Management Review

The Introduction of Traffic Restriction Policy, the Shaping of Traffic Behavior and the Effect of Carbon Reduction

Gao Ziming, Lv Yang

2026, 38 (3): 3-13.

Abstract ( 55 )

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The Third Plenary Session of the 20th Central Committee of the Communist Party of China has clearly put forward the goal of enhancing the system of ecological civilization and concurrently advancing carbon reduction, pollution mitigation, green development, and sustainable growth. This initiative calls for the promotion of green, low-carbon production practices alongside fostering the adoption of low-carbon living patterns. This paper focuses on the implementation of vehicle driving restrictions across different cities, employing a multi-time-point difference-in-differences approach to assess these policies' additional impact on carbon emission reductions, beyond their effects on traffic congestion and air quality improvement. Our findings indicate that such driving restrictions effectively lower overall carbon emissions by curtailing the number of vehicles used for daily commutes, dampening the public's inclination to rely on private cars, and steering them toward more environmentally friendly modes of transportation. It is noteworthy that regional economic traits, industrial composition, traffic conditions, financial frameworks, and urban layouts display varying degrees of diversity. Consequently, to bolster local mechanisms for green and low-carbon development, it is imperative to not only enforce “command-and-control” measures but also harmonize the interplay between production, lifestyle, and environmental conservation. Enhancing the public transit and road infrastructure systems and endorsing green, low-carbon travel options among the populace are critical actions towards this end.

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The Effect of Accessibility of High-speed Railway on Sustainable Urban Development

Xue Bin, Chang Kexin, Liu Bingsheng

2026, 38 (3): 14-27.

Abstract ( 45 )

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As an important development field of integrated infrastructure investment and construction, high-speed railway has a profound impact on the economic and social development of cities in terms of its accessibility. To explore the impact of high-speed railway accessibility on sustainable urban development, this study constructs a sustainable urban development index system to measure the level of sustainable development of 29 cities in China from 2009 to 2020. This study adopts the spatial Dubin model (SDM) to investigate the spatial spillover effect of high-speed rail accessibility on sustainable urban development, and then uses mediating effect model and threshold effect model to reveal the transmission mechanism and threshold effect between high-speed rail accessibility and sustainable urban development. The results show that: (1) The increase in the degree of AHSR (accessibility of high-speed railway) significantly improves the SUDS (sustainable urban development score), and shows a significant spatial spillover effect; (2) The AHSR promotes the SUDS by increasing the scientific and technological expenditures, the level of labor productivity, and the density of the road network of the city; (3) The impacts of the degree of AHSR on the SUDS are non-linear, and the degree of these impacts are closely related to the threshold interval of the scientific and technological expenditures, the level of labor productivity, and the density of the road network of the city. This study puts forward policy recommendations in terms of strengthening investment in the high-speed rail industry and rationally arranging the layout of high-speed rail connections; establishing input assessment criteria to maximize the efficiency of return on investment in scientific and technological expenditures; strengthening the link effect between the development of high-speed railway and the level of labor productivity; and strengthening the impact effect of high-speed railway on the density of the road network, with a view to providing a scientific basis for sustainable urban development in the future.

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Comparative Advantage of Regional Talent Dividends and Cross-regional Capital Flows: Based on the Perspective of Cross-regional M&As

Zhang Mingmei, Jiang Xuanyu, Zhu Bing, Yang Yuemiao

2026, 38 (3): 28-40.

Abstract ( 34 )

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Based on the background of promoting market-oriented allocation of capital and advancing high-quality population development to support Chinese modernization, we investigate how the comparative advantage of regional talent dividends influences the orderly and free cross-regional capital flows from the perspective of corporate cross-regional mergers and acquisitions (M&As). The paper finds that: (1) The comparative advantage of regional talent dividends in target provinces significantly increases the frequency and scale of cross-regional M&As by local acquirers, indicating that population quality has become a new driving force for cross-regional capital flows in China; (2) This positive relationship becomes notably more pronounced when acquirers face critical demand for high-quality talents, especially in enterprises that are technology-intensive, highly digitalized, or possess significant industry potential, proving that talent acquisition becomes a new motivation for cross-regional M&As; (3) Talent acquisition-driven cross-regional M&As yield positive economic consequences, including the upgrading of the labor structure within acquiring enterprises and the creation of synergies from mergers; (4) A target province that has lower labor costs or impresses on acquirers for its trustworthiness will lead acquirers to expect lower integration costs and go in for talent-based cross-regional M&As. Our results contribute to the literature on regional comparative advantages and corporate cross-regional M&As by integrating the perspective of population quality. They also provide practical implications for improving talent introduction and education policies at all levels of government and for guiding the orderly and free cross-regional capital flows.

