Table of Content

28 July 2026, Volume 38 Issue 7 Previous Issue   
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Economic and Financial Management
Innovation and Entrepreneurship Management
Organizational Behavior and Human Resource Management
Accounting and Financial Management
Operations and Supply Chain Management
Case Studies


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Economic and Financial Management

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Relieving the Hardship: How does Digital Inclusive Finance Facilitates SMEs’ Digital Transformation?—An Empirical Study Based on the Dual Effects of Institutional and Resource Provision Yin Ximing, Zhang Shuxin, Li Jizhen 2026, 38 (7):  3-15.  Abstract ( 3 )   PDF (1221KB) ( 2 )   As an emerging financial innovation, digital inclusive finance provides new opportunities for improving the multi-tiered capital market, promoting the innovative development of small and medium-sized enterprises (SMEs) and accelerating the development of new quality productive forces. However, few studies systematically explore the impact of digital inclusive finance on the digital transformation of SMEs and its process mechanism. Based on the 2012—2020 panel data of SMEs listed on SME Board and ChiNext Market, this paper empirically examines the process mechanism between digital inclusive finance, firms’ internal and external financial constraints, and digital transformation, as well as the contingent impact of market environment and institutional environment from the perspective of the integration of resource and institutional provision. The findings are as follows: Digital inclusive finance significantly promotes the digital transformation of SMEs and plays a significant role in alleviating firms’ difficulties; Digital inclusive finance has the dual effects of resource provision and institutional provision, which can effectively alleviate the internal and external financing constraints faced by small and medium-sized enterprises, thus promoting the digital transformation of enterprises. The degree of market competition will strengthen the alleviating effect of digital inclusive finance, and the better the regional institutional environment, the more significant the enabling effect of digital inclusive finance. This paper systematically reveals the process mechanism and contingency factors of digital inclusive finance enabling the digital transformation of SMEs, and has important practical guiding significance for further releasing the dividends of digital inclusive finance helping with industrial digitalization and accelerating the development of modern industries. References | Related Articles | Metrics

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Tax System Greenization and Commonality in Liquidity—Evidence from the Implementation of the Environmental Protection Tax Law Wei Xingkai, Wang Yifeng 2026, 38 (7):  16-28.  Abstract ( 0 )   PDF (1227KB) ( 0 )   As one of the key market-based environmental regulation policies in recent years, the green transformation of the tax system has not only exerted a significant influence on enterprises’ green transition and development but also reshaped the characteristics of systemic risk in the capital market. This paper investigates the commonality in liquidity effect of tax system greening. Research findings indicate that the greening of the tax system generates the commonality in liquidity effect, specifically reducing the commonality in liquidity of high-pollution enterprises in regions with elevated tax burden standards. Furthermore, executive environmental experience and corporate green governance behaviors can mitigate the commonality in liquidity effect of tax system greening. Mechanism analysis reveals that tax system greening influences commonality in liquidity by altering investor green preferences and enhancing corporate green information quality. Further research demonstrates that the green finance reform pilot zone policy attenuates the impact of tax system greening on commonality in liquidity. Additionally, the greening of the tax system also reduces the stock price synchronicity of heavily polluting enterprises in regions with increased tax burden standards, reflecting the characteristics of price-volume resonance in the capital market. Heterogeneity analysis shows that the commonality in liquidity effect is more pronounced in cases of high investor attention and non-state-owned enterprises implementing tax system greening. This study provides a new perspective on the economic consequences of tax system greening, enriches the literature on the determinants of commonality in liquidity, and offers practical implications for the next round of tax system greening policies as well as for preventing and mitigating financial risks. References | Related Articles | Metrics

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Study on the Impact of Digital Transformation of Industrial Enterprises on Carbon Emission Performance Su Yi, Yu Qi 2026, 38 (7):  29-43.  Abstract ( 0 )   PDF (1348KB) ( 0 )   This paper selects Chinese A-share listed industrial enterprises as the research object, and empirically examines the impact of digital transformation of industrial enterprises on carbon emission performance. The study shows that digital transformation of industrial firms can significantly contribute to carbon performance and remains robust after endogeneity issues and three robustness tests. Mechanism tests find that green innovation has a partial mediating effect in this process; human resource base has a single-threshold effect in the process of digital transformation to enhance green innovation; and market-incentivized environmental regulation positively moderates the contribution of green innovation to carbon performance. The results of heterogeneity analysis show that digital transformation promotes carbon emission reduction performance more significantly in high-energy-consuming enterprises than in non-high-energy-consuming enterprises, in state-owned enterprises than in non-state-owned enterprises, and in enterprises in the western regions than in enterprises in the northeastern region. This study not only reveals the mechanism of how industrial enterprises’ digital transformation influences carbon emission performance, but also provides theoretical basis and policy inspiration for the realization of China’s “dual-carbon” goal from the micro perspective of enterprises. References | Related Articles | Metrics

