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Does the Decoupling of Corporate Social Responsibility in Private Enterprises Affect Sustainable Development Capability?—A Peer Effects Perspective

Lu Jintao, Miao Qing, Jia Xiaorong, Song Malin, Lin Wenfang

2026, 38 (2): 43-55.

Abstract ( 21 )

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In recent years, the phenomenon of deviation between corporate social responsibility (CSR) commitment and fulfillment has occurred frequently, posing a severe challenge to the improvement of corporate sustainable development capabilities. Previous studies regard the CSR decoupling as a strategic tool to cope with institutional pressure. However, there is still limited literature on the peer effect of responsibility decoupling caused by imitation of firms within the same industry and region and the mechanism of how these peer effects influence sustainable development capabilities. This study builds multiple regression models to empirically examine whether peer effects of CSR decoupling exist among private enterprises using data from Chinese A-share listed private firms (2014—2020). Grounded in social contagion theory, this study explores the formation mechanisms of peer effects of CSR decoupling from three perspectives: inhibitive contagion, echoic contagion, and hysteretic contagion; investigates the moderating role of social network embeddedness on these peer effects among private firms; and analyzes the moderating role of tax incentive policies on the relationship of peer effects and corporate sustainable development capabilities. The results show that CSR decoupling among private enterprises exhibits peer effects, which are manifested as both regional and industry clustering. Social network embeddedness has a suppressing effect on these peer effects. Peer effects of CSR decoupling demonstrate an inverted U-shaped relationship with sustainable development capabilities. Moreover, tax incentive policies mitigate the inverted U-shaped relationship between peer effects of CSR decoupling and corporate sustainable development capabilities. These conclusions offer theoretical insights and practical guidance for enhancing the quality of CSR fulfillment and improving sustainable development capabilities in private enterprises.

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How does Climate Risk Impact the Stock Market? —From the Perspective of Physical Risk and Transition Risk

Long Wen, Wang Bingqian, He Xiaoluo

2026, 38 (2): 56-68.

Abstract ( 11 )

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In this paper, climate risk is measured from two aspects: physical risk and transition risk. Specifically, temperature, sea level, precipitation are used to measure physical risk. And LDA method is used to analyze Chinese climate policy texts, from which we extract seven policy themes and then measure transition risks through the theme intensity. Based on the Fama-French factor model, this paper finds that both physical risk and transition risk have a significant negative impact on the excess return of the stock market, and enterprises with higher carbon emission intensity have a weak ability to resist the two kinds of risk shocks, while enterprises with larger scale have a strong ability to resist physical risk and a weak ability to mitigate transition risk. From the perspective of different climate risks degree, enterprises may be more susceptible to the impact of transition risk when facing high physical risk, and this negative impact is 5 times stronger than when they face low physical risk. This paper further explains the main effect with market expectations. The results show that the negative impact of physical risk is amplified by the effect of investors’ pessimistic expectations, while in the confront of transition risk, this effect and the information disclosure effect play a hedging role.

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Research on the Impact of R&D Structure Modularity on Radical Innovation of Scientific and Technological Innovation Enterprises

Wang Xianglu, Luo Jinlian, Zhang Chao, Jiang Xinhua

2026, 38 (2): 69-80.

Abstract ( 17 )

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Radical innovation is a critical pathway for Science and Technology Innovation Enterprises (STIEs) to gain competitive advantages. As the organizational foundation for addressing complex innovation challenges, R&D structure plays a significant role in driving radical innovation. However, existing literature has yet to provide a clear explanation of its impact and underlying mechanisms. Based on resource orchestration theory, this study constructs a chain mediation model to explore the impact of R&D structure modularity on radical innovation in STIEs and its underlying mechanisms. A survey of 322 STIEs reveals that R&D structure modularity has a significant positive impact on radical innovation. Entrepreneurial bricolage and organizational playfulness dynamism play mediating effects between the R&D structure modularity and radical innovation, and the chain mediating effect of entrepreneurial bricolage and organizational playfulness dynamism is significant. The mediating role of entrepreneurial bricolage in the relationship between R&D structure modularity and radical innovation is moderated by the enterprise life cycle, showing significant mediation effects in the start-up and growth stages but not in the maturity stage. In contrast, the mediating role of organizational playfulness dynamism is not moderated by the enterprise life cycle. The research conclusion reveals the conditions for STIEs to achieve radical innovation from the perspective of R&D structure, offering reference for innovation management practices in STIEs.

