Management Review

Research on Systemic Risk of China’s Commodity Market and Its Cross-market Spillover Effect

Zhang Tianding, Zeng Song

2026, 38 (4): 3-14.

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In recent years, against the backdrop of intertwined international geopolitical conflicts and global economic and trade frictions, commodity markets have increasingly become a focal point for global risk convergence. We first examine the risk linkage between commodity and financial markets using ARMA-GJR-GARCH and Copula-CoVaR models. Subsequently, we employ the expected shortfall (ES) as a tail risk measure, combined with a dynamic semi-parametric Generalised Autoregressive Score (GAS) model, to more precisely quantify extreme risk shifts across both markets. Additionally, by constructing a multi-layered network structure, we systematically analyse risk spillover effects between different commodity categories and financial markets. Our findings indicate: ① Significant positive risk linkage exists between commodity and financial markets, with upside tail risks in commodities being more readily transmitted to financial markets; ② The persistence of commodity market risks and the range of risk loss variations are both smaller than those in financial markets such as banking; ③ Commodity markets exhibit a pronounced net risk input to banking, securities, and insurance markets. Among these, commodity markets for raw materials such as chemicals, non-ferrous metals, and oils and fats demonstrate a strong net risk output effect on financial markets, whereas agricultural and precious metals commodity markets experience positive net risk contagion from financial markets. Our findings not only illuminate risk transmission between commodities and financial markets but also provide decision-makers with reference points for risk early warning systems and macro-prudential regulation.

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The Impact of Digital Capabilities on Firms’ Friend-shoring Investments: Based on an Extended OLI Model

Huang Yuanyuan, Zhou Chao, Chen Xuanjin

2026, 38 (4): 15-27.

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Against the backdrop of intensifying international trade tension, rising technological nationalism and increasing global decoupling risks, how firms should engage in foreign investment becomes a key topic. Building on an extended analysis of the OLI (Ownership, Location, Internalization) model in the context of deglobalization, this study examines the impact of firms’ digital capabilities on their friend-shoring investments (that is, the investments in host countries with friendly bilateral relations to their home countries), and how these effects vary across different industries. Using data from 1,031 A-share listed manufacturing companies in China from 2013 to 2021, the results show that firms’ digital capabilities positively influence friend-shoring investments, while industry uncertainty, competition intensity, and high geopolitical risk industries weaken this effect. This study expands the theoretical implications of the OLI model in the context of deglobalization and provides a new perspective for understanding the relationship between firms’ digital capabilities and friend-shoring investments.

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Digital-Real Economy Integration: A Synergistic Drive from Digital Innovation Ecosystems

Li Xiaodi, Tang Weiyi

2026, 38 (4): 28-40.

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The digital innovation ecosystem blurs the boundaries between the digital economy and the real economy, providing a convergent environment of industrial intersection and data connectivity for the integration of the digital economy and the real economy. Based on the ecosystem theory, this paper takes 30 Chinese provinces as samples, and utilizes the fuzzy set qualitative comparative analysis method to explore the configuration paths of multiple elements within the digital innovation ecosystem for the integration of the digital economy and the real economy. The results show that: (1) The configuration paths leading to high digital-real economy integration and non-high digital-real economy integration are asymmetric. Three configuration types leading to high digital-real economy integration are identified: infrastructure-technology driven, multi-factor joint driven and innovation stakeholder driven; three configuration types leading to non-high digital-real economy integration are identified: ecological active inhibition, governance-diversity inhibition, and infrastructure-synergy inhibition. (2) This paper further deconstructs the integration of the digital economy and real economy into two dimensions for analysis: digital industrialization and industrial digitization. Two configuration types leading to high digital industrialization are identified: infrastructure-economy driven and economy-synergy driven; while three configuration types leading to high industrial digitization are identified: environment driven, economy driven, and infrastructure-synergy driven. This paper explores the synergistic driving path of digital innovation ecosystems for digital-real economy integration, laying a theoretical foundation for Chinese provinces to promote this integration by developing digital innovation ecosystems.

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Agglomeration Effect and Selection Effect of Region-oriented Policy—Evidence from Northeast Revitalization Strategy

Guo Xu, Fan Shilong, Zhang Ang

2026, 38 (4): 41-53.

