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    ChatGPT+Finance: Eight Noteworthy Research Directions and Issues
    Wang Shouyang, Li Mingchen, Yang Kun, Lin Wencan, Jiang Shangrong, Wei Yunjie
    Management Review    2023, 35 (4): 3-11.  
    Abstract769)      PDF (1225KB)(800)      
    The emergence of ChatGPT marks the beginning of a new revolution in artificial intelligence. The innovative generative AI technology represented by ChatGPT will significantly impact the research paradigm of economics and the systemic ecology of the financial industry. This paper outlines the developmental trajectory of ChatGPT, analyzes its applications and future prospects in the financial field, and discusses the potential impact and regulatory risks. Undoubtedly, ChatGPT will bring many significant challenges to the field of finance. To promote high-quality development in China’s financial industry and related researches, this paper proposes eight noteworthy research directions and issues for the academic community.
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    Does Population Aging Bring Opportunities or Resistance to the Transformation and Upgrading of Industrial Structure? An Analysis Based on the Two-dimensional Mechanism of Supply and Demand
    Wang Xinliang, Du Zhuangzhuang, Liu Fei
    Management Review    2022, 34 (10): 79-91.  
    Abstract365)      PDF (1343KB)(125)      
    Given the national goal of high-quality economic development and the problem of population aging, this paper analyzes the theoretical mechanism of how population aging influences the transformation and upgrading of industrial structure through labor supply and consumption demand from three dimensions: industrial upgrading, coordination and transformation, and builds a dynamic panel mode based on provincial panel data from 1997 to 2018. The following conclusions are drawn through SYS-GMM estimation method: (1) Population aging brings both opportunities and resistance to the transformation and upgrading of industrial structure as it can promote industrial upgrading and force industrial transformation on the one hand but hinders industrial coordination on the other hand. (2) Seen from the labor supply path, population aging will bring about “opportunities” for the transformation and upgrading of the industrial structure by forcing the improvement of the quality of labor supply, but the resultant reduction of labor supply will retard industrial coordination to the detriment of industrial structure transformation and upgrading. (3) Seen from the path of consumption demand, change of total consumption demand will amplify the retardant effect of population aging on industrial coordination, but enhances its role in promoting industrial upgrading and transformation. At the same time, population aging can turn “resistance” into “opportunities” and fully promote the transformation and upgrading of industrial structure so long as consumption demands are driven to a high level.
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    Data Factor Driven High-quality Digital Transformation of Enterprise——A Longitudinal Case Study of Sogal's Intelligent Manufacturing
    Xie Kang, Hu Yangsong, Liu Yi, Luo Tingyu
    Management Review    2023, 35 (2): 328-339.  
    Abstract357)      PDF (1674KB)(411)      
    High-quality digital transformation is a key for an enterprise to seek its high-quality economic development, and this is because digital transformation enables data factors to reallocate corporate resources. This paper conducts a longitudinal case study based on Sogal 's transition from mass customization to intelligent manufacturing between 2008 and 2022, and brings about two theoretical contributions. First, it proposes a routine model of enterprise's high-quality digital transformation by defining the concept of high-quality digital transformation from a data-driven perspective, and extracting three realization paths of it:factor reconstruction, factor creation and factor generativity. Secondly, it contributes to the literature of adaptive transformation by revealing that the high-quality digital transformation is exploiting data factors to promote reallocation efficiency of firms' internal and external resources, and clarifying how such reallocation is adaptive to firm's different development stages.
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    Research on the Influence of Personalized Intelligent Recommendation on Consumers’ Online Impulse Buying Intention
    Fan Wenfang, Wang Qian
    Management Review    2022, 34 (12): 146-156,194.  
    Abstract294)      PDF (1390KB)(283)      
    With the rapid development of mobile internet era and the continuous application of high-tech such as artificial intelligence, personalized intelligent recommendation has become an important marketing method for e-commerce platform enterprises to meet consumers’ diversified preferences. Practice shows that personalized recommendation has an important impact on consumers’ buying behavior, and it helps to improve the performance of e-commerce platforms. Based on the flow experience theory and the perceived value theory, this paper discusses the influence of personalized intelligent recommendation on consumers’ online impulse purchase intention, and this mechanism of flow experience, perceived practical value and quality of online reviews. Through the investigation of 548 e-commerce platform consumers, the empirical study finds that personalized intelligent recommendation and its related dimensions (information presentation, system interaction and community influence) positively affect consumers’ online impulse purchase intention. Flow experience and perceived practical value mediate the positive relationship between personalized intelligent recommendation and consumers’ online impulse purchase intention. The quality of online reviews plays a moderating role in the impact of personalized intelligent recommendation on consumers’ online impulse purchase intention. The higher the quality of online reviews, the stronger the positive impact of personalized intelligent recommendation on consumers’ impulse purchase intention.