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A Research on Whether Tax Stickiness Hinders Corporate Innovation

Zhang Xin, Xia Yu

2026, 38 (2): 81-93.

Abstract ( 8 )

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In recent years, the nonlinear and asymmetric relationship between tax expenditure and performance change of Chinese enterprises has attracted extensive attention of scholars at home and abroad. This phenomenon of tax stickiness is an important source of tax pain and one of the reasons why enterprises have a weak sense of the benefits from tax and fee reduction policies. As a result, the existing academic research on the economic consequences of tax stickiness needs to be further expanded and deepened. This paper selects A-share listed companies in Shanghai and Shenzhen from 2010 to 2020 as a sample to empirically test the impact of tax stickiness on corporate innovation. The results indicate that tax stickiness hinders corporate innovation. The higher the tax stickiness, the less innovative output, and the worse the performance of substantive and strategic innovation. A research on the mechanism of action shows that tax stickiness affects corporate innovation by reducing innovation willingness and crowding out innovation resources. Further exploration of the characteristics and causes of tax stickiness reveals that tax stickiness has obvious passive characteristics, and taxation intensity and fiscal pressure of local government are important reasons for the occurrence of tax stickiness. Finally, a research that takes account of the recent policies aimed at reducing corporate tax burden and optimizing tax enforcement shows that policies such as tax and fee reduction, big data tax enforcement, and the merger of national tax bureaus and local tax bureaus can reduce the adverse impact of tax stickiness on corporate innovation. This paper not only expands the research on the economic consequences of tax stickiness and the influencing factors of corporate innovation, but also has certain enlightening significance for clarifying the causes of tax stickiness and the role of tax stickiness in corporate development.

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Cross-organizational Collaborative R&D Subsidy Contracts Considering the Product Market for General Purpose Technology

Zheng Yuelong, Wang Jing, Bai Qun

2026, 38 (2): 94-107.

Abstract ( 22 )

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The government R&D subsidy contract for cross-organizational cooperation in general purpose technology involving two leading enterprises is studied, and the government R&D subsidy contract for cross-organizational cooperation in general purpose technology is designed by considering the enterprises product market strategies combination of quantity-quantity (QQ), price-price (PP), quantity-price (QP) and price-quantity (PQ), as well as the complementary and substitution of products. The government R&D subsidy contract for cross-organization cooperation of general purpose technology is designed to analyze under which situation a cross-organization cooperation R&D subsidy contract for general purpose technology between the government and the leading enterprises can better stimulate their R&D efforts and what key factors influence subsidy contracts. The results show that the combination of QP and PQ strategies is not preferred in subsidy contracts. When the two enterprises produce complementary products, the PP strategy combination is preferred in subsidy contracts. When one enterprise produces products that can substitute the other enterprise’s products, both enterprises operate in a small market, their products are highly substitutable and their unit sales costs are very different, the PP strategy combination is preferred in subsidy contracts, and under the opposite situation, the QQ strategy combination is preferred. The R&D effort level, government non-R&D subsidy effort, expected profit of the two enterprises and social welfare level under the preferred strategy combination are higher than those of other strategy combinations, and are affected by the coefficient of their effort’s influence on the R&D success rate and the cost coefficient of the efforts of all parties involved in the game. When the two enterprises’ products are less complementary or more substitutable with each other, and they operate in a small market, the higher the proportion of subsidies that the government should give more subsidies to the enterprise at cost disadvantage. The research conclusions provide theoretical and policy implications for promoting general purpose technology cross-organizational cooperative R&D.