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Why Are Manufacturing Digital Strategies Decoupled: The Differential Impact of Institutional Pressure and the Moderating Effect of Digital Change Cognition Feng Xiaobin, Zheng Hanzhong, Xiao Bowen 2026, 38 (7):  44-55.  Abstract ( 1 )   PDF (2322KB) ( 1 )   Institutional pressure has shaped the digital strategy environment of manufacturing enterprises, but given the long cycle, high risk and low effectiveness of digital investment, some enterprises just pay lip service to digital strategy in order to enjoy financial subsidies and other preferential policies, resulting in a decoupling phenomenon of ‘discrepancy between words and deeds’ in their digital strategies. Therefore, exploring the mechanism underlying the phenomenon is crucial to boosting the digital transformation of enterprises. Based on decoupling theory and change cognition theory, this paper explores the differential impact of industry and regional institutional pressure on corporate digital strategies, and examines the moderating effect of digital change cognition. The paper takes Chinese A-share manufacturing firms listed between 2010 and 2020 as the research sample and uses a fixed-effect model for empirical testing. The results show that: (1) Industry institutional pressure positively affects substantive digital strategies(SUDS), and regional institutional pressure positively affects strategic digital strategies(STDS). (2) The forward-looking of digital change cognition enhances the impact of industry institutional pressure on SUDS, while weakening the impact of regional institutional pressure on STDS. (3) The sustainability of digital change cognition mediates the relationship between industry institutional pressure and substantive digital strategy in a U-shaped manner, and the inverted U-shaped mediates the relationship between regional institutional pressure and strategic digital strategy. The paper contributes to the theory of decoupling by revealing the selection mechanism of digital strategies, identifying the antecedent factors of decoupling from the perspective of institutional pressure, reconstructing the cognitive dimension based on the digital context, and expanding the boundary of influence by embedding a time logic. References | Related Articles | Metrics

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Optimizing VAT-payer Identity Management and Market Vitality: Evidence from a Policy Pilot Allowing Small-scale Taxpayers to Self-issue Special Invoices Zhan Xinyu, Zheng Jialiang 2026, 38 (7):  56-67.  Abstract ( 1 )   PDF (2442KB) ( 1 )   For a long time, issues such as an obstructed value-added tax (VAT) deduction chain and unbalanced tax system development have existed between small-scale VAT-payers and general taxpayers. Market activities between these two types of business entities have been affected, leading to a certain degree of market segmentation, which is not conducive to stimulating market vitality. Therefore, there is an urgent need to promote the optimization of taxpayer identity management. Based on the National Tax Survey and the National Business Registration Information datasets, this paper utilizes the policy pilot allowing small-scale taxpayers to self-issue VAT special invoices to establish a quasi-natural experiment. It investigates the impact of optimizing VAT-payer identity management on the entry of small-scale taxpayers, finding that this optimization significantly increases the probability of small-scale taxpayer entry, effectively stimulating market vitality. Further research reveals that this effect is realized through the following three mechanisms: the optimization creates a fair market environment for business entities, reducing obstacles to business expansion; it lowers institutional transaction costs, thereby alleviating financing constraints for business entities; and it sends a positive signal for development, strengthening the positive expectations of small-scale taxpayers. Furthermore, heterogeneous effects are found across different groups based on property rights, industry type, and regional digital tax collection and administration levels. This paper provides empirical evidence for deepening tax collection and administration reform, offering policy insights on how to effectively stimulate market vitality in the process of Chinese modernization. References | Related Articles | Metrics