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Under the strategic guidance of regional coordinated development, region-oriented policies serve as a proactive response to the imbalance in regional development and a significant pathway to promote high-quality economic growth in specific areas. This study investigates the impact of China’s Northeast Revitalization Strategy on firms’ productivity, analyzing its dual mechanisms of industrial agglomeration and market selection effects. Theoretically, we construct a model of “agglomeration-selection effects” under the influence of regional policies. Empirically, we employ the “unconditional distribution characteristics-parameter correspondence” method and the difference-in-differences estimation to test the selection and agglomeration effects of the revitalization strategy on enterprises’ productivity. The findings reveal: (1) The policy overall distorts the agglomeration and selection effects in Northeast China, manifesting as negative homogeneous agglomeration effects, positive heterogeneous agglomeration effects, and selection effects, thereby lowering the average regional productivity, widening the productivity gap between high and low-efficiency enterprises, and leading to more low-efficiency enterprises exiting the market. (2) The exit behavior of state-owned low-efficiency enterprises is not significant, and the policy’s negative impact on the productivity of pilot industries is more pronounced. With the subsequent introduction of revitalization strategy opinions, enterprise productivity in Northeast China improved after 2009, mitigating the inefficiencies caused by early policy biases. The dynamic effects test, quantile regression, and Probit model estimations under the difference-in-differences approach are consistent with these conclusions. (3) Mechanism tests show that the first round of Northeast Revitalization significantly reduced innovation investment in high-efficiency enterprises but increased their fixed asset and labor inputs, while low-efficiency enterprises saw reductions in both innovation and other factor inputs. This paper’s evaluation of the first round of Northeast Revitalization Strategy provides theoretical and empirical insights for policy formulation in the comprehensive revitalization of Northeast China in the new era.

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Why does the Acceleration of Innovation Coexist with the Deceleration of Industrial Structure Upgrading? An Interpretation Based on Multiple Financing Channels

Chen Congbo, Hu Dengfeng, Li Wenhui

2026, 38 (4): 54-63.

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Under thenew development pattern dominated by internal circulation, independent innovation has becomea key force driving industrial structure upgrading. However, in recent years, there is a phenomenon that the acceleration of technological innovation coexists with the deceleration of industrial structure upgrading in many provincial-level regions of China. Based on China’s provincial panel data from 2013 to 2020, using Dagum Gini coefficient and its decomposition method, varying coefficient model, and semiparametric spatial econometric model, we find that low-quality innovation may lead to solidification of regional industrial structure, and this is a reason underlying the industrial structure upgrading bottleneck caused by the high-quality innovation in developed areas. We conclude that the co-existence phenomenon is a result of “Technology Trap” behind rapid increase of technological innovation. The lack of high-quality innovation drive has slowed down the pace of industrial structure upgrading. We explore why industrial structure upgrading lags behind technological innovation from perspective of multiple financing channels. Since slow development of formal finance and serious financial discrimination, we focus on complex effect of diversified financing channels of corporate bonds, shadow banking and digital finance on the quality of technological innovation. It is pointed out that technological innovation will affect the industrial differentiation of industrial structure upgrading along with scale change of diversified financing channels. Empirical results based on panel threshold model show that regions with high scale of corporate bond financing, incomplete shadow banking supervision system and low scale of digital finance are more likely to fall in “Technology Trap”. The above conclusions show that reducing friction of financing high-quality technological innovation and reversing the short-sightedness of financial sector are the important ways to promote the upgrading of industrial structure.

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A Blessing and a Curse? Research on the Organizational Performance of Entrepreneurs after Betrayal

Fu Qun, Du Qianhui, Zhou Yubin

2026, 38 (4): 64-76.