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The Resilience of Relationships between Upstream and Downstream Organizations of the Global Digital Security Industry Chain

Yu Rongjian, Xu Caixia, Xu Yurong, Yao Li, Xu Jing

2026, 38 (3): 41-54.

Abstract ( 29 )

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Constructing resilient global supply chains to cope with exogenous shocks is a hot topic in current academic research. Previous studies have predominantly focused on the resilience of individual organizations or ecosystems, with little attention paid to inter-organizational dyadic relationships. Based on an analysis of the dyadic relationships between upstream and downstream entities of digital security enterprises, this study finds that transaction volume and relationship continuity in the past significantly enhance the resilience of inter-organizational dyadic relationships, while geographical distance weakens it. These effects exhibit regional and individual heterogeneity, and external shocks exert a moderating effect. This paper broadens the perspective and depth of resilience research, providing important theoretical significance and practical insights for the rational global deployment of supply chains and enhancing China's position embedded in global industrial chains.

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Does the “Productivity Paradox” Exist in IT Investment of Chinese Manufacturing Enterprises?—An Analysis from the Perspective of Skill-biased Technical Change

Fu Chenyu, Yang Yanlin

2026, 38 (3): 55-67.

Abstract ( 29 )

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Accelerating the deep integration of new-generation information technology with the real economy is an essential path to foster new quality productive forces, promote the high-quality development of manufacturing industry, and achieve new industrialization. Based on the general-purpose and skill-biased characteristics of information technology (IT), this paper analyzes the direct mechanism and complementary mechanism through which IT investment influences the total factor productivity (TFP) of manufacturing enterprises, and conducts an empirical analysis using the data of A-share listed companies in China's manufacturing industry from 2007 to 2022. Study results show that IT investment can significantly improve enterprise TFP, and there exists a complementary effect between IT investment and the structure of labor skills, which can strengthen the promoting effect of IT investment on enterprise TFP. Furthermore, heterogeneous analysis reveals that there is a strong complementary effect between highly educated labors and IT software investment, which is beneficial to improving the TFP level of non-state-owned enterprises and enterprises in strategic emerging industries. Highly skilled labors exhibit a complementary effect with both IT hardware and software investment, significantly enhancing the enterprise TFP across different ownership structures and those in strategic emerging industries. Therefore, to further leverage the critical role of IT investment in optimizing the supply structure, this paper recommends continuously promoting the deep integration of informatization and industrialization, enhancing support for enterprise IT investments, guiding enterprises to optimize resource allocation, and accelerating the development of a highly skilled workforce.

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Research on the Mechanism of How Digital Empowerment Influences Service Adaptability Innovation in Manufacturing Enterprises

Li Fengshu, Su Moting, Ye Jiangfeng, Liu Jingdong

2026, 38 (3): 68-79.

Abstract ( 37 )

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In the era of the digital economy, service innovation paradigms are rapidly shifting toward adaptability. Facing the challenges of a volatile, uncertain, complex, and ambiguous (VUCA) environment, manufacturing enterprises must leverage adaptive service innovation as a strategic fulcrum to build core competitiveness and advance industrial transformation and upgrading. However, existing research has not sufficiently explained how digital empowerment influences adaptive service innovation in manufacturing through multi-stage transmission mechanisms, particularly with respect to the systematic identification of key mediating pathways and boundary conditions. Grounded in dynamic capability theory, this study develops a theoretical model elucidating the impact of digital empowerment on adaptive service innovation in manufacturing enterprises. The model examines the mediating roles of strategic flexibility and supply chain agility, as well as the moderating effects of environmental turbulence. Empirical results reveal that: (1) digital empowerment exerts a significant positive influence on adaptive service innovation; (2) strategic flexibility and supply chain agility partially mediate the relationship between digital empowerment and adaptive service innovation; and (3) market turbulence positively moderates the link between digital empowerment and supply chain agility, while technological turbulence positively moderates the link between digital empowerment and strategic flexibility. By systematically uncovering the mechanisms through which digital empowerment drives adaptive service innovation, this study enriches theoretical understanding of the “digitalization-servitization-innovation” transformation pathway and offers new explanatory insights for research on the digital servitization transformation of manufacturing enterprises.