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Group Digitization and Subsidiary Innovation

Chen Yao, Yu Du

2026, 38 (2): 108-120.

Abstract ( 14 )

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The development of digital technology has greatly improved the information transparency of group enterprises with fine division of labor and complex structure. The improvement of information transparency may induce opportunistic behavior of group companies towards subsidiaries, but few studies have explored this topic. This paper takes A-share listed business groups from 2007 to 2020 as the research object and analyzes the relationship between group digitalization and innovation of subsidiaries. It is found that group digitization has a significant negative impact on the innovation of subsidiaries. The mechanism test shows that the information transparency brought by group digitization reduces the willingness of subsidiaries to take risks, and then inhibits the innovation of subsidiaries. Further, this paper rules out the mechanisms that group digitization hinders subsidiary innovation through “system coordination problem” and “system standardization”. In the heterogeneity analysis, we find that the negative impact of group digitalization on subsidiary innovation is more significant in the samples under decentralized management and with high geographical dispersion. The conclusions of this paper have significant implications for a comprehensive understanding of the economic consequences of group digitalization and promoting the improvement of the overall innovation ability of enterprises.

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The Environmental Supervision System of “Double Random and One Open” and Corporate Green Innovation

Wang Jianghan, Zhong Haiyan, Lin Feng, Fei Jiabao

2026, 38 (2): 121-134.

Abstract ( 15 )

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The environmental supervision system of “double random and one open” is an important innovation measure in regulating the government’s environmental enforcement behavior in China. Based on the green patent data of China’s A-share listed non-financial firms from 2009 to 2022, this paper employs the difference-in-differences approach to investigate the impact of this system on corporate green innovation. The results show that: (1) compared with the enterprises that have not been randomly checked, this system significantly promotes the green innovation level of the enterprises that have been randomly checked by the environmental protection departments; (2) this system mainly promotes the strategic green innovation of enterprises rather than the substantive green innovation, that is, there is a phenomenon of “emphasizing quantity over quality”; (3) the mechanism analysis results show that this system can drive enterprises to strengthen green innovation through enhancing government environmental enforcement and improving corporate environmental information transparency, reflecting the regulatory pressure effect and the information governance effect respectively; (4) the correction discussion finds that repeatedly random checks, environmental protection subsidies and green credit can help to alleviate the distorting impact of this system on corporate green innovation, thereby effectively promoting enterprises to improve the quality of green innovation; and (5) the economic consequence test suggests that in the short term, the promoting effect of this system on green innovation can not improve the economic performance of enterprises, and adopting the substantive green innovation will significantly reduce corporate economic performance. In the long run, this system can significantly improve the economic performance of enterprises by promoting enterprises to strengthen green innovation, but the impact on the adoption of strategic green innovation is not obvious.

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Digital Inclusive Finance, Dynamic Capabilities and Growth Performance of Entrepreneurial Firms

Li Wuwei, Liu Yanghao, Cao Yong

2026, 38 (2): 135-148.

Abstract ( 8 )

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Digital inclusive finance can optimize the allocation of financial resources and improve the financing environment for firms, so it plays an important role in promoting the development of entrepreneurial firms. However, existing researches lack exploration of how digital inclusive finance affects entrepreneurial firms’ growth performance. Based on resource dependence theory and dynamic capabilities theory, this paper empirically analyzes the influence of digital inclusive finance on entrepreneurial firms’ growth performance by taking the data of Chinese GEM firms from 2011 to 2022 as the research sample, and investigates the mediating effect of dynamic capabilities on the above relationship and the moderating effect of managerial role. The empirical analysis results indicate that digital inclusive finance can significantly promote entrepreneurial firms’ growth performance, and dynamic capabilities have a significant mediating role in the above relationship. Simultaneously, managerial role plays significant moderating roles in the relationship between digital inclusive finance and dynamic capabilities, and between digital inclusive finance and the growth performance of entrepreneurial firms. Specifically, in the context of the CEO’s dual role integration, the positive effect of digital inclusive finance on dynamic capabilities and on the growth performance of entrepreneurial firms are stronger, the greater the CEO-TMT power disparity, the weaker the positive role of digital inclusive finance in promoting dynamic capabilities and the growth performance of entrepreneurial firms. Based on the empirical research results, this paper further puts forward some countermeasures and suggestions to promote entrepreneurial firms’ growth performance from the aspects of digital inclusive finance, dynamic capabilities, CEO’s dual role integration and CEO-TMT power disparity.