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Existing studies have ignored the damage caused by entrepreneurial defection to entrepreneurs’ personal feelings and interests, especially lacking research on whether and how such damage affects organizational performance. Based on 275 questionnaires, this paper uses hierarchical regression and Bootstrap methods to examine the impact of entrepreneurial defection damage on organizational performance by integrating emotional event theory and resource-based theory. The results show an inverted U-shaped relationship between entrepreneurial defection damage and organizational performance. Entrepreneurial passion and enterprise resource capacity play positive and negative mediating roles between entrepreneurial defection damage and organizational performance. The results of this study deepen the understanding of the relationship between the degree of entrepreneur damage and organizational performance in the context of entrepreneurial defection and put forward an intermediate path of the transformation of the degree of defection damage to organizational performance, which has important implications for the entrepreneurial practice of entrepreneurs.

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Can Environmental Protection Taxes Improve the Efficiency of Regional Green Innovation —A Quasi-natural Experiment Based on Panel Data of 30 Provinces from 2012 to 2021

Liu Jiali, Jiang Hu, Wang Wenjing

2026, 38 (4): 77-92.

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Based on the Super-SBM model, the green innovation efficiency of 30 provinces from 2012 to 2021 is measured. Using the implementation of the Environmental Protection Tax Law as a natural experiment, a DID model is used to analyze the impact of environmental protection tax collection policies on regional green innovation efficiency. The impact mechanism is analyzed from the perspectives of green innovation input and output, and the moderating effect of the impact is analyzed from the levels of industrial pollution control investment and digital infrastructure construction. Research shows that the overall green innovation efficiency in China is relatively stable, but there are a large number of areas with ineffective green innovation efficiency. The national average green innovation efficiency shows a decreasing distribution pattern from east to center, northeast to west. The Environmental Protection Tax Law has a significant negative impact on the efficiency of regional green innovation, particularly in the central and western regions. The Environmental Protection Tax Law has increased green innovation investment while reducing green innovation output, thereby inhibiting the improvement of regional green innovation efficiency. This mechanism is most significant in the western region. Improving the level of investment in industrial pollution control and digital infrastructure construction can alleviate the inhibitory effect of environmental protection taxes on regional green innovation efficiency.

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Does the State Science and Technology Progress Award Inspire the Technological Innovation of Firms?

Chen Lingzhi, Sun Yutao, Zhang Ying

2026, 38 (4): 93-103.

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It is of great theoretical value and practical significance to explore the mechanism of how State Science and Technology Award stimulates firms’ technological innovation. Based on the science and technology award theory and endorsement effect theory, this paper explores the incentive effect of State Science and Technology Progress Award on firms’ technological innovation, and the moderating effects of firms’ economic performance feedback and marketization degree on the relationship between State Science and Technology Progress Award and firms’ technological innovation under the market economy system. Taking publicly listed companies from 2008 to 2020 as samples, this paper makes an empirical test by using staggered difference in differences model, aiming at supplementing the existing national policy research on encouraging firms’ technological innovation and providing theoretical support for perfecting China’s Science and Technology Awards system. The findings are as follows. First, the State Science and Technology Progress Award can stimulate technological innovation of firms by emphasizing honor incentive and endorsement effect, and the higher the award level, the better it is for firms’ technological innovation. Second, the feedback of firms’ economic performance does not strengthen the positive incentive effect of firms’ winning the State Science and Technology Progress Award and the award level on technological innovation. Third, the degree of marketization weakens the positive incentive effect of firms’ winning the State Science and Technology Progress Award and the award level on technological innovation.

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Public Procurement of Innovation and R&D Investment of Digital Enterprises

Peng Ruijuan, Xu Jianbin

2026, 38 (4): 104-116.

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The impact of government procurement on enterprise research and development has received attention from many scholars. However, most studies have failed to distinguish between conventional government procurement and public procurement of innovation, and there is a lack of specialized research on digital enterprises. Basing on the text data of Chinese government procurement contracts, using text analysis method, this paper manually collects and organizes public procurement of innovation data and matches it with the data of listed companies in the digital economy. From a micro perspective, the impact of public procurement of innovation on R&D of digital enterprises is examined. The result shows that public procurement of innovation significantly promotes R&D in digital enterprises, and the conclusion remains valid after relevant robustness tests. The mechanism test indicates that public procurement of innovation not only significantly reduces the financing constraints of digital enterprises, but also significantly increases their probability of obtaining venture capital. Heterogeneity analysis reveals that public procurement of innovation has a more significant incentive effect on the R&D of digital enterprises that are non-state-owned, at pre-R&D stage, and exposed to a low-level market-oriented institutional environment. This paper puts forwards some targeted policy suggestions for promoting the innovative development of digital enterprises.