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Does Local Government Innovation Attention Promote the Development of New Quality Productivity of Enterprises?

Xu Yan, He Luyao

2026, 38 (3): 80-94.

Abstract ( 26 )

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This paper utilizes data from A-share listed companies and prefecture-level cities from 2015 to 2022 to construct indicators for local government innovation attention and enterprises' new quality productive forces, exploring the effects and mechanisms through which local government innovation attention empowers the development of enterprises' new quality productive forces. The findings reveal that “rule-based” local government innovation attention promotes the development of enterprises' new quality productive forces. Mechanism analysis shows that “rule-based” local government innovation attention facilitates the development of enterprises' new quality productive forces through four channels: optimizing the innovation environment, advancing industrial modernization, strengthening fiscal incentives, and enhancing talent support. Heterogeneity analysis indicates that “rule-based” local government innovation attention has a more pronounced effect on enterprises with low financing constraints, high resource allocation efficiency, and high supply chain efficiency. Further analysis demonstrates that improving both the external environment (including economic policy, market competition, and green governance) and the internal environment (such as ownership structure and organizational management) amplifies the promoting effect of “rule-based” local government innovation attention on the development of enterprises' new quality productive forces.

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Government-Bank-Enterprise Alliance Synergy and Core Technology Innovation of Strategic Emerging Industries: An Introduction to Enterprise Innovation Strategy Selection

Dong Mingfang, Wang Guo, Song Jinzhao

2026, 38 (3): 95-107.

Abstract ( 22 )

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The government and banks, as important participants in the innovation ecosystem, are crucial to the core technology innovation of strategic emerging industries. Based on a “quasi-natural experiment” where enterprises first get involved in a government-bank-enterprise alliance and using innovation ecosystem theory and elasticity risk management theory, this study builds a theoretical framework of government-bank-enterprise alliance to explore how the alliance exerts its synergy to drive the core technology innovation of strategic emerging industries. The study finds that the synergy not only significantly enhances the core technology innovation of strategic emerging industries, but also leads enterprises to choose “diversified” innovation strategies. Our heterogeneity test shows that the positive effect of government-bank-enterprise alliance synergy on core technology innovation of strategic emerging industries is more obvious in enterprises with a background of technology strategic alliance and focusing on strategic emerging industries. Our mechanism test finds that government-bank-enterprise alliance synergy drives core technology innovation and enterprise innovation strategy selection in strategic emerging industries by optimizing the policy environment, creating a cooperative environment, and improving the technological environment. The study enriches the research on both innovation ecosystems and core technology innovation of strategic emerging industries, and provides a reference for accelerating the construction of modern industrial systems and cultivating new quality productivity.

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Modeling and Analysis of the Impact of Artificial Intelligence on Industry Innovation

Jia Hongxing, He Saike, Zhang Peijie

2026, 38 (3): 108-116.

Abstract ( 27 )

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With continuous breakthroughs of Artificial Intelligence (AI) technology, governments worldwide have successively launched funding support plans and related policy support plans to drive technological innovation in various industries through the innovative momentum of AI. Exploring AI technology's development is important for the spillover effects of innovation in various industries. However, the existing work mainly focuses on qualitative analysis and local prospects, lacks data-driven in-depth modeling and quantitative analysis, and it is difficult to fully perceive the impact of AI technology on innovation in the entire industry. This paper analyzes the penetration rate of AI technology and its impact on industry innovation based on more than 30 years of patent data in the United States by constructing a patent citation network. Results show that the penetration rate of AI technology in various industries is continuously rising, and the importance of industry patents is more prominent after citing AI patents. Further layered analysis of these industry patents shows that only a small number of patents (top 20%) promote industry innovation, while the contribution of bottom patents (last 50%) to the value of industry innovation is small, and even less than patents that do not cite AI technology. These results have practical implications for governments to formulate scientific AI support plans and guide efficient allocations of social resources.