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Research on the Impact of Storytelling Product Harm Crisis Information on Consumer Social Media Communication

Zhang Yin, Zheng Haidong, Shen Yan, Kang Weilu

2026, 38 (2): 149-159.

Abstract ( 15 )

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The spread of product harm crisis information through social media often attracts widespread social attention, causing significant impact on corporate image and performance. Although companies have realized the importance of crisis public opinion management, it is still difficult for them to effectively respond to the spread of crisis events. An important reason for this situation is that enterprises have insufficient understanding of the inherent laws of crisis event dissemination, so they can hardly have a clear knowledge of the dissemination characteristics and impact scope in the early stages of crisis occurrence, ending up responding slowly. Therefore, the driving forces behind the spread of product harm crisis still need to be explored. Previous researches have investigated the impact of storytelling advertising and brand stories, but how storytelling product harm crisis information influences consumers’ information sharing is still unknown. This study introduces narrative transportation theory to examine the impact of storytelling crisis information on consumer communication. Through field data and a series of experimental studies, it is found that: (1) storytelling in product harm crisis information enhances consumers’ information sharing behavior and sharing willingness (2) Narrative transportation fully mediates the relationship between narrative crisis information and information dissemination; (3) When the companies involved adopt repair strategies, the impact of narrative transportation on information dissemination willingness is no longer significant, while under denial and defense strategies, the impact of narrative transportation on information dissemination willingness remains unchanged. This study enriches and develops the relevant research on product harm crises, social media communication, and storytelling in marketing domain, and provides practical insights for crisis management.

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The Impact of Popularity Cues on Consumer Purchase Behavior in Digital Economy Platforms: Evidence from a Meta-analysis

Wang Jiangzhe, Ye Haoyu, Liu Yi

2026, 38 (2): 160-172.

Abstract ( 10 )

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In digital economy platforms, an increasing number of brands enhance perceived product value and stimulate consumer purchases by managing and designing popularity cues. However, existing literature has not reached a consensus on the relationship between popularity cues and consumer purchase behavior, leaving the direction, strength, and boundary conditions of this relationship unclear. This study, grounded in cue utilization theory, conducts a meta-analysis of 128 empirical studies encompassing a total of 10,644,809 samples to explore the impact of popularity cues on consumer purchase behavior and the moderating factors involved. The findings reveal a moderate positive correlation between popularity cues and consumer purchase behavior, with the characteristics of the popularity cues, product features, consumer purchase motivations, and platform attributes all serving as moderating factors in this relationship. These conclusions help explain the conflicting perspectives present in current literature and encourage scholars to examine the specific mechanisms of popularity cues under different boundary conditions. Moreover, this study provides theoretical guidance for marketing managers on the effective use of popularity cues.

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Can Emotional Stability Congruence Promote Subordinates’ Thriving at Work? A Dual-pathway Analysis Based on Response Surface Methodology

Li Chaoping, Yu Boxiang, Bao Yuanjie, Wang Jiesuo

2026, 38 (2): 173-185.