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    A Research on Voice Quality Based on Grounded Theory: Content Structure, Measurement and Its Mechanism
    Ma Guimei, Ma Hong, Zhang Xu, Ma Bing, Yuan Mingyue
    Management Review    2022, 34 (12): 227-240.  
    Abstract222)      PDF (2215KB)(129)      
    Employee voice behavior is so important to the organization that it remains the focus of theoretical and practical attention. Quality plays a significant role in the effect of voice behavior. Most of the existing studies focus on voice frequency, but few of them pay attention to voice quality. Based on the framework of information quality, this study first explores the content structure of voice quality by using grounded theory methodology, and points out that voice quality includes three dimensions: importance, accuracy and feasibility. Then, using 1059 samples in four stages, a measurement scale of voice quality is developed. Finally, based on the theory of competitive mobility, this study puts forward the mechanism of voice quality on individual career growth. Using a sample of supervisor-subordinate dyads, this research suggests that voice quality affects internal and external career growth through job self-efficacy and leader-member exchange relationship. This study promotes the theoretical research and practical application of advice behavior by defining the content and structure of advice quality, providing operable measurement tools, and preliminarily revealing the function and mechanism.
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    Research on the 10-year Promotion Effect of New Energy Vehicles in China: A Spatial Effect Perspective
    Liu Yingqi, Song Zeyuan, Gao Hongwei, Feng Ruiyu
    Management Review    2023, 35 (3): 3-16.  
    Abstract213)      PDF (1570KB)(241)      
    In the past 10 years, the new energy vehicle industry has developed rapidly under the policy support of the central government and the joint attention of local governments and enterprises. In order to clearly see the effects of industrial promotion at the national city level over the past 10 years, this paper uses the data of 296 prefecture-level cities across China in 2018, takes a spatial perspective to construct an indicator system for the promotion of the new energy vehicle industry, and uses spatial autoregressive model (SAR) and spatial error model (SEM) to empirically investigate, through two levels (i.e. demonstration and non-demonstration cities) and five typical urban agglomerations, the degree of influence of major factors (e.g. urban government support, urban public transportation and urban scientific research capabilities) on the promotion of new energy vehicles across the country. The study finds that no matter whether in demonstration or non-demonstration cities, the promotion of new energy vehicles is related to the degree of economic development, but the promtion effect is more visible in demonstration cities; in the five major urban agglomerations, the impact of R&D capabilities and the spatial spillover effect are obvious and the effect of other factors varies greatly. On the basis of quantitative research, this paper further explores the possibility to increase the space spillover effect of China’s new energy vehicle market promotion by increasing R&D investment and constructing an industrial system under a competitive landscape, and thereby promoting the development of the new energy vehicle industry. Our research shows that in the future, the promotion of new energy vehicles in China should be based more on the regional perspective to give full play to the spatial spillover effects of cities and ultimately realize the development of the new energy vehicle industry in cities, urban agglomerations and the country. The research conclusions of this paper provide important policy reference for the improvement of the competitiveness of China’s new energy automobile industry and its market promotion.
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    The Moderating Effect of Improved Environmental Information Disclosure on Environmental Taxation: Based on China's Environmental CGE Model
    Liu Yu, Yang Shunxiang, Zhang Jinzhu, Zhou Meifang, Liu Yawen, Zhang Wei
    Management Review    2023, 35 (2): 3-15.  
