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    Economic and Financial Management
    Local Government Financial Expenditure, Officials Appointment and Investment Comovement
    Yu Junli, Xu Huifeng, Wang Liangliang
    2020, 32 (9):  3-17. 
    Abstract ( 314 )   PDF (1243KB) ( 458 )  
    The herding behavior of corporate investment decisions is prevalent especially in transition economies. What role does financial expenditure play in the herding behavior of corporate investment decisions? The fiscal decentralization reform has given the local government a certain degree of freedom in financial expenditure, which provides an opportunity to test the above problems. The study depicts the investment comovement in each province based on the investment data of Chinese listed firms from 2000 to 2015, and explores whether or not the herding behavior is affected by the level of local government's financial expenditure. The study documents that fiscal decentralization enhances the spending power of local governments, hence the level of fiscal expenditure of local governments is positively correlated with local firm's investment level. Further research highlights that the characteristics of local government officials will moderate the positive relationship between fiscal expenditure and investment comovement. In particular, local government officials' experience of working in central ministries, the fact that they work in the place where they were born, their professional background in the Party and government and the high level of their seniority will weaken the local government financial expenditure's positive impact on the investment herding behaviors.
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    Environmental Governance, High-quality Development and Residents' Happiness——Empirical Study Based on CGSS (2015) Micro Survey Data
    Shi Huaping, Yi Minli
    2020, 32 (9):  18-33. 
    Abstract ( 378 )   PDF (1320KB) ( 505 )  
    Based on the perspective of development economics, a comprehensive index system of high-quality development is constructed from five dimensions, and the high-quality development index is calculated by weight assignment of entropy method. In this paper, the microcosmic data of China Comprehensive Social Survey (CGSS) in 2015 are matched with the comprehensive index of high-quality development. The influence of environmental governance and high-quality development on residents' happiness is analyzed by Ordered Probit estimation method. The results show that:(1) Environmental governance has regional, urban and rural, and income heterogeneity for residents' happiness. It has a significant effect on the well-being of residents in eastern and urban regions, and high-income groups, but has no significant impact on the central and western regions, rural areas and low-income groups. (2) High-quality development can significantly enhance residents' happiness. (3) Relative income and social justice have significant positive effects on residents' happiness. (4) There is a time lag effect on the impact of environmental governance on high-quality development. Based on this, in the new era, we should firmly promote environmental governance and ecological civilization construction, improve the quality of economic and social development, effectively guarantee and improve people's livelihood, promote high-quality development, and improve residents' happiness. But at the same time, we should also take into account the coordinated development of urban and rural regions, and pay attention to fairness and efficiency.
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    Dynamic Impact of RMB Exchange Rate on FDI and OFDI——An Empirical Analysis Based on the Ternary GARCH Model of Exchange Rate Level and Volatility
    Han Yonghui, Han Minghui, Li Ziwen
    2020, 32 (9):  34-44. 
    Abstract ( 357 )   PDF (1334KB) ( 431 )  
    In the current new era of comprehensive liberalization, it is urgent to clarify the mechanism of how exchange rate fluctuation and volatility affects two-way FDI. This paper integrates the RMB exchange rate, FDI and OFDI into a unified theoretical framework. Based on the dual perspective of exchange rate fluctuation and exchange rate volatility risk, we examine the time variance and the risk transfer effect between variables, and study the dynamic relationship between RMB exchange rate, FDI and OFDI and the interactive mechanism of volatility risk with ternary BEKK-GARCH timing model. The study finds that the appreciation of the RMB exchange rate fluctuation, will promote the growth of OFDI, but have no significant effect on FDI. RMB exchange rate volatility has a significant role in the increased risk of FDI, but has significant inhibitory effect on OFDI. By examining the wave conduction mechanism of the three variables, the study finds that historical RMB exchange rate volatility has the short term promotion and long-term inhibition effect on the current FDI fluctuations, and has a significant short-term and long-term inhibitory effect on the current OFDI. This study shows that in promoting a new stage of two-way opening, we should pay more attention to the use of RMB exchange rate or depreciation of the interval wave segment mechanism to promote the benign development of FDI and OFDI and optimize two-way international investment strategy.
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    Research on Risk Cost of Public-Private-Partnership Project Based on Principal-Agent Theory
    Song Zijian, Dong Jichang, Li Xiuting, Dong Zhi
    2020, 32 (9):  45-54,67. 
    Abstract ( 266 )   PDF (1218KB) ( 373 )  
    In recent years, the Public-Private-Partnership (PPP) has been highly valued by the state and has been vigorously promoted. While the scale of PPP projects has expanded rapidly, there have been disadvantages, such as the difficulty of measuring project risks and the unreasonable risk sharing mechanism. Combining the characteristics of PPP projects, this paper first analyzes the principal-agent relationship between the government and social capital, and clarifies the influencing factors of PPP project risk cost calculations. This paper further constructs the risk cost measurement model under the two situations of information symmetry and information asymmetry and solves and analyzes the model. Then this paper verifies the model through an actual case and finally puts forward measures such as introducing a reputation mechanism, establishing availability payment and operation and maintenance service fees fully linked to performance evaluation results to reduce project risk costs, and finally promote the standardized development of PPP projects.