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Tax Reduction and Fiscal Resilience: A Dual-effect Analysis of “Tax-Debt Substitution” Liu Yuan, Lu Xiaotong 2026, 38 (7):  68-81.  Abstract ( 0 )   PDF (1333KB) ( 0 )   Against the backdrop of slowing economic growth and the continuous implementation of proactive fiscal policies, balancing the economic stimulus effects of tax reduction policies with the stable operation of local finances has become a core issue. This paper systematically examines the relationship between the short-term fiscal risks and long-term fiscal resilience associated with tax reduction policies, and explains the transmission role of local government debt scale in this process. Using panel data from 111 prefecture-level cities in China from 2017 to 2021, the study constructs a comprehensive evaluation system for fiscal resilience and empirically tests the pathways through which tax reduction policies affect local fiscal resilience. The results show that the “tax-debt substitution” phenomenon triggered by tax reduction policies leads to an expansion of local government debt. This debt expansion exerts a dual impact on regional economies and fiscal resilience through crowding-out and multiplier effects: it crowds out private investment in the financing stage, while generating a multiplier effect through public investment in the expenditure stage. The net effect is positive, ultimately enhancing fiscal resilience. Additionally, the crowding-out effect exhibits structural differences: local government debt significantly suppresses new borrowing by private enterprises, while its impact on non-private enterprises is not significant. The study concludes that tax reduction policies significantly enhance local fiscal resilience through the transmission mechanism of “tax reduction—debt adjustment—economic quality improvement—sustainable fiscal revenue.” This paper provides policy insights for further improving the tax reduction policy system, mitigating local government debt risks, and strengthening fiscal resilience governance. References | Related Articles | Metrics

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The Impact of Business Entities’ Perception of Business Environment on Investment Intention: Paradox and Resolution from the Perspective of Organizational Inertia Xiong Ailun, Ding Xiaoyuan, Xiong Fengqin, Li Hongyi 2026, 38 (7):  82-93.  Abstract ( 1 )   PDF (1300KB) ( 1 )   Business environment serves as the foundation for the survival and development of business entities, and its optimization is crucial for building a high-level socialist market economy. Despite continuous improvements in China’s overall business environment in recent years, private economic activities have shown signs of slowing down. This paper investigates the impact of business environment on short-term investment confidence among private enterprises and its underlying mechanisms, utilizing empirical survey data. The findings reveal a paradox: business entities’ perception of an improved business environment paradoxically inhibits their short-term investment intention. However, strengthening technological advantages and decentralizing decision-making effectively mitigate this negative effect. Heterogeneity analysis indicates that the inhibitory impact is primarily observed in firms lacking political networks. Post-hoc analysis further identifies three root causes of entrepreneurs’ skepticism toward business environment initiatives: distrust in government-business relations, policy implementation biases, and cadre inaction. By unraveling the “business environment paradox,” this study contributes theoretical insights to institutional reform literature and provides practical implications for enhancing policy implementation consistency and revitalizing private sector vitality. References | Related Articles | Metrics

Innovation and Entrepreneurship Management

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Open Innovation Strategies, Value Appropriation Mechanisms and Innovation Performance: Integrating the Paradox of Openness and Protection Zhang Huiying, Chen Xiguang, Li Zhendong 2026, 38 (7):  94-105.  Abstract ( 1 )   PDF (1314KB) ( 0 )   Based on contractual/non-contractual (tight/loose constrains) view, open innovation can be divided into innovation collaboration and external search. However, little is known about how these two open innovation strategies match different value appropriation mechanisms to impact innovation performance. This empirical study examines a survey of 764 manufacturing firms to explore how innovation collaboration and external search affect innovation performance, and the moderating role of patenting and secrecy. The findings show that both innovation collaboration and external search can enhance innovation performance. When firms use patenting to protect innovations, innovation collaboration significantly improves innovation performance, whereas external search is detrimental to innovation performance. On the contrary, when firms use secrecy to protect innovations, innovation collaboration is not conducive to improving innovation performance, while external search can achieve higher innovation performance. This research provides a new lens for understanding open innovation strategies, and underlines the match between open innovation strategies and value appropriation mechanisms. This paper provides important practical implications on integrating the paradox of openness of innovation process and protection of innovation output for firms involved in open innovation strategies. References | Related Articles | Metrics