    Abstract209)      PDF (1680KB)(248)      
    Environmental tax as a formal means and environmental information disclosure (EID) as an informal meas of environmental regulation have been widely studied and discussed. However, existing researches focus mainly on the effect from only one of the two means, with little attention to the interactive effect from both, especially to the effect of improved EID on environmental taxation. Therefore, based on the input-output table and pollutant emission data of 139 sectors in 2012, we construct the China's Environmental Computing General Equilibrium Model (CGE) to analyze the indirect effects of improved EID on environmental taxation and the spillover feedback effects among sectors. The results are as follows. (1) Improved EID could greatly offset the negative economic impact of environmental taxation. When EID is not considered, GDP decreases by 0.19%. When improved EID is considered, GDP decreases by only 0.10%. (2) The moderating effect is significantly heterogeneous in reducing emissions, as evidenced by a 0.02% and a 0.01% decrease respectively of SO2 and NOX emissions, but a 0.01% and a 0.02% increase respectively of COD and NH3 emissions. (3) Improved EID has a much larger effect of driving economy than its effect of enhancing environmental tax's role in emission reduction In addition, at the industry level, improved EID can stimulate energy consumption to shift from high-emission coal to low-emission energy products. Therefore, environmental tax policies should be coupled with the construction of EID system in order to effectively reduce the economic cost of reducing emissions.
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    Can Workplace Gossip Lead to Employee Innovation? The Role of Thriving at Work and Feeling Trusted by Supervisors
    Qu Rujie, Zhu Boqi, Liu Ye
    Management Review    2022, 34 (10): 180-190.  
    Abstract209)      PDF (1338KB)(206)      
    Workplace gossips widely exist in organizations. Unlike the existing researches that focus mainly on negative workplace gossips without regard tos the positive positive role of possitive workplace gossips, this study uses the conservation of resources theory and the broaden-and-build theory of positive emotions to examine the mechanism of how negative and positive workplace gossips influence employees’ innovative behavior as well as the relevant boundary conditions. Through a two-wave research design, we obtain a valid sample of 241 employee-supervisor dyads from a state-owned commercial bank. The results show that: (1) Negative workplace gossips negatively influence employees’ innovative behavior by reducing thriving at work, while positive workplace gossips positively influence employees’ innovative behavior by enhancing thriving at work. (2) Feeling trusted by supervisors moderates the negative effect of negative workplace gossips on thriving at work. When employees feel lower trust from supervisors, the negative effect of negative workplace gossip on thriving at work will be stronger. Feeling trusted by supervisors moderates the positive effect of positive workplace gossip on thriving at work. When employees feel lower trust from supervisors, the positive effect of positive workplace gossip on thriving at work will be stronger. (3) Feeling trusted by supervisors further moderates the indirect effect of negative workplace gossip on employee innovative behavior via thriving at work, when employees feel lower trust from supervisors, the negative effect of negative workplace gossip on employee innovative behavior via thriving at work is relatively strong. Feeling trusted by supervisors further moderates the indirect effect of positive workplace gossip on employee innovative behavior via thriving at work, when employees feel lower trust from supervisors, the positive effect of positive workplace gossip on employee innovative behavior via thriving at work is relatively strong.
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    A Literature Review and Prospects of Entrepreneurial Ethics Researches
    Yu Xiaoyu, Liu Xiaomin, Cai Li, Tao Yida
    Management Review    2022, 34 (12): 97-108.  
    Abstract208)      PDF (1588KB)(197)      
    Ethical issues are common in entrepreneurship in which unethical behaviors and conflicts of interest occur owing to environmental uncertainty, resource scarcity, fierce competition and ill-defined roles of entrepreneurs. Digital technologies, while empowering entrepreneurial activities, make ethical issues even more complex due to their externalities. Entrepreneurial ethics have aroused increasing attention, but researches on this topic have been under-developed. To advance researches on entrepreneurial ethics, this study systematically reviews 71 papers published in 24 authoritative journals in the disciplines of management, entrepreneurship and ethics from 2003 to 2020. This study reviews papers in three categories:(1)factors influencing ethical cognition / climate in entrepreneurship;(2)antecedents of ethical decisions and behaviors in entrepreneurship; and (3) outcomes of ethical decisions and behaviors in entrepreneurship. This study offers a comprehensive agenda for future researches on entrepreneurial ethics.
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    Factor Market Distortions, Capital Bias and Total Factor Productivity of Energy Enterprises
    Xiao Jianzhong, Peng Jiachao, Cheng Sheng
    Management Review    2023, 35 (4): 27-41.  