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Collaborative Governance Modes of the Enterprise Technical Standard Alliances for the “Belt and Road”: Based on the Principles of “Extensive Consultation, Joint Contribution, and Shared Benefits”

Wang Dongpeng, Zhou Qing, Yang Wei

2026, 38 (4): 117-130.

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The global governance principles of “extensive consultation, joint construction and shared benefits” provide a new governance solution for the “Belt and Road” Enterprise Technical Standard Alliance (BRTSA). First of all, this paper constructs a collaborative governance model of the BRTSA based on the above-mentioned principles. Secondly, the degree of implementation of each governance principle in the alliance governance process and four kinds of BRTSA cooperation performance are evaluated respectively. Finally, the paper empirically tests the impact of alliance governance on cooperation performance, and uses Response Surface Analysis method to illustrate different modes of collaborative governance, which engage alliance members to commit to “extensive consultation, joint construction and shared benefits” principles could couple with higher technical, economic, social or strategic performance of cooperation activities. It is found that governance principles of “extensive consultation” and “joint contribution” have a significant positive correlation with cooperation performance, and “shared benefits” has a positive effect on performance through “extensive consultation” and “joint contribution”. The collaborative governance modes that respond to higher technical, economic, social or strategic performance of cooperation are also different. These findings imply that the alliance governance which uphold the principles of extensive consultation, joint construction, and shared benefits plays an important role in achieving cooperation performances of BRTSA, and the choice of collaborative governance modes in response to different performances should also be tailored to the specific circumstance.

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R&D Intensity and Breakthrough Innovation Performance of Start-ups—The Contingency Impact of Venture Capital Characteristics and Entrepreneurs’ Failure Experience

Cui Ting, Ding Xuechen, Xu Xiaodan, Liu Xielin

2026, 38 (4): 131-143.

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Internal R&D is regarded as the main internal source of enterprise innovation, while venture capital plays a pivotal role in providing diverse resources to support start-ups in carrying out innovative activities effectively and coping with various challenges in the business process. Breakthrough innovation plays an important role in enhancing the competitive advantage of enterprises and improving the competitiveness of countries. However, there is a lack of sufficient research in the academic community on how different venture capital portfolios and participation levels will affect the innovation performance of start-ups, especially in the realm of breakthrough innovation. This paper explores the mechanism of how venture capital diversity and venture capital participation influence the relationship between R&D intensity and breakthrough innovation of start-ups, and examines the contingency impact of entrepreneurs’ previous entrepreneurial experience. An empirical analysis based on 277 questionnaires from the strategic emerging industries show that: the R&D intensity of start-ups has a significant and positive impact on firms’ breakthrough innovation. The diversification of venture capital and the degree of participation of venture capital positively moderate the relationship between R&D intensity and breakthrough innovation. Individual entrepreneurs’ failure experience negatively moderates the impact of venture capital on breakthrough innovation. Namely, those without entrepreneurial failure tend to derive more positive influences from venture capital. The conclusions help to enhance the understanding of the impact of venture capital on breakthrough innovation, provide important theoretical basis and practical reference for the investment decisions of venture capitals and corporate innovation growth.

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A Research on the Mechanism Underlying Employees’ Boundary Spanning Behavior from the Goal Dualistic Perspective—fsQCA and NCA Analysis Based on Social Cognitive Theory

He Wei, Jiang Xu, Zhang Zheng

2026, 38 (4): 144-156.