Abstract ( 16 )

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Based on the theories of person-environment fit and conservation of resources, this study constructs a theoretical model of how leader-subordinate emotional stability congruence influences subordinates’ thriving at work. Additionally, it discusses the mediating roles of LMX and work stress in this process. By collecting paired data from 68 leaders and 267 subordinates across three time points, cross-level polynomial regression and response surface analysis are employed for data analysis. The results indicate: (1) When leaders and subordinates have congruent emotional stability, higher emotional stability of leaders is associated with stronger thriving at work experienced by subordinates. When leaders and subordinates differ in emotional stability, higher emotional stability among subordinates is more conducive to thriving at work. (2) LMX and work stress constitute two pathways through which emotional stability congruence influences thriving at work. Emotional stability congruence affects the learning and vitality dimensions of subordinates’ thriving at work through LMX, while also influencing the vitality dimension through work stress. This study explores the mechanism of thriving at work from the perspective of trait congruence, providing insights and directions for future research on how leader-subordinate trait interactions affect employee thriving at work.

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The “Double-edged Sword” Effects of Status Threats on Employee Boundary-spanning Behavior

Jia Jianfeng, Sun Baipeng, Li Jiahua, Liu Weipeng

2026, 38 (2): 186-196.

Abstract ( 10 )

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Based on the conservation of resources theory, this study explores the mechanism by which status threats influence employees’ boundary-spanning behaviors and the boundary conditions of this effect. By collecting paired data from 406 corporate employees at three time points, hierarchical regression analysis and Bootstrap methods are used to test hypotheses. The study results show that: first, when employees have high core self-evaluations, the interaction between status threats and core self-evaluation has a positive effect on proving goal orientation; when employees have low core self-evaluations, the interaction between status threats and core self-evaluation has a positive effect on avoiding goal orientation. Second, proving goal orientation has a positive effect on boundary-spanning behaviors, and avoiding goal orientation has a negative effect on boundary-spanning behaviors. Third, proving goal orientation and avoiding goal orientation play a mediating role in the impact of the interaction between status threats and core self-evaluation on boundary-spanning behaviors, thus demonstrating a moderating effect of the mediation. The findings deepen the understanding of the mechanisms through which status threats operate and their behavioral consequences, and provide practical implications for organizations to scientifically identify and effectively respond to employees’ perceived status threats.

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It Is Never Too Late: The Conceptual Dimension and Effect Test of Job Reshaping of Elderly Employees Based on Individual Advantages

Zhao Bin, Zhang Mengjiao, Zhou Wenzhe

2026, 38 (2): 197-211.

Abstract ( 8 )

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This study explores the conceptual configuration of job reshaping for elderly employees based on individual strengths, develops a measurement scale consisting of 21 items, and tests its positive impact effect. The research results indicate that the work reshaping of elderly employees based on individual strengths includes two secondary dimensions: self work reshaping and interactive work reshaping, as well as seven primary dimensions: clarifying work values, following inner calls, focusing on efficient tasks, exploring areas of interest, harmonious interpersonal relationships, helping others succeed, and completing tasks in multiple ways. The reshaping of elderly employees’ work based on individual strengths has a positive predictive effect on their job performance, job happiness, and team performance. This study expands the scope of subjects in job crafting and provides theoretical support for helping older employees achieve success in the late stage of their careers.

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Actively Embracing or Negatively Avoiding: Employee Creativity under Algorithmic Management

Zhao Shuang, Zou Chunjuan, Ma Jun

2026, 38 (2): 212-223.

Abstract ( 16 )

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With the increasing penetration of algorithms into traditional management processes, how to stimulate and protect employee creativity has become an urgent topic for in-depth research. However, existing research cannot answer the question of why employees exhibit different behaviors and exhibit differentiated levels of creativity under algorithmic management. Based on the self-determination theory, this paper constructs a dual-path model of the influence of algorithmic management on employee creativity from the perspective of employee active control, and explores the influence of algorithmic management on employee creativity and the role of employee self-leadership in this process. The results show that both approach crafting and avoidance crafting play a mediating role between algorithmic management and employee creativity. When employees have a higher level of self-leadership, the indirect effect of algorithmic management on creativity through approach crafting is stronger, while the indirect effect of avoidance crafting on creativity is weaker. The research elucidate the dual path effect of algorithmic management and employee creativity gain and loss, which is of great significance for enterprises to activate employee creativity by rational use of algorithmic management.