    Abstract202)      PDF (1488KB)(116)      
    The existing literature unilaterally emphasizes the negative effect of distortion, without regard to the particularity of industry. Based on the Hsieh & Klenow model, this paper introduces capital bias and discusses the impact of factor market distortion on the total factor productivity (TFP) of energy enterprises. The results show that the distortion of capital market affects the TFP of energy enterprises in such a benign manner that every 1% increase of capital distortion will lead to a 1.43% increase in the TFP of energy enterprises, while labor force distortion restricts the TFP of energy enterprises, as evidenced by the fact that every 1% decrease of labor force distortion will increase the TFP of energy enterprises by 4.33%. The effect of factor market distortion on TFP is heterogeneous, which is rooted in the nature of enterprises, industry characteristics and location factors. The “counterfactual” framework points out that after eliminating the distortion of capital and labor, the TFP of energy enterprises will increase by about 51.8259% and 9.8093%, respectively.
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    What can Be Learned from the 2022 Nobel Prize in Economics to Mitigate Banking and Financial System Risks
    Cheng Bing
    Management Review    2022, 34 (10): 3-8.  
    Abstract199)      PDF (1436KB)(241)      
    The research about bank run, bank regulation and financial systematic risks from the 2022 Nobel Prizers are very important. In this paper, we introduce their original work in these areas since the 1980s, and their applications and guidance to bank regulations, financial systematic risk controls. In the final part, we raise several important questions regarding how to apply their theories to the Chinese bank regulations and financial risk control.
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    The Role of Joining Industry Associations in Improving the Survival of Member Enterprises: Latest Evidence from Online Lending Industry
    Hou Xinyu, Li Guangzhong, Zhang Shuai
    Management Review    2023, 35 (7): 3-13.  
    Abstract198)      PDF (1270KB)(215)      
    To analyze the effectiveness of the reputation mechanism in a typical information asymmetric market of peer-to-peer online lending, this paper develops a three-party evolutionary game model including lending platforms, industry associations and investors. Regarding joining an industry association as a reputation signal, it focuses on analyzing the evolutionary stabilization strategy of the system. Empirical data are collected to verify the reputation-enhancing effect of the industry association. The findings suggest that the effectiveness of reputation mechanism in online lending platforms depends on the certification and screening carried out by third-party institutions, i.e., the active screening by industry associations directly affects the proportion of online lending platforms operating in a self-regulatory manner as well as the survival of the group, and serves as an effective mechanism to achieve an equilibrium separation of high- and low-risk platforms. The empirical results of the coarsened exact matching method reveal that joining industry associations reflects a certain amount of reputation information, which indeed helps platforms strengthen their reputation and thus directly improves the survival of lending platforms. The intermediary effect model supports that the industry association enables the function of social capital empowerment and motivates platforms to apply for and obtain fund depository provided by commercial banks.
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    Rating with a Mask? The Effect of Air Quality on Credit Ratings
    Lang Xiangxiang, Tian Yanan, Wu Yuhui
    Management Review    2023, 35 (7): 56-73.  
    Abstract196)      PDF (1326KB)(140)      
    Based on the data of Chinese corporate bonds over 2013-2017, we examine whether bond rating analysts, who are supposed to be unbiased in ratings, are affected by air quality. We find that the released credit ratings are generally lower on days of low air quality, which is consistent with the literature that air pollution can affect the mood of rating analysts. This negative impact is more pronounced when the bond issuers are in high-polluting industries. Nevertheless, intense competition among rating agencies can mitigate this negative impact. Further research reveals that the negative effect of air pollution is stronger if analysts work in heavily polluted areas. In our extension study, we also find that on days of high air pollution, rating analysts are less accurate in issuing credit ratings and investors are less sensitive to ratings adjustments made by rating analysts. Our results are robust to controlling for agency*time fixed effects, as well as additional specifications employing the instrumental variable approach, RDD test and placebo tests. Overall, these findings are consistent with the notion that air pollution represents a hidden cost to the capital market.
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    Online Social Interaction and Financial Market Participation: Evidence from an Online Securities Trading Platform
    Wu Shuping, Yao Zhuang
    Management Review    2022, 34 (12): 3-15.  