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Non-working Time Cyber Leisure in the Context of Digital Intelligence: Conceptualization, Measurement and Mechanisms Underlying the Leisure's Influence on Thriving at Work

Zhang Lanxia, Zhao Songyan, Li Sihui

2026, 38 (3): 117-129.

Abstract ( 31 )

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In the context of digital intelligence, the boundaries between work and life are increasingly blurred, and employees need to flexibly switch roles and states in different fields and scenarios. To enhance employees' work vitality, some enterprises have used digital technology to creatively carry out the practice of non-working time cyber leisure across space and time. Although non-working time cyber leisure and its impact on employees' work and life have attracted attention from all walks of life, relevant academic results are not yet available due to the lack of clear conceptual definition and effective measurement tools. To fill this gap, this paper aims to clarify the connotation of non-working time cyber leisure, and based on grounded theory, constructs a measurement model that includes three dimensions: “social interaction communication”, “organizational value construction”, and “welfare system building”. Then, using a standard scale development process, a measurement scale for non-working time cyber leisure is developed. On this basis, based on conservation of resources theory, the positive impact of non-working time cyber leisure on employee thriving at work and the moderating role of trait mindfulness in the relationship between non-working time cyber leisure and mastery and control, problem-solving thinking and thriving at work are verified. This not only enriches the theoretical system of non-working time cyber leisure, but also provides a basis and suggestions for organizations to explore the management practices of non-working time cyber leisure.

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More Willing to Learn from Similar Creative Role Models? The Effects of Similarity with Creative Role Model on Employee Creativity

Pan Xiaoqing, Li Bo, Zhu Renqi, Liu Zhiqiang, Pan Lin

2026, 38 (3): 130-146.

Abstract ( 34 )

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Based on the social cognitive theory, this study theorizes a cross-level moderated mediation model about the differential effects of similarity with creative role model on employee radical and incremental creativity. By conducting an experimental study of 165 participants and a multi-stage and multi-source field survey of 123 R&D teams, this study finds that the similarity with creative role model is positively related to employee radical and incremental creativity through the chain mediating effect of creative self-efficacy and creative process engagement. Besides, compared with incremental creativity, the similarity with creative role model has a stronger indirect effect on radical creativity. In addition, the findings also show that the team status promotion criteria positively moderates the indirect relationships between similarity with creative role model and radical and incremental creativity. The findings of this study provide important theoretical and practical implications for organizations to set creative role models to drive employee creativity, especially radical creativity.

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Study on the Influence of Heterogeneity of Workplace Interpersonal Relationships on Grassroots Civil Servants' Work Well-being

Li Hui, Li Yuchen

2026, 38 (3): 147-157.

Abstract ( 27 )

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In the Chinese context, vertical supervisor-subordinate relationships and horizontal coworker relationships of grassroots civil servants are important interpersonal relationships that they have to handle in their work. To a certain extent, these two interpersonal relationships of grassroots civil servants determine their work well-being. However, there is limited research on how the heterogeneity of supervisor-subordinate and coworker relationships of grassroots civil servants affects their work well-being. Based on the self-determination theory, this study constructs a theoretical hypothesis and explanatory model for the impact of heterogeneity of the supervisor-subordinate and coworker relationships on work well-being, and conducts an empirical analysis on a sample of 1,073 grassroots civil servants. The results show that: (1) Both supervisor-subordinate and coworker relationships have a positive impact on work well-being, but the effect is significantly heterogeneous. The coworker relationships have a greater impact on job happiness than the supervisor-subordinate relationships. (2) Both supervisor-subordinate and coworker relationships have a positive impact on the driving factors of work well-being (career calling and job performance) of grassroots civil servants. The coworker relationships have a greater impact on the driving factors (career calling and job performance) of work well-being than the supervisor-subordinate relationships. (3) The interactive influence of supervisor-subordinate and coworker relationships on the driving mechanism of work well-being are significantly heterogeneous. The supervisor-subordinate relationships play a bigger role than coworker relationships in boosting the positive impact of career calling on work performance. The coworker relationships play a bigger role than the supervisor-subordinate relationships in boosting the positive impact of job performance on work well-being. When both supervisor-subordinate and coworker relationships are at high levels, job performance significantly mediates the relationship between career calling and work well-being.