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High Quality Sharing of Environmental Data Elements and Digital-Green Collaborative Innovation in Manufacturing Liu Fei, An Lei, Zhang Guopeng, Wang Xinliang 2026, 38 (7):  106-118.  Abstract ( 0 )   PDF (2630KB) ( 0 )   Under the goal of promoting the high-end, intelligent and green manufacturing industry, the sharing quality of environmental data elements is described from the dimensions of sharing scale, timeliness and methods. The impact of such sharing on the collaborative innovation of digital green manufacturing industry is tested by using multiple methods such as Difference-in-Differences and machine learning. It is concluded that the collaborative innovation of digital green manufacturing industry and its “flywheel effect” have a positive response to the sharing of environmental data elements, the optimization of sharing methods, the expansion of sharing scale and the enhancement of sharing timeliness; enhancing the integration of heterogeneous resources, cross-border knowledge absorption and dual risk prevention and control ability of innovation subjects are the internal transmission mechanism; the collaborative innovation effect of large-scale and visual sharing of environmental data elements depends on digital transformation and human capital cultivation. Under the high environmental evaluation standard, promoting the collaborative innovation of digital and green manufacturing should tap the time value of environmental data elements sharing; further discussion proves that the sharing of environmental data elements performs well in the collaborative promotion of carbon reduction, pollution reduction, green expansion and growth, and can stimulate the collaborative innovation effect of green credit, green factory certification and intelligent manufacturing. The above conclusions respond to the relevant instructions of the CPC Central Committee on improving the construction of environmental supervision system and promoting the comprehensive green transformation of economy and society. References | Related Articles | Metrics

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Research on the Identification and Configuration Impact of Cross-border Innovation Risks of Science and Technology-based Enterprise Lin Yan, Zhou Jie 2026, 38 (7):  119-130.  Abstract ( 0 )   PDF (2185KB) ( 0 )   Cross-border innovation is an inevitable strategic choice for technology-based enterprises to seek sustainable development in the VUCA environment. However, there are many risks and hidden dangers in the complex and dynamic process of cross-border innovation. Which risks and their combined effects will affect the cross-border innovation effect of technology-based enterprises is still unclear at present. Based on the configuration theory, this paper takes 11 technology-based enterprises that have had poor cross-border innovation effects as the research objects and conducts a study on cross-border innovation risks by applying the two-step fsQCA method. The research finds that: (1) The poor cross-border innovation effect of technology-based enterprises is not caused by a single risk, but is the result of multiple concurrent risks. (2) The risk factors that affect the poor cross-border innovation effect of technology-based enterprises include four types: environmental risk, technological risk, management risk and relationship risk. Among them, environmental risk is a remote condition, while the rest are near-end conditions. Market environmental risk is a necessary remote condition that leads to the result. (3) Three risk paths, namely concurrent type, technology deficiency type and personnel interference type, are identified, with the concurrent risk path being the main one. The research conclusion fills the gap of configuration theory in the field of cross-border innovation risk research of technology-based enterprises, expands the application scope of two-step fsQCA, and provides practical theoretical references for technology-based enterprises to classify and identify cross-border innovation risks and risk paths, and then implement differentiated risk management and control strategies. References | Related Articles | Metrics

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The Impact of Financial Shared Service Center on Business Groups Innovation Na Chaohong, Li Yuting, Chen Xue, Xu Daoqian 2026, 38 (7):  131-143.  Abstract ( 0 )   PDF (2241KB) ( 0 )   Chinese listed companies mostly adopt a parent-subsidiary group structure in their operations. Financial Shared Service Center (FSSC), as an innovative practice of financial digital transformation and centralized resource management within business groups, is gradually extending from accounting sharing to diversified sharing. However, whether and how it affects groups innovation remains unclear. Based on the data of A-share listed business groups and their subsidiaries from 2009 to 2022, this paper finds that FSSC enhances innovation of business groups, especially subsidiaries, which supports the “facilitation hypothesis” rather than the “inhibition hypothesis”. The mechanism test reveals that FSSC enhances groups innovation by facilitating risk management, capital control and information control. The greater the external financial, operational, and regulatory pressure faced by business groups, as well as the higher the complexity of organizational and business control, the stronger the facilitating effect of FSSC on groups innovation. Additionally, the innovation facilitation role of FSSC can further enhance business groups’ technological superiority, product competitiveness, and investment value. This paper enriches the research on FSSC and groups resource allocation and control model, responds to the debate on the impact of centralized control on enterprise innovation. It is of great significance for the construction of world-class financial management system and high-quality development of business groups. References | Related Articles | Metrics