    Abstract195)      PDF (1342KB)(174)      
    Based on the data of an online securities trading platform, this paper directly measures the online social interaction of investors for the first time and then tests the impact on investors’ participation in the Internet Finance market. We find that online social interaction will significantly increase the probability of investors’ participating in Internet financial investment, and this effect is more significant among investors working in non-financial industries, investors with small asset size, or speculative investors. As a result, investors who start to participate in the financial market driven by the attention induction mechanism under the social interaction have lower investment returns. In addition, this paper discusses the exogenous determinants of investors’ attention and finds that the IPO subscription event has an exogenous impact and will significantly increase the overall market social interaction and attention, but that impact will be reversed in the long run. Findings in this paper reveal the micro-mechanism between investors’ online social interaction and their investing behavior, and it also contributes new evidence to the researches on Internet Finance participation.
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    The Impact of Voicer’s Emotion and Voice Type on Superiors’ Attitude and the Mechanism of How the Impact Works
    Zhou Hao, Sheng Xinyi, Qin Chunhua
    Management Review    2022, 34 (10): 170-179.  
    Abstract190)      PDF (1257KB)(210)      
    Employees’ any suggestion to their superiors can not bear fruit unless it is adopted. Based on the theory of emotions as social information, we analyze the influence of voicer’s emotion and voice type on superiors’ attitude and the internal mechanism of how the influence works. 133 managers are invited to participate in our scenario-based experiment. A 2 (positive emotion / negative emotion)×2 (promotive voice / prohibitive voice) between-subject design is employed. The results show that the main effect of voicer’ s emotion is significant and more suggestions voiced with a positive emotion are taken; the main effect of voice type is significant and more promotive voices are taken; the interactive effect between voicer’s emotion and voice type is significant; loyalty mediates the impacts that voicer’s emotion, voice type and the interactive effect between them have on superiors’ attitude. The theoretical contributions and empirical implications of this study are discussed finally.
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    Policy Simulation Modeling Environmental Regulation and Green Credit in Enterprise’s Green Innovation in Technology: An Evolutionary Game Analysis of Government Intervention
    Bian Chen, Chu Zhaopeng, Sun Zhenglin
    Management Review    2022, 34 (10): 122-133.  
    Abstract182)      PDF (1391KB)(125)      
    Enterprise green technology innovation (EGTI) is important for winning the battle of pollution prevention and control and promoting high-quality economic development in China’ new era. However, the externalities of green technology innovation often lead to the lack of intrinsic motivation of enterprises. This paper aims to explore the mechanism of how extrinsic incentives under government intervention could stimulate a synergistic effect between environmental regulation policy and green credit policy. For this purpose, a model of non-cooperative evolutionary game among the government, banks and enterprises is constructed to analyze how well government intervention could realize an evolutionary game equilibrium. Model simulations indicate that in order to ensure the effectiveness of policy synergy to promote EGTI, government intervention must take the motives and interests of both enterprises and banks into account. Specifically, the government should implement market-incentive environmental regulation policies that offer R&D subsidies in advance plus environmental tax reduction, and banks should implement green credit policies that allow early release of loans, conditional on strict post-loan management. A general finding is that there would be policy conflict between environmental regulation and green credit during the dynamic evolution process of promoting EGTI. However, the improvement of banks’ supervision efficiency and innovation performance of enterprise can mitigate and resolve the policy conflict. In this way, the policy goal of enhancing green technology innovation under the regulation and control of the government will be better achieved. This paper provides some policy suggestions on the government-led formation of an extrinsic incentive mechanism to promote EGTI.
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    Strengthening Relationship or Enhancing Yourself? The Dual-path Mechanism of How Leaders’ Self-sacrifice Influences Employees’ Taking Responsibility
    Luo Wenhao, Chen Jiaying, Li Yuhui, Li Pengbo, Guo Xiaoxiao
    Management Review    2022, 34 (12): 217-226.  
    Abstract182)      PDF (1271KB)(183)      
    Based on the social exchange theory and self-concept theory, this study explores the mechanism of how leaders’ self-sacrifice behavior influences employees’ taking responsibility and compares the strength of two mechanisms. By analyzing a three-wave survey sample of 339 employees, the results suggest that leader’s self-sacrifice is positively related to employees’ taking responsibility. The dual-path model indicates a significant indirect effect of organizational-based self-esteem between leaders’ self-sacrifice behavior and employees’ taking responsibility, whereas the mediating role of trust in supervisor is not significant. The current research thus contributes to a deeper understanding of the influence mechanism of leader’ s self-sacrifice behavior and the driving mechanism of employees’ taking responsibility, and demonstrates the different role of social exchange theory and self-concept theory in the relationship between the leader’s self-sacrifice and the employees’ taking responsibility. Finally, this study is likely to facilitate the theoretical integration of leader self-sacrifice researches.