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Regional Integration, Local Government Cooperation and Capital Cross-city Flows: Evidence from Corporate Cross-city Mergers and Acquisitions

Pan Hongbo, Yang Haixia, Sun Jiaxin

2026, 38 (3): 158-169.

Abstract ( 15 )

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Building a national unified market is the fundamental support and inherent requirement for constructing a new development pattern. Deepening local governments cooperation is an important means to break down local protectionism and market fragmentation. Taking the release of a series of regional integration development planning documents as a quasi-natural experiment, this study constructs a progressive difference-in-differences model to explore the impact of regional integration on capital cross-city flows as well as the underlying mechanism and economic consequences. The results show that regional integration significantly increases the probability, quantity proportion, and amount proportion of firms' cross-city M&As in the same region (referred to as intra-regional cross-city M&As). Mechanism analysis finds that after the enactment of regional integration policy, the political promotion probability of local officials is positively affected by the overall regional economic development and the economic development of other cities in the region. Moreover, the promoting effect of regional integration on firms' intra-regional cross-city M&As is stronger when local governments have a lower willingness to cooperate, indicating that strengthening local government cooperation is an important mechanism for regional integration to promote the flow of capital across cities. Economic consequence research shows that firms' intra-regional cross-city M&As in the context of regional integration can promote the economic development of the cities in the same region. In theory, this study expands the research on the economic consequences of China's regional integration and the influencing factors of capital cross-city flows. In practice, this study provides some empirical evidence and policy references for accelerating the construction of a national unified market and promoting common prosperity.

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Public Data Openness and Corporate Fixed Asset Investment

Lu Junwei, Yang Laifeng

2026, 38 (3): 170-182.

Abstract ( 18 )

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Public data openness serves as a crucial mechanism for breaking down barriers in data element circulation and accelerating the integration between the digital economy and the real economy. This study utilizes the quasi-natural experiment of China's local governments launching public data platforms to empirically examine the impact of public data openness on the scale of corporate fixed-asset investment. The results show that public data openness significantly expands corporate fixed-asset investment scale, with an average effect of 13.15 basis points. Mechanism analysis reveals that alleviating financial frictions and reinforcing capital's profit-seeking behavior are the underlying pathways through which public data openness enhances fixed-asset investment. Furthermore, the study finds that the investment-promoting effect strengthens with higher public data utilization rates, greater enterprise engagement with open data elements, and improved quality of public data openness. This research demonstrates the positive effect of public data openness on corporate fixed-asset investment, provides empirical evidence on how data elements empower real economic development, and offers theoretical support for advancing public data openness to deepen digital-real economy integration.

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R&D Manipulation and Annual Report Textual Complexity

Yu Mingyang, Lv Kefu, Li Shufeng

2026, 38 (3): 183-197.

Abstract ( 17 )

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Innovation serves as the strategic support for building a modernized economic system, and optimizing the allocation of innovation resources helps stimulate corporate innovation vitality. Consequently, identifying opportunistic behaviors in corporate R&D activities has become a critical concern for both academia and practitioners. Based on data from A-share listed companies between 2008 and 2022, this paper investigates how corporate managers strategically disclose information in annual reports to conceal R&D manipulation. The findings reveal that companies with higher levels of R&D manipulation tend to produce more complex annual report texts. Mechanism tests show that when firms face greater external scrutiny, attract more investor attention, or have a higher proportion of short-term investors, their managers are more likely to use complex language to obscure R&D manipulation, supporting the management obfuscation hypothesis. Furthermore, such behavior is more pronounced when companies engage in policy rent-seeking, pursue earnings smoothing, or when managers' self-interest is stronger. In addition, the study finds that R&D manipulation undermines the efficiency of resource allocation, thereby negatively affecting companies' innovation performance and competitive position in the product market. This paper not only enriches the literature on R&D activities and annual report textual disclosure but also provides empirical evidence for identifying opportunistic behaviors in innovation activities and optimizing innovation resource allocation.