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Collaboration Integration, Knowledge Diversity, and Exploratory Innovation—The Moderating Role of Digital Transformation Strategies Fang Yuanxin, Yu Jiang, Bai Yutong 2026, 38 (7):  144-156.  Abstract ( 0 )   PDF (1235KB) ( 0 )   As a significant driving force in accelerating the implementation of China’s national innovation-driven development strategy, digital transformation profoundly impacts corporate innovation patterns, knowledge structures, and management models. This study conducts an empirical analysis of 483 information and communication manufacturing companies listed in China from 2011 to 2022. It discusses the impact of internal collaborative integration and knowledge diversity on exploratory innovation within enterprises, as well as the moderating role played by corporate digital transformation strategies. The research finds that there is an inverted U-shaped relationship between a company’s collaborative integration and its exploratory innovation. In contrast, knowledge diversity promotes exploratory innovation with an increasing marginal effect. It also identifies heterogeneity in the moderating effects of different digital transformation strategies on the relationships between collaborative integration, knowledge diversity, and exploratory innovation. The results provide practical insights for enterprises on how to balance collaborative integration and knowledge diversity, and how to utilize digital transformation to enhance exploratory innovation. References | Related Articles | Metrics

Organizational Behavior and Human Resource Management

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The Effect of Leader-Follower Age Congruence on Leader Humor Behavior and Followers’ Job Performance Jiang Tian, Chen Feiyue, Chen Hang, Zhou Yiling, Wang Lin 2026, 38 (7):  157-165.  Abstract ( 2 )   PDF (1527KB) ( 3 )   Based on similarity-attraction theory and relational norms theory, this paper investigates the effect of leader-follower age congruence on leader humor behavior and followers’ job performance. Using a multi-wave field survey of 266 followers and their leaders, along with polynomial regression and response surface analysis, the study finds that: (1) the frequency of leader humor behavior is higher in leader-follower age-congruent dyads than in age-incongruent dyads. (2) when leaders and followers are incongruent in age, the frequency of leader humor behavior is higher in the “older leader and younger follower” dyads than in the “younger leader and older follower” dyads. (3) leader-follower age congruence has a positive indirect effect on followers’ job performance via leader humor behavior. This paper reveals the antecedent and consequence of leader humor behavior from the perspective of leader-follower age congruence, providing a new theoretical lens for facilitating leader humor behavior in leader-follower interactions. References | Related Articles | Metrics

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Unexpected Spillover Effects? The Inducing Mechanism, Consequences and Boundary Condition of Entrepreneur’s Tolerance of Ambiguity on Middle Managers’ Anxiety Xiong Li, Yao Yue, Jia Jianfeng, Fang Jiaxing, Nian Pengxiang 2026, 38 (7):  166-178.  Abstract ( 1 )   PDF (1576KB) ( 0 )   In the VUCA era, entrepreneurs’ tolerance of ambiguity is often seen as an important trait that affects the survival and growth of startups. However, few studies have focused on whether there are unanticipated negative spillover effects that generate new problems when entrepreneurs use this trait to help their startups succeed. This study combines stress theory and the job demands-resources (JD-R) model to construct a moderated chain mediation model of entrepreneurial ambiguity tolerance inducing middle-level supervisor anxiety and subsequent negative behavior through their own risky decisions and role ambiguity instructions to their subordinates, and examines the boundary utility of role-breadth self-efficacy. Two field questionnaire studies with different samples support the research hypotheses in general. A total of 425 entrepreneur-middle manager paired data and 560 front-line employee data analyses reveal that entrepreneurs’ tolerance of ambiguity positively influences mid-level supervisor anxiety through risky decision-making behavior and role ambiguity instructions, which in turn leads to resistance and opposition behavior; middle-level supervisor anxiety also leads to reduced support for subordinates; the role-breadth self-efficacy of middle-level supervisors moderates the serial mediating process from entrepreneurs’ ambiguity tolerance to the negative behavior of the lower level, such as the path of role ambiguity instructions, and this spillover effect is particularly significant for low-efficacy middle-level supervisors, and vice versa. By revealing the unknown aspects of entrepreneurs’ ambiguity tolerance (e.g. when will it induce subordinates’ negative emotions and what is the key mechanism in mitigating this effect) from the perspective of the relationship between superiors and subordinates, this paper makes the study of ambiguity tolerance more dialectical and complete, and also has certain guiding significance on how to give play to ambiguity tolerance in entrepreneurial activities. References | Related Articles | Metrics