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Cross-border E-commerce Platform Empowering Chinese Brand Manufacturers to Go Overseas: A Perspective Based on Demand Information Sharing Strategy

Hou Pengwen, Zhang Chi, Wang Jun

2026, 38 (2): 224-234.

Abstract ( 12 )

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The flourishing cross-border e-commerce creates new opportunities for Chinese brand manufacturers to enter international markets. However, Chinese brands may face a disadvantage due to asymmetric demand information when competing with local brand manufacturers. Cross-border e-commerce platforms, with their deeper understanding of overseas markets, play a crucial role in sharing market information with the entrants. We develop a cross-border supply chain model involving a Chinese brand manufacturer, a local brand manufacturer, a cross-border e-commerce platform, and consumers, and investigate the impact of information sharing strategy on pricing decisions. Our findings indicate that without information sharing, local brand manufacturer, when facing relatively low market volatility, tends to send the uniform price signal to achieve the pooling equilibrium. In scenarios with higher market volatility, the local brand manufacturer may adopt different prices to achieve a separating equilibrium, incurring signaling costs under certain conditions. In the pooling equilibrium, when the relative brand value of local products is low, the platform is more likely to share information. Our study reveals that the timely information sharing strategy can stimulate the growth of the consumer market, and ultimately achieve Pareto improvement for all three supply chain members.

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Strategic Choice of Green Transformation for Firms under Uncertain Environmental Policies

Zhu Yangguang, Tang Wenzhi, Huang Chong, Du Shaofu

2026, 38 (2): 235-246.

Abstract ( 11 )

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Policy-making is often shaped by the current state of industrial transformation, with many environmental policies delayed or abandoned due to the perceived challenges of industry-wide implementation. Focusing on the impact of firms’ behavior on policy-making, this study examines environmental policy uncertainty through a three-stage game model involving the government and competing firms. The model examines how the government designs feasible and economically rational environmental policies by referencing firms’ behaviors (e.g., voluntary green transformation, market exit) and analyzes firms’ transformation strategies in response to uncertain environmental policies. The results show that when firms face high transformation difficulty but low unit costs of green production, the government should implement moderately stringent policies with penalties to phase out part of the non-transforming firms and enhance overall social welfare. Uncertain environmental policies will induce firms to behave strategically. When the government moderately takes firms’ behavior into account in introducing stringent policies, competing firms adopt differentiated green transformation strategies. Green firms voluntarily transform and, through their transformation practices, provide a practical basis for stringent policies, thereby gaining greater market share under a stringent policy environment, while non-transforming firms, risking market exit, opt for high-return traditional production practices. When the government places strong emphasis on firms’ behavior in introducing stringent policies, firms are inclined to voluntarily transform to avoid substantial penalties or market exit risks. In contrast, when firms’ behavior is hardly considered in the policy-making process, competing firms prefer to maintain their existing traditional production practices.

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Who Prefers to Control Consumer Privacy? Consumer Preference Disclosure in the Presence of Possible Market Encroachment

Luo Chunlin, Yu Dongdong, Wang Biao, Xu Jie

2026, 38 (2): 247-257.