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Based on the duality analysis framework of “task-self”, this study breaks through the implicit assumption that employees’ boundary spanning is “task-oriented”, and introduces a novel interpretation from the perspective of “self-orientation”. By using social cognitive theory, the study identifies five antecedent conditions from both individual and situational levels to examine the varied combinations of antecedent conditions that influence task-oriented and self-enhanced boundary spanning behaviors. Utilizing a sample of 291 corporate employees and employing the fsQCA and NCA methods, the findings reveal: (1) None of the five antecedent conditions constitutes a necessary condition for employees’ boundary spanning behavior. (2) In the paths leading to task-oriented boundary spanning behavior, both individual and situational factors play non-negligible roles, which can be categorized as matching grouping according to the distribution of their core conditions. The paths triggering self-enhanced boundary spanning behavior can be divided into two types: one dominated by individual factors with situational factors as auxiliary, categorized as self-guided grouping, and the other jointly driven by individual and situational factors, classified as synergistic driven groupings. (3) By comparing the configurations including both types of boundary spanning behaviors, it can be found that boundary spanning efficacy plays a pivotal role regardless of the type, and both types have the paths jointly triggered by individual and situational factors. Although the triggering factors are different, some paths can achieve mutual transformation under certain conditions. In addition, self-enhanced boundary spanning has a path dominated by individual factors, which confirms the possibility that employees’ boundary spanning behaviors can be “self-oriented”. This study not only provides a comprehensive theoretical explanation of the antecedents of employees’ boundary spanning behaviors, but also offers practical insights for organizations to effectively motivate employees to engage in boundary spanning behaviors.

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Study on the Mechanism of How Workplace Spirituality Empowers Employee Resilience from the Perspective of “Emotion-Resource”

Liu Yuanyuan, Fu Mengmeng, Li Jizu, Chen Huaichao, Liu Pingqing

2026, 38 (4): 157-169.

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Employee resilience is an indispensable psychological ability of employees to cope with negative events such as setbacks and conflicts, and is of great significance for organizations to cope with the impact of external environment. In the face of a competitive and uncertain environment, employees need to have a certain degree of resilience to effectively cope with setbacks and challenges, and achieve work adaptation and long-term development. Spiritual force is an invisible force that endow individual vitality and life, which helps to awaken individual positive emotions, supplement psychological resources, and promote the formation of employee resilience. Based on the broaden-and-build theory of positive emotions and the conservation of resources theory, this paper constructs a moderated chain mediation model with positive emotion and thriving at work as mediating variables and strategic flexibility as the moderating variable. Experimental method and questionnaire method are used to cross-verify the theoretical model, and all hypotheses are verified. The results show that workplace spirituality can significantly improve employee resilience; Employees’ positive emotion and thriving at work not only play a mediating role in the process of workplace spirituality affecting employee resilience, but also exhibit a chain mediation effect, that is, workplace spirituality can further build lasting psychological resources (thriving at work) by awakening employees’ positive emotions, and ultimately strengthen employees’ resilience. Finally, strategic flexibility positively moderates the relationship between positive emotion and employee resilience, the relationship between thriving at work and employee resilience, and the chain mediating effect of positive emotion and thriving at work on workplace spirituality and employee resilience. That is, the stronger the strategic flexibility, the stronger the “emotion-resource” chain mediating effect of workplace spirituality on employee resilience. This paper explores the transmission mechanism of how workplace spirituality empowers employee resilience and the relevant boundary conditions, and provides management suggestions for enterprises to effectively develop or enhance employee resilience.

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How Performance Pressure Shapes Employee Presenteeism: The Interaction between Authoritarian Leadership and Independent Self-construals

Fu Jingtao, Zhang Siyi, He Qi

2026, 38 (4): 170-181.

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Driven by drastic changes in the social environment and increasingly fierce market competition, organizations tend to pass survival pressure downward, leaving employees with heavier workloads and higher performance requirements. As a result, employees often find it difficult to strike a balance between personal health and work performance, ending up having to working while ill. Performance pressure is inherently associated with complex forms of extrinsic motivation, yet existing research has largely overlooked explanations based on extrinsic motivation within the framework of Self-determination Theory. Drawing on Self-determination Theory, this research investigates the extrinsic motivational mechanisms underlying employee presenteeism and its boundary conditions under the combined context of the goal orientation embedded in performance pressure and the threatening nature of authoritarian leadership. Using two-wave questionnaire survey data from 478 leader-employee pairing samples, the findings indicate that performance pressure significantly increases employee presenteeism, authoritarian leadership further enhances this relationship, while independent self-construals weakens the enhanced moderating effect of authoritarian leadership. By integrating organizational contexts and individual characteristics, this research extends the explanatory power of Self-determination Theory in the domain of presenteeism and provides new insights for organizational management of presenteeism.