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Common Institutional Investors and Corporate Sustainable Information Disclosure: From the Perspective of Climate Risk Disclosure

Liu Lin, Zhao Haixu, Li Bin

2026, 38 (3): 198-209.

Abstract ( 18 )

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Using Shanghai and Shenzhen A-share listed non-financial companies from 2014 to 2023 as the sample, this paper empirically examines the impact of common institutional ownership on corporate sustainable information disclosure and the underlying mechanism from the perspective of climate risk disclosure. The study finds that common institutional ownership has a significant positive effect on corporate climate risk disclosure, which further positively influences stock liquidity, corporate reputation, and supply chain resilience. Mechanism analysis reveals that common institutional ownership's industry influence, agency costs, and information transparency play mediating roles in this relationship. Further analysis indicates that the promoting effect is more pronounced when firms are located in the eastern region, belong to heavily polluting industries, or when the common institutional investors are pressure-resistant. This study enriches the research on factors influencing corporate sustainable information disclosure and provides new empirical evidence for firms to address climate change and promote sustainable development.

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Determinants of Investor Risk Concern: Textual Analysis Based on the Inquiry Texts from Earnings Communication Conferences

Lin Le, Li Nongwen

2026, 38 (3): 210-223.

Abstract ( 15 )

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Understanding the determinants of investor risk concerns is crucial for comprehending investor behavior, improving investor relations management in publicly listed companies, and fostering sustainable corporate development. This study utilizes data from earnings communication conferences of A-share listed companies in China from 2007 to 2021. We construct a novel measure of investor risk concerns by analyzing the risk content within the text of investor inquiries, and comprehensively examine its determinants from the dual perspectives of fundamental risks and information risks. Our findings reveal that investor risk concerns increase with greater fundamental risk disclosed in annual reports and larger analyst forecast errors. Conversely, investor risk concerns decrease with higher prior stock return volatility and increased macroeconomic policy uncertainty. Further analysis indicates that these baseline findings are more pronounced in firms that are larger, have higher leverage, exhibit higher information quality, and are state-owned. Moreover, we find that management's timely and positive responses to investor risk concerns can significantly reduce the information asymmetry between investors and management and enhance the market pricing efficiency of the company's stock. This research provides valuable insights into the mechanisms driving investor risk concerns and their informational consequences.

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Offensive or Defensive? The Influence of Corporate Strategic Aggressiveness on Corporate Performance from the Perspective of Supply Chain

Cao Yu, Kou Furou, Zhuang Yan

2026, 38 (3): 224-237.

Abstract ( 30 )

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Corporate strategy is crucial for long-term development, and firms within supply chains must account for a broader range of considerations in strategic planning. This study aims to comprehensively examine the impact of strategic aggressiveness on firm performance in supply chains, employing the strategy tripod framework, which integrates the institution-industry-resource dimensions. An empirical analysis is conducted using data from China's A-share listed companies on the Shanghai and Shenzhen stock exchanges from 2007 to 2019. The findings reveal that: (1) Strategic aggressiveness significantly enhances firm performance. (2) Economic policy uncertainty negatively moderates this relationship, while market competition intensity positively moderates it. (3) Strategic aggressiveness improves firm performance by reducing downstream customer concentration or increasing absorptive capacity, while supplier concentration does not exhibit a mediating effect although it has a significant negative impact on performance. (4) The positive relationship between strategic aggressiveness and firm performance is more pronounced in eastern regions, manufacturing industries, non-state-owned enterprises, and firms with higher internal control quality. This study extends the application of the strategy tripod framework within the supply chain context, revealing the multi-level mechanisms through which institutional, industrial, and resource factors influence the relationship between strategic aggressiveness and firm performance. It provides practical guidance for enterprises to formulate adaptive strategies within complex supply chain environments and for government to optimize the business landscape.

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The Dual Nature of Random Interruptions in Programmed Tasks—Evidence from Mechanical Manufacturing

Wang Hui, Yang Haili, Shu Weijia, Yi Siyuan

2026, 38 (3): 238-248.