Abstract ( 12 )

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A salient feature of retailing is the uncertainty of consumers’ preference. In this paper, we develop a theoretic game model involving an incumbent manufacturer, an intruding manufacturer and a retailer with asymmetric preference information, and explore the impact of market encroachment on preference disclosure strategy. The results show that when a product market is partially covered, disclosing consumer preference will lead to higher retail prices of the product, and the upward or downward movement of the product demand depends on the value-transferring effect and the market-segmenting effect. In the absence of market encroachment, the retailer always prefers to disclose consumers’ preference, and when the market is partially covered, the disclosing motivations of both the incumbent manufacturer and the retailer are aligned. Under market encroachment, the disclosure motivations of the three parties are misaligned; when the market is partially covered, the incumbent manufacturer prefers to disclose consumers’ preference, while the market is fully covered, all the three parties may have motivations for disclosure. Market encroachment can facilitate the disclosure of consumers’ preference information, but disclosing consumers’ preference does not necessarily increase consumers’ welfare.

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Research on the Impact of Digital Analytics Services on Platform Competition Strategy under Antitrust Regime: A Case Study Based on Eu Antitrust Regulation

Liu He, Zhang Xinrui, Zhang Chao, Qiao Han

2026, 38 (2): 258-273.

Abstract ( 21 )

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With the development of the platform economy, digital analytics services have become a key driver behind the emergence and expansion of leading platforms. However, this also exposes these platforms to increasing antitrust scrutiny. To explore compliance-oriented development strategies for Chinese platform enterprises in overseas markets, this study adopts a multiple case study approach. It examines four major international internet platforms-Alphabet, Amazon, ByteDance, and Meta-each under close antitrust scrutiny by the European Union. The analysis focuses on how digital analytics services shape platform competition strategies across different stages of platform development and discusses the evolving regulatory concerns from an antitrust perspective. The study identifies four developmental stages driven by the deepening integration of digital analytics services: “data-driven business model innovation”, “algorithm-driven supply-demand matching innovation”, “data aggregation and algorithm optimization to enhance user attraction”, and “data sharing and algorithm iteration to maintain traffic stability”. At each stage, digital analytics services influence platform competition strategies through mechanisms such as endogenous network effects and market expansion effects. As platforms evolve, antitrust regulation must adapt accordingly, shifting its focus from “restricting platform abuse of algorithms to expand market scale” to “focusing on platform functionality and recommendation mechanisms to ensuring fair competition,” and ultimately to “monitoring platform value exchange and the overall ecosystem to sustain market vitality”.

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Research on the Mechanism of How Manufacturing Enterprise Innovation Process Is Drivern by Digital Transformation Scenario

Zhang Pei, Yang Dandan

2026, 38 (2): 274-288.

Abstract ( 19 )

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Manufacturing enterprises, with their rich production data, complex production scenarios, close supply chain partnerships, and customized product demands, have developed a unique advantage in scenario-driven innovation. However, existing literature has not provided sufficient explanations on how manufacturing enterprises achieve scenario-driven innovation. From both the perspectives of scenarios and knowledge, this study focuses on the differential impact of scenario-specific characteristics and the evolving relationship between human-machine knowledge elements on innovation outcomes during the digital transformation process of manufacturing enterprises. A case study is conducted based on the ongoing digital transformation practices of a business printing enterprise. The research findings are as follows: First, a scene can be deconstructed into two parts: temporal-spatial constraints and the content of the demand scenario. Among them, the temporal-spatial constraints form the basic components of the scene, while the characteristics of the scene content are key to influencing the interactive behaviors and patterns of the subjects within the scene, exhibiting features of both determinacy and complexity. Second, the realization of scenario-driven innovation mainly focuses on three aspects: reshaping scenario content, optimizing scenario content, and deriving scenario content. Behind this lies the continuous interaction between the subject and the business within the scenario content dimension, which further leads to changes in scenario characteristics (both spatial-temporal and content dimensions). Third, based on the characteristics of scenario content and innovation behaviors, three types of digital transformation-driven innovation outcomes in manufacturing enterprises are identified: efficiency-oriented, expert-oriented, and expansion-oriented innovation models. During this process, three changes in knowledge elements occur: substitutability, complementarity, and combinatorial diversity. The research has significant theoretical and practical value for understanding scenario elements and their role in driving the innovation process.

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