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Performance Aspiration Gap and Labor Income Share: “Hardship” or “Relief”?

Luo Jinhui, Su Yang

2026, 38 (4): 182-193.

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Increasing labor income share is a crucial pathway to promote social fairness and achieve common prosperity. Existing research has extensively explored various determinants of labor income share, but little attention has been paid to the labor income distribution behavior of companies facing operational difficulties. In response to this gap, this paper empirically examines the impact of performance aspiration gap on labor income share using annual data from Chinese A-share listed companies from 2007 to 2022. The findings reveal that the larger the performance aspiration gap, the higher the labor income share, indicating that firms whose operational performance falls short of aspiration tend to significantly increase their labor distribution levels. The mechanism tests indicate that performance aspiration gap primarily increases firms’ labor income share through employee retention and incentive mechanisms. Heterogeneity analysis shows that the impact of performance aspiration gaps on increasing labor income share is more pronounced in firms with poor absolute performance, non-labor-intensive firms, firms located in central and western regions of China, firms in areas with less abundant labor supply, and firms with lower employee skill exclusivity. Furthermore, this study discovers that performance aspiration gap alleviates the pay disparity between executives and ordinary employees, suggesting that the gap mainly elevates the income level of regular employees. Finally, the study finds that an increase in the share of labor income contributes to improving firms’ operational performance. In sum, this paper not only enriches the literature on the factors influencing performance aspiration gaps and labor income share, but also provides important practical implications for increasing the proportion of labor compensation and achieving common prosperity.

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Geopolitical Relationship between the Engagement Quality Reviewer and Auditors: Cooperation or Collusion?

Ge Qiuchen, Wang Chunfei, Chen Hongkuan

2026, 38 (4): 194-205.

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Engagement quality review is an important mechanism of internal quality management of audit firms. However, due to data limitations, previous studies mainly use experimental methods, and there are few large sample empirical studies. This paper obtains the unique data of the engagement quality reviewer, and analyzes the impact of the geographical relationship between the engagement quality reviewer and the engagement partner on audit quality. The research findings are as follows: Overall, the geographical relationship can improve audit quality. The mechanism test reveals that the geographical relationship exerts a “cooperation” effect by enhancing communication efficiency. Specifically, when the cooperation years are short or the economic importance level of the audit client is low, the effect of the geographical relationship on improving audit quality is more prominent. The heterogeneity test shows that the “cooperation” effect is more obvious in projects undertaken by the firm’s headquarters or high-risk projects; when the work intensity of project quality reviewers is higher, the communication advantage of the geographical relationship is more prominent, and the “cooperation” effect is also more obvious. This research not only enriches the theoretical literature from the perspective of engagement quality review and geographical relationship, but also has significant implication for audit firms to effectively organize and manage engagement quality review and human resource allocation.

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Does the Pilot of Registration System on the ChiNext Reduce the Cost of Equity Capital?: A Double Machine Learning Model

Hu Lei, He Chongyang, Zhu Pingheng

2026, 38 (4): 206-217.

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Studying the spillover effects of the registration-based IPO system helps optimize the capital market’s resource allocation function. Based on data from ChiNext and main board listed companies from 2016 to 2022, this study uses a double machine learning model to explore the spillover effects of the registration-based IPO reform on ChiNext. The findings reveal that the reform has significantly reduced the cost of equity capital for ChiNext-listed companies, with the spillover effect mainly driven by improvements in stock liquidity and information disclosure quality. Moreover, the impact of the registration-based IPO reform on reducing the cost of equity capital is more pronounced for companies with low analyst coverage, low audit quality and high financing constraints. This paper enriches the relevant research on the spillover effects of the registration-based IPO system and has important practical implications for comprehensively deepening the capital market reform.

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How does the Performance Excellence Model Improve the Business Performance of Manufacturing Enterprises?—Based on SEM and fsQCA

Lu Bingjie, Wen Decheng

2026, 38 (4): 218-228.