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    Quantitative Measurements and Asymmetries of Extreme Risk Spillover Effects: Evidence from China's Stock and Bond Markets
    Hou Xianping, Fu Chunyan, Lin Zixiao, Lin Yu
    2020, 32 (9):  55-67. 
    Abstract ( 287 )   PDF (1614KB) ( 278 )  
    Extreme risk spillover effects have important implications in terms of portfolios and risk management. The paper characterizes the dependence structure between China's stock and bond market using dynamic copula, then quantitatively measures the extreme risk spillover effects between China's stock and bond market using CoVaR. The empirical results show that downside risk spillover effects caused by upside risk of the other market and upside risk spillover effects caused by downside risk of the other market have been documented, and the asymmetries of extreme risk spillover effects are significant. Specifically, the strength of downside risk spillover effects caused by upside risk of the other market is larger than that of upside risk spillover effects caused by downside risk of the other market, and the strength of risk spillover effects in bond market caused by stock market is larger than that of risk spillover effects in stock market caused by bond market.
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    The Paradox of Running Time Management of Private Placement Policy——On the New Policy of Non-public Issuing Pricing
    Xiong Fali, Lin Lefen
    2020, 32 (9):  68-78. 
    Abstract ( 233 )   PDF (1205KB) ( 166 )  
    China's policies regarding private equity placements have undergone a number of revisions in recent years. We find that there is a clear tendency to different types of private equity placements by the statistical analysis on revision:for those who do not meet the direction of policy orientation, approval time is relatively long. This paper defines this financial management method together with the validity period of the approval document as the operation time management of the private placement policy, and discusses the influence of this management method on the issuance discount by combining the price formation mechanism of the private equity placements and the value theory of the option. It is found that the policy running time of listed companies has a significant positive impact on the issuance price-discounts, which leads to two levels of paradox:bringing the reverse incentive for the issue object at the micro level; exacerbating the high issue-discount problem of private equity placements at the macro level. The conclusion can provide a reference for improving the scientific financial management.
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    Technology and Innovation Management
    How does Innovation Failure Affect the R&D Expenditure?
    Gu Zhihui, Ma Baichao
    2020, 32 (9):  79-96. 
    Abstract ( 462 )   PDF (1286KB) ( 444 )  
    Failure is an objective phenomenon in the process of innovation, and it will affect the decision-making behavior. We assume that the managers of firms will exhibit the loss aversion characteristic after innovation failure, based on the performance feedback theory and the prospect theory. This paper uses a sample consisting of listed firms from 2007 to 2017 to empirically test the impact of innovation failure on R&D expenditures. We find that innovation failure ratio is positively associated with R&D expenditures, and the government subsidies strengthen the relationship between innovation failure and R&D expenditures. We also find that after the failure of innovation, the number of patent applications increases and the unauthorized ratio of new patent applications increases. This finding further supports the research hypothesis of the paper. These results provide empirical evidence for the application of behavioral economics in innovation management.
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    The Effect of Exploitative Innovation on Exploratory Innovation: The Moderating Influence of Technology Landscape Complexity
    Liu Fengchao, Zhang Shuhui, Ma Rongkang
    2020, 32 (9):  97-106,167. 
    Abstract ( 307 )   PDF (1299KB) ( 399 )  
    This study makes a further investigation on the relationship between exploitative innovation and exploratory innovation by distinguishing between repetitive exploitation versus incremental exploitation and taking into account the moderating influence of technology landscape complexity. We test our arguments based on the panel data between 2006 and 2011 from 175 China's listed companies in computer, communications and other electronic equipment manufacturing industries. We find that:firstly, the relationship between exploitative innovation and exploratory innovation depends on the differences in the relative levels of efforts and attention devoted to repetitive exploitation and incremental exploitation. Repetitive exploitation will impede exploration while incremental exploitation will impel exploration. Secondly, the effect of repetitive exploitation and incremental exploitation on exploratory innovation will be also different when taking into account the moderating influence of technology landscape complexity. It is embodied that with the improvement of technology landscape complexity, the negative effect of repetitive exploitation and the positive effect of incremental exploitation on exploratory innovation will both enhance. This conclusion provides a decision-making reference for enterprises to build synergy between exploitation and exploration that enact reciprocal ambidexterity.
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    A Study on the Relationship among Eco-innovation, Stakeholders' Relational Embeddedness and New Venture Legitimacy
    Yang Xu, Liao Shan, Zhang Ping
    2020, 32 (9):  107-117. 