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    Analysis of the Driving Forces of Changes in China’s CO2 Emissions Considering Inter-provincial Trade Structure
    Pan Chen, Li Shantong, He Jianwu, Zhou Peng, Zhou Dequn
    Management Review    2023, 35 (1): 3-15.  
    Abstract179)      PDF (2310KB)(235)      
    China is a major CO2 emitter and has a strong determination to reduce its CO2 emissions. Therefore, the driving forces for the increase in its emissions have caused attention widely. Meanwhile, the inter-regional trade structure has become a potential significant factor for China’s emission growth, which has not been investigated in the existing studies. To this end, this study takes changes in the inter-provincial trade structure into consideration and adopts a two-stage six-factor structural decomposition analysis method based on China’s provincial multi-regional input-output model to explore the driving forces for the increase in China’s CO2 emissions during the important development period of 2002-2012. Results show that during the period 2007-2012, changes in the structure of inter-provincial trade showed a carbon-intensive trend. The upward emission effects from the growth in the scale of final demand were mainly driven by exports as well as investment in the eastern provinces during the period 2002-2007, but driven mainly by increases in provincial investment in the following period. At the sectoral level, the CO2 intensity of electricity production had been continuously improved during the study period, and that of the production of non-metallic mineral products, metal rolled and processed products had also been improved to a certain extent. However, electricity consumption in the construction and service industries had increased. In the future, measurements for improving CO2 intensity and production technology on the production side could be combined with guidance of consumption preference on the demand side. Meanwhile, low-carbon development cooperation based on the inter-regional industrial chain could also play a role in reducing China’s CO2 emissions.
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    Research on CEO’s Transformational Leadership, Organizational Identity and Organizational Routine Updating: Based on the Collectivism Tendency
    Wang Yongwei, Wu Xiangfan, Ye Jinhua, Liu Yuzhan
    Management Review    2023, 35 (1): 209-221.  
    Abstract179)      PDF (1400KB)(199)      
    In the digital era, organizational routines updating is an important source for enterprises to achieve strategic transformation and obtain sustainable competitive advantages. It is also the focus of organizational routine updating and management practice. Based on the theory of social identification, this paper explores the mechanism and context in which CEO’s transformational leadership behavior influences the updating of organizational routines. Through the analysis of 203 matching data of senior management teams and middle managers by statistical software SPSS and AMOS, this paper finds that CEO transformational leadership behavior has a positive effect on organizational identity and organizational routine updating, and organizational identity plays a mediating role in the relationship between CEO transformational leadership behavior and organizational routine updating. And collectivism tendency not only adjusts the relationship between organizational identity and organizational routine updating, but also further regulates the mediating role of organizational identification in the relationship between CEO transformational leadership behavior and organizational routine updating. To be specific, when the collectivism tendency is lower, the impact of CEO’s transformational leadership behavior on organizational routine updating through organization identification will be more indirect. The conclusions of this study will help scholars to understand the potential intermediate mechanism and boundary conditions of the impact of CEO transformational leadership behavior on the renewal of organizational routines, and effectively guide the practice of the organizational routine updating.
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    A Social Network Based Research on Investor Sentiment Diffusion and Stock Price Fluctuation Risk
    Wang Chao, He Jianmin, Yao Hong
    Management Review    2022, 34 (12): 16-25.  
    Abstract177)      PDF (1559KB)(198)      
    The impact of investor sentiment on stock price fluctuation risk is an important point in behavioral finance. Therefore, this paper proposes a continuous and timely sentiment diffusion model based on the social network of stock market investors. Accordingly, the mechanism of interaction between investor sentiment diffusion and stock price fluctuation risk is clarified by quantifying the impact of sentiment diffusion on stock market investors’ trading decisions. In addition, the influencing factors and control strategies of stock price fluctuation risk are analyzed. The results show that investor sentiment diffusion promotes the stock price fluctuation. The influence is determined by the characteristics of sentiment diffusion, investors and stocks. Moreover, the impact of institutional investors on stock price volatility has dual characteristics. The results based on different influencing factors provide regulatory reference for the prevention of stock price fluctuation risk. Further research shows that the target immune based on global information can effectively control the stock price fluctuation risk. This is of great significance to improve the stability of the stock market.
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