Abstract ( 13 )

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In manufacturing processes, some interruptions occur with random timing and duration. Such interruptions can provide employees with brief breaks without fully diverting their attention, these interruptions are not always harmful to employees. In other words, they have a “double-edged sword” effect on employee productivity. To investigate this effect, this study draws on interruption cost theory and the forgetting curve to analyze the impact of the duration and frequency of random interruptions on employee production efficiency. An empirical study is conducted using data collected from an assembly line in a mechanical parts manufacturing plant. The findings reveal an inverted U-shaped relationship between interruption duration and employee productivity, as well as between interruption frequency and productivity. Furthermore, interruption frequency negatively moderates the inverted U-shaped relationship between interruption duration and output. These findings provide practical insights for managers to optimize and adjust employee work processes.

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Data-driven Decision-dependent Production Optimization

Wang Guitao, Mao Yuchen, Liu Tianqi, Wang Shuming

2026, 38 (3): 249-260.

Abstract ( 21 )

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This paper investigates the joint optimization issue of product production and capacity for manufacturing enterprises in a data-driven context. A notable feature of this issue is that uncertain product demand depends on production decisions. Firstly, the paper utilizes statistical learning models to construct a prediction function for demand based on product decisions and exogenous covariates. Furthermore, based on this prediction model, a decision-dependent data-driven two-stage stochastic production optimization model is constructed. Additionally, in the case of a single production facility, the paper provides an analytical solution for the optimal capacity decision and a pseudo-polynomial time algorithm for solving the optimal production decision. In general cases, an equivalent reformulation of the model as a mixed-integer linear programming is given. Finally, numerical experiments based on real data validate the significance of incorporating decision-dependency modeling and prediction models in enhancing the quality of production decisions.

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Leapfrog Growth in Hidden Champions: Exploring Spin-off Strategy and Relational Dynamics through an Embedded Case Study of Soton

Zeng Kai, Wang Fengbin

2026, 38 (3): 261-275.

Abstract ( 23 )

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Hidden champions, as leaders in global niche markets, often encounter a “ceiling” in their industry growth space, so figuring out how they can achieve leapfrog growth through corporate spin-off is an important opportunity for theoretical innovation. This study takes the global straw industry leader Soton and its six core spin-offs as embedded case study objects, and summarizes and refines the spin-off growth mechanism for hidden champions to break through the industry “ceiling” from the perspective of relational dynamics. Our findings reveal a four-stage growth, including spin-off initiation, sponsorship, emergence, and reinvestment. The interwoven evolution of two sets of relationships, between parent and spinoffs and between spinoffs and spinoffs, drives the parent to empower numerous spin-offs based on its special sponsorship. Reciprocally, some spin-offs may re-feed the parent. In this virtuous cycle, spin-off logic becomes a significant strategic choice for hidden champions, enabling leapfrog growth driven by the dual forces of the parent's core competence and the spin-offs' flexibility in seizing market opportunities. This study expands the current “T-shaped strategy” perspective, which centers on the single enterprise as carrier of the strategy. Our finding supplements traditional focus on specialization strategies or diversification strategies, and contributes to theoretical integration and advancements in the growth strategy of hidden champions, spin-off development, and relational dynamics.

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“Exploitation-Exploration-Backup” Ternary Strategic Action Framework: Research on Strategic Flexibility Construction Driven by Crisis Awareness

Chen Xiaoying, Cui Miao, Guo Rongna

2026, 38 (3): 276-288.

Abstract ( 31 )

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In the anti-globalization background, Chinese enterprises are in urgent need of strategic flexibility to cope with the escalation of environmental uncertainties. Through a longitudinal case study, this paper constructs a strategic flexibility model driven by crisis awareness under the trend of environmental uncertainty escalation. The research findings are as follows: (1) Crisis awareness is the driver of strategic flexibility, and it is dynamic and evolutionary; (2) The “exploitation-exploration-backup” ternary strategic action framework of creating real options is an intermediate mechanism for enterprises to realize strategic flexibility driven by crisis awareness; (3) The “exploitation-exploration-backup” ternary strategic action framework enables Chinese enterprises to cope with the “extreme” environmental change more calmly. The theory constructed in this paper not only fills the gap in the existing research on strategic flexibility, but also tentatively constructs Chinese management theory based on Chinese management practice.

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