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The Performance Excellence Model (PEM) presents a systematic management framework for organizations, and previous studies have extensively explored its effectiveness. However, whether the PEM positively impacts the operational management of manufacturing enterprises and how it improves the business performance of manufacturing enterprises require further exploration. This paper uses 299 manufacturing enterprises that have won government quality awards as the sample and conducts questionnaire survey and data collection through offline symposia. The data are analyzed using paired-samples t-test, structural equation modeling (SEM) and fuzzy-set qualitative comparative analysis (fsQCA). The results show that implementing the PEM can significantly improve the achievement of process activities and the business performance of manufacturing enterprises. Leadership has a significant direct effect on Strategy; Strategy has a significant direct effect on Customer and Market as well as Process Management; Customer and Market have a significant direct effect on Human Resources; Human Resources and Process Management have significant direct effects on Business Performance; Measurement, Analysis and Improvement has a significant direct effect on other process activities. In addition, high business performance of manufacturing enterprises cannot be achieved by any single process activity. We find that there are six different configurations of process activities that can make manufacturing enterprises achieve high business performance. In summary, this study not only validates the effectiveness of the PEM in the operational management of manufacturing enterprises, but also provides managerial insights for manufacturing enterprises to improve their business performance.

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Robust Reserve Strategies for Emergency Supplies under Demand-Distribution Uncertainty

Zhang Weijian, Hu Jie, Shi Xianliang, Wang Shouyang, Wang Shuming

2026, 38 (4): 229-240.

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Adequate reserves of emergency supplies are essential for effectively responding to various emergency events. Currently, the imbalance in the allocation of physical, production capacity, and capital reserve strategies for emergency supplies in China has led to massive resource waste and difficulty in meeting the relief demands of major emergency events. However, the existing literature on mixed reserve strategies is based on exact probability distributions of demand, limiting the practical application of the models. Therefore, this paper develops a mixed reserve model for physical, production capacity, and capital under demand distribution uncertainty, aiming to minimize the government’s expected cost under extreme distributions. We derive four optimal robust reserve strategies and their boundary conditions. In addition, we establish an emergency supplies reserve model using the minimax regret criterion and derive the equivalent tractable reformulation. The key insights include: 1) As ambiguity aversion increases, the optimal production capacity and capital reserve levels remain unchanged, while the optimal physical reserve level increases. 2) The optimal physical and production capacity reserve levels are constant in the shortage-penalty cost, while the optimal capital reserve level increases with the shortage-penalty cost. 3) The optimal production capacity and capital reserve levels increase with the uncertainty of the reference distribution, while the optimal physical reserve level may decrease. The research findings enhance the flexibility and robustness of emergency supply reserve strategies and provide several managerial implications for the government.

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Innovative Product Iteration Strategy and Capacity Allocation Decisions under Overconfident Behavior

Chen Junlin, Deng Chunyue

2026, 38 (4): 241-249.

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In light of intensifying competition in the supply chain, it becomes imperative for enterprises to bolster their technological innovation capabilities in order to maintain a sustainable competitive advantage. This paper examines the market dynamics resulting from the limited availability of products due to technological innovation. It also investigates the tendency of decision makers to display overconfidence, whereby they often overestimate consumers’ acceptance of innovative products. Through model construction, we analyse enterprises’ strategies for product iteration, the innovation levels of new products and the allocation of capacity between old and new products. The theoretical findings reveal the following insights: 1) When consumers’ acceptance of innovative products is low, rational decision makers opt for a gradual iteration strategy; in the opposite situation, they opt for a radical iteration strategy. However, highly overconfident decision makers tend to mistakenly choose the radical iteration strategy over the gradual iteration strategy. 2) Both rational and overconfident decision makers invest less in innovation but achieve higher profits under gradual iteration strategy than they do under radical iteration strategy. However, as consumers’ acceptance of innovation increases, the profit gap between the two strategies narrows. 3) Regardless of consumers’ acceptance of innovation, overconfident decision makers tend to excessively invest in enhancing product innovation levels and allocating more capacity to innovative products, thereby negatively impacting their profits. Finally, the numerical analysis examines the impact of consumers’ acceptance of innovation, the intensity of competition between old and new products, and the impact of overconfidence level on capacity allocation and the corresponding optimal profits. This study reveals the impact of overconfidence on firms’ product iteration and capacity decision-making, and provides a theoretical basis and practical reference for enterprises to avoid decision-making biases and improve profitability.