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How to Enhance the Work Well-being of Multi-generational Employees? The Joint Role of Age-inclusive Human Resource Practices and Inclusive Leadership Wang Dongyang, Li Li, Guo Jiachen 2026, 38 (7):  179-190.  Abstract ( 2 )   PDF (3331KB) ( 1 )   The trend of age diversity in China’s labor force has become significantly more pronounced. Motivating employees across all age groups to “keep pace with each other” was an “optional choice” for some employers, but now has become a “mandatory requirement” for more employers, and will be key to organizational success in the future. Based on the theory of sensemaking, this study explores the joint effects of age-inclusive human resource practices and inclusive leadership on employees’ work well-being, focusing on the mediating role of perceived insider status and introducing age diversity beliefs as a moderating variable. Study 1, using polynomial regression combined with response surface analysis to test hypotheses on two-stage employee-matched data (N=499), shows that the more aligned inclusive leadership and age-inclusive human resource practices are, the stronger perception employees have on their insider status. the consistency of the inclusive leadership age-inclusive human resource practices combination promotes work well-being through the indirect effect of employees’ perceived insider status. Employees’ age diversity beliefs moderate the influence of the inclusive leadership and age-inclusive human resource practices combination on employees’ perceived insider status. Study 2, employing a scenario-based experiment (N=222), further demonstrates the joint effect of inclusive leadership and age-inclusive human resource practices on employees’ perceived insider status and work well-being, with both positively interacting to predict perceived insider status and work well-being. The findings provide guidance for multi-generational motivation in the context of workforce diversity. References | Related Articles | Metrics

Accounting and Financial Management

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Local Debt and Green Development Efficiency of Enterprises Su Xiao, Qiao Ruiyun, Xu Shengyan, Wu Yue 2026, 38 (7):  191-204.  Abstract ( 0 )   PDF (2256KB) ( 0 )   Balancing economic development and environmental protection and establishing a government debt management mechanism that aligns with high-quality development is an inherent requirement for advancing Chinese-style modernization. This paper uses data from Chinese A-share listed companies from 2008 to 2022 and employs a multi-dimensional fixed-effect model to explore the mechanism of how local debt influences the green development efficiency of enterprises. The research finds that an increase in the local debt ratio significantly suppresses the green development efficiency of enterprises. For every 1% increase in the local debt ratio, the average green development efficiency of enterprises decreases by 0.169%. Moreover, this inhibitory effect is more pronounced for enterprises in cities with higher local government bond debt ratios and higher reliance on land finance, as well as for private enterprises and technology-intensive enterprises. Mechanism analysis indicates that an increase in the local debt ratio intensifies financing constraints and tax and fee burdens on enterprises through the occupation of credit resources, strengthened tax and fee collection and management, and misallocation of green investment, thereby weakening long-term green innovation momentum and reducing the green development efficiency of enterprises. Further analysis incorporating dual economic and environmental policies reveals that flexible economic growth targets and strong environmental supervision can help mitigate the negative impacts of rising local debt ratios. This paper enriches the research on the mechanism and consequences of local debt influencing micro-enterprises from the perspective of green development efficiency, providing theoretical basis and policy implications for further deepening the reform of the local debt management system and effectively enhancing the green development efficiency of enterprises. References | Related Articles | Metrics

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The Impact of Digital Infrastructure Construction on Corporate Environmental Investment—Quasi-natural Experimental Based on the Broadband China Pilot Policy Lin Le, Teng Dongmei 2026, 38 (7):  205-216.  Abstract ( 0 )   PDF (1193KB) ( 0 )   Although existing studies suggest that digital infrastructure construction positively enables environmental performance, its relationship with corporate environmental investment decisions remains unclear. The paper employs a multi-period Difference-in-Differences (DID) model to empirically investigate the impact of digital infrastructure construction on corporate environmental protection investment. The study finds that digital infrastructure construction significantly reduces the level of corporate environmental investment. Further structural analysis reveals that this cost-reducting effect stems from the optimization of the investment structure, specifically where enterprises substitute costly end-of-pipe treatment investments with increased front-end preventive investments. The decline in environmental investment does not weaken corporate environmental compliance, but instead reduces pollution discharge fees and does not trigger more stringent environmental penalties. Digital infrastructure construction reduces firms’ reliance on traditional environmental investments by improving resource allocation efficiency, promoting green technology innovation, and enhancing regional green total-factor energy efficiency. Heterogeneity analysis shows that the aforementioned effects are more pronounced in enterprises with lower levels of digital transformation, higher financing constraints, greater technological intensity, larger scale, or more stringent environmental regulations. In conclusion, this paper offers important policy insights for optimizing digital infrastructure investment layouts and building a technology-embedded environmental governance system. References | Related Articles | Metrics