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Research on the Impact of Information Sharing on Competitive Power Battery Closed-loop Supply Chain

Xiao Min, Xu Cong, Xie Fuji

2026, 38 (4): 250-260.

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To construct a mature power battery recycling system, in the context of competition between the battery manufacturer and the third-party recycler for the recycling of retired power batteries, a cooperation model called battery information sharing is proposed for the two and models are established to compare changes of recycling quantities, recycling prices, profits and total carbon emissions before and after information sharing. The research results mainly show that: (1) Battery information sharing can increase the amount of power battery recycling by the third-party recycler, and within a certain range, the profits of both the battery manufacturer and the third-party recycler will be improved; (2) When closed-loop supply chain carbon emission efficiency is greater than the utilization rate of echelon utilization, battery information sharing can reduce closed-loop supply chain carbon emissions. The findings provide development directions worthy of reference for power battery recycling companies to solve their own difficulties and seize the opportunities of the power battery retirement wave.

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Research on Strategic Flexibility Realization Mechanism of State-owned Manufacturing Enterprises under the Perspective of Trinitarianism

Sun Xinbo, Liu Jianqiao, Zhang Mingchao

2026, 38 (4): 261-274.

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How state-owned manufacturing enterprises can achieve strategic flexibility during the digital intelligence transformation wave is a challenge faced by both industry and academia. Drawing upon a longitudinal case study exemplified by Weichai Power, this paper follows a “dilemma-change-outcome” logic to examine how such type of enterprises attain strategic flexibility via resource-focused action and digital empowerment through the triadic perspective (Exploitation-Exploration-Foresight). Key findings are: (1) The process forms a unique “decline-startup-growth-mature” lifecycle, highlighting state-owned enterprises’ self-revolution. (2) The triadic capability compensates for ambidexterity’s predictive limitations, leveraging foresight for long-term competitiveness. It integrates stage-specific resource-focused actions (divesting, bricolage, orchestration, concerto), forming ternary resource-focused actions to realize strategic flexibility. (3) Digital intelligence empowers value creation (market, organization, innovation, data), overcoming resource rigidity. This enables four transformations for inter-stage leaps and resolves “gear-shifting” issues to achieve strategic flexibility. The study constructs a strategic flexibility realization model, answers how these enterprises achieve “reaction-foresight” ambidexterity, expands ambidexterity theory, and provides insights for forming new quality productive forces.

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How to Create Disruptive Innovation in Aviation Manufacturing Industry under a Dual Institutional Logic—Based on the Perspective of Innovation Ecosystem

Lin Yan, Han Wenqi, Lu Zelun

2026, 38 (4): 275-288.

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The realization of disruptive innovation in the aviation manufacturing industry is of great significance to the improvement of China’s national defense industry and national industrial capacity. From the perspective of the innovation ecosystem, this study reveals the mechanism of disruptive innovation in the aviation manufacturing industry under a dual institutional logic. The findings show that, during the system’s foundation stage, government logic dominates, with few and dispersed innovation entities mainly engaging in passive, government-led collaboration. This phase emphasizes localization and innovation based on imitation, achieving a breakthrough from zero to one in China’s aviation manufacturing industry. In the system-building stage, government logic remains dominant, while market logic begins to be integrated, leading to the formation of hierarchical structures and initial industry clusters among key members within the system, resulting in steady growth in disruptive innovation outcomes. In the system development stage, both government and market logic play significant roles, with rapid growth of industry clusters centered around core enterprises, leading to an increase in the scale and strength of disruptive innovations. Finally, in the system enhancement stage, market logic takes the lead, fostering a complex R&D collaboration network, which drives explosive growth in disruptive innovation outcomes. These findings not only enrich innovation ecosystem theory and disruptive innovation theory, but also provide valuable insights for disruptive innovation in China’s aviation manufacturing industry.

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