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Fund Clique and Stock Price Volatility Xiao Qi, Wu Wenfeng 2026, 38 (7):  217-230.  Abstract ( 2 )   PDF (1211KB) ( 1 )   Given the newly emerging joint-shareholding by funds, both academic and professional circles are concerned with whether such fund cliques contribute to market stability or amplify market volatility. This paper identifies fund cliques based on fund holding data and examines the impact of their shareholdings on stock price volatility. The findings indicate that fund cliques exacerbate stock price volatility and undermine the stability of securities markets. Fund cliques exacerbate stock price volatility primarily by fueling price bubbles and attracting speculative investors who follow the trend, while failing to exert a stabilizing effect through improving corporate governance. Further analysis reveals that lower stability in fund clique shareholding strengthens their amplifying effect on stock price volatility. This exacerbating effect is more pronounced when a stock is heavily held by a single fund clique, or when the fund cliques exhibit stronger performance and smaller size. Moreover, fund cliques significantly increase the risk of stock price crashes. This study provides theoretical and empirical evidence for preventing financial risks and maintaining market stability, while offering policy implications for strengthening the regulation of fund behavior and promoting the healthy development of capital markets. References | Related Articles | Metrics

Operations and Supply Chain Management

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Research on Product Line Extension and Pricing Strategy for Competitive Enterprises in Dual-dimensional Differences Zhou Fangting, Zhang Xinyue, Feng Lin 2026, 38 (7):  231-240.  Abstract ( 0 )   PDF (2306KB) ( 0 )   In addition to quality improvement, horizontal product line extension is often used by manufacturers to attract more appearance-focused consumers. Considering both horizontal and vertical product differentiation, this paper examines how quality-differentiated enterprises should strategically design their product lines according to consumers’ aesthetic preferences to optimize profitability. The results show that: (1) When horizontal differentiation is significant, the optimal strategy for both high-quality and low-quality firms is to refrain from horizontally extending their product lines, resulting in a win-win outcome. If horizontal differentiation is small while the difference in production costs is large, both firms choose to horizontally extend their product lines, yet this leads to a “prisoner’s dilemma”. When horizontal differentiation is moderate and production costs are low, the high-quality firm opts for product line extension, whereas the low-quality firm does not. Only when both horizontal differentiation and production cost differences are small does the low-quality firm optimally decide to extend its product line, while the high-quality firm pursues the opposite strategy. (2) A firm’s original product is consistently priced higher than its homogeneous line extensions. Proactive extension allows the firm to secure a price premium for the original product, whereas imitation by rivals forces a reduction in its price. (3) When lacking quality or market advantages or facing unilateral extension by its competitor, an enterprise tends to maximize horizontal differences in product aesthetics to retain a loyal consumer base. In contrast, the competitor tends to homogenize aesthetic designs in their product lines. References | Related Articles | Metrics

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Differential Subsidy Strategy of O2O Platform Considering User Segmentation Kang Yaling, Wu Zhiqiao 2026, 38 (7):  241-251.  Abstract ( 0 )   PDF (1635KB) ( 0 )   In the context of Online to Offline (O2O), we purpose a sequential game participated by platform manager, merchants, and users. Considering the stochasticity of consumption behavior, this study shows the equilibrium of service quality and subsidy level in the case of unified subsidy strategy. To further analyze the characteristics of user demand, the game equilibrium of user segmentation is explored under different contract forms (Single and Differential commission rate). The result shows that user segmentation supports platform in building more stable customer relationship and helps them allocate constrained marketing resources to user group with higher service demand. To improve the low service quality obtained by high-value users under the Single commission rate, this paper proposes a contract from with Differential commission rate. The study analyzes the impact of different scenarios of commission rate on consumption behavior and operation decisions, and finds the platform does not always tend to use “big-data enabled price discrimination against existing customers” on O2O platform. Our results provide managerial insights for platform operations and governance. References | Related Articles | Metrics

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Pricing and Profit Allocation of Agricultural Supply Chain Based on IoT and Blockchain Technology Zheng Daitao, Hu Xiangpei, Ji Qingkai 2026, 38 (7):  252-262.  Abstract ( 0 )   PDF (2803KB) ( 0 )   We consider a two-tier agricultural supply chain where a farm and a retailer propose to adopt Internet of Things and blockchain technology (IoT+BCT) to deal with yield uncertainty and consumers’ safety concern about the agri-product. By constructing a Stackelberg model, the equilibrium of the pricing and production decisions between the retailer and the farm is analyzed, along with the impact of IoT+ BCT and the adoption willingness of supply chain members. The study finds that the increase in the retailer’s price after adopting IoT+BCT equals the average of the benefit of IoT+BCT in alleviating consumers’ concern and the unit variable cost. However, demand (or planned production amount) will only increase when the “net” benefit of IoT+BCT (defined as the difference between the concern alleviation benefit and the variable cost of IoT+BCT) is sufficiently high. Generally, the farm is more willing to adopt IoT+BCT than the retailer. The retailer is more likely to adopt the IoT+BCT when the quality of the agricultural product is higher. Through Nash bargaining based on revenue sharing, the likelihood of both agents concurrently adopting IoT+BCT is enhanced, leading to potential Pareto improvement. Numerical experiments are conducted in order to validate the theoretical results and to derive additional managerial insights. References | Related Articles | Metrics

Case Studies

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Research on the Mechanism of the Influence of Self-leadership of Gig Workers on Dual Work Behavior under Algorithm Control Hou Xuanfang, Liu Yunqi, Chen Wu, Cai Xinyu, Chen Hao 2026, 38 (7):  263-275.  Abstract ( 5 )   PDF (1384KB) ( 3 )   In the context of precise managerial control enabled by platform algorithms, how self-leadership intervenes in work performance has become a critical lens for examining the behavioral multiplicity of gig workers. Drawing on a grounded theory-based case study approach, this research develops a dual-path mechanism through which gig workers’ self-leadership under algorithmic control influences work behaviors. The findings indicate that gig workers’ self-leadership under algorithmic control comprises five core strategies: learning orientation, emotion regulation, behavior adjustment, self-motivation, and thought construction. These strategies can be classified into three developmental stages: cognitive-emotion regulation, behavior motivation, and thought construction. Moreover, self-responsibility and work pressure play mediating roles in the process where self-leadership influences work behavior. This study not only enriches the structural connotation of the self-leadership strategies of gig workers under algorithmic control, but also provides a theoretical reference for platform organizations to strengthen the behavioral management of gig workers in the algorithmic context. References | Related Articles | Metrics

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The Evolution Process of Technology Transfer Ecosystem Led by Enterprises—Exemplified by China Three Gorges Corporation Xiao Tong, Wang Haijun, Chen Jin, Zhang Fangfei 2026, 38 (7):  276-288.  Abstract ( 1 )   PDF (1933KB) ( 0 )   To address the practical disconnection between technological innovation and industrial application, this paper, from the perspective of enterprise leadership, takes China Three Gorges Corporation as a case study and systematically tracks the dynamic evolution process and realization mechanism of its technology transfer ecosystem. The research finds that the system follows a stepwise evolutionary path of “linear chain - cooperative network-ecosystem”, and the leading enterprise promotes the structural leap of the system through the “dual-mode iteration” of technological innovation and transfer. The continuously strengthened supply feedback relationship between “innovation and transfer” constitutes the endogenous driving force for system upgrading, promoting the dynamic adaptation of technological supply and industrial demand. The modular architecture establishes a networked collaboration foundation through functional decoupling and standard interfaces, while platform empowerment enhances the overall efficiency of the system through resource integration and service support. Together, they form the progressive realization mechanism of system evolution. This study not only enriches the theoretical framework of the technology transfer ecosystem but also provides methodological support and practical paths for strengthening the leading position of enterprises in innovation and solving the problem of technology transfer. References | Related Articles | Metrics