    Abstract ( 241 )   PDF (1342KB) ( 316 )  
    In order for new ventures to overcome the legitimacy threshold and achieve green growth, this paper on the one hand introduces, from the perspective of external organizational field, stakeholders' relational embeddedness and environmental orientation as the mediator and the moderator respectively, which form a moderated mediation model, and on the other hand introduces, from the perspective of internal organizational behavior, resource bricolage as the moderator to reveal the mechanisms between eco-innovation and new venture legitimacy. Hierarchical regression and bootstrap are adopted to conduct empirical research according to the survey data of 223 tech small and medium-sized new ventures. Research results demonstrate that eco-innovation has a positive impact on organizational legitimacy; stakeholders' relational embeddedness mediates the indirect effect of eco-innovation and organizational legitimacy; stakeholders' environmental orientation not only plays a positive moderating role in the relationship between eco-innovation and stakeholders' relational embeddedness, but also moderates the mediating role of stakeholders' relational embeddedness in the relationship between eco-innovation and organizational legitimacy. In addition, resource bricolage positively regulates the relationship between eco-innovation and organizational legitimacy.
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    A Study on the Effect of Regional Trust Diversity on Individual Entrepreneurial Entry Decision——Empirical Evidences from 33 Countries
    Song Yuanyang, Zhao Jiaxin
    2020, 32 (9):  118-131. 
    Abstract ( 177 )   PDF (1349KB) ( 207 )  
    Social trust of a region includes two core dimensions:trust level and trust diversity. Prior studies focused on the causes and consequences of regional trust level, while paid less attention to trust diversity. This study tries to reveal the effect of regional trust diversity on individual entrepreneurial entry to enrich and extend prior researches. Based on theoretical analysis and empirical tests of 107,107 observations of individual entrepreneurship from 33 countries, we find that:(1) regional trust diversity has an inverted U-shaped relationship with individual entrepreneurial entry, indicating that it is not conducive to entrepreneurship when regional trust diversity is too high or too low. (2) The higher the level of regional protection of property rights, the weaker the effect of trust diversity on individual entrepreneurial entry, indicating that individuals in areas with poor protection of property rights should pay more attention to the possible effect of trust diversity on entrepreneurship. (3) Individuals with rich entrepreneurial knowledge and skills are more able to adapt to and deal with the influence of external environment factors (e.g. social trust) on entrepreneurship, indicating that the effect of trust diversity on individual entrepreneurial entry will be weaker for individuals with rich entrepreneurial knowledge and skills. This study switches the research focus of social trust from trust level to trust diversity, which not only enriches and extends the research on social trust and entrepreneurship, but also generates practical implications for individuals to make better entrepreneurial decisions and government to improve the entrepreneurial environment.
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    The Impact of Media Coverage on Enterprise Green Technology Innovation: The Moderating Role of Marketization Level
    Zhao Li, Zhang Ling
    2020, 32 (9):  132-141. 
    Abstract ( 452 )   PDF (1155KB) ( 631 )  
    From the perspective of media environment governance and taking China' provincial industrial enterprises as the research object and the marketization level as the moderator, we make an in-depth study of the impact of media coverage on enterprise green technology innovation by using the selected data from 2008 to 2015 and dividing enterprise green technology innovation into two dimensions:input and output, based on which two respective regression models are constructed..The results show:①Media coverage will only have a significant positive impact on green technology innovation input, and will affect green technology innovation output when combined with marketization levels. ②The level of marketization can positively regulates the relationship between media coverage and enterprise green technology innovation input and output. The research conclusions provide reference for the research and practice of media environmental governance effects.
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    A Study of the Threshold Effect of R&D Intensity and the Performance of China' Listed Pharmaceutical Manufacturers
    Duan Tianyu, Zhang Xi, Hu Yi
    2020, 32 (9):  142-152. 
    Abstract ( 247 )   PDF (1177KB) ( 319 )  
    The aggravating trend of aging population makes pharmaceutical manufacturing increasingly important. Based on the panel data of 112 listed firms in Chinese pharmaceutical industry from 2012 to 2018, this paper uses a dynamic panel threshold model to explore the relationship between R&D intensity and firm performance in pharmaceutical industry. The results show that the impact of R&D intensity on firm performance is non-linear. When R&D intensity is lower and higher than 5.26%, the coefficients of R&D intensity on firm performance are 4.87 and 0.68 respectively. This paper provides decision support and data references for governments and firms to formulate relevant policies and plans. Fully considering the threshold effect of R&D intensity, firms should comprehensively formulate appropriate R&D plans based on the current range of R&D investment level, as well as policies, market, and their own conditions.
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    E-business and Information Management
    IOS or SM Enabled? Impact of Internet Interactive Strategies on Inter-firm Coordination
    Zhuang Guijun, Dong Bin
    2020, 32 (9):  153-167. 
    Abstract ( 756 )   PDF (1347KB) ( 3288 )  
    Based on the literature of information systems and inter-firm coordination in marketing channels and by applying the essential logic of task-technology fit (TTF) model, this paper investigates the impact of Internet interactive strategies on inter-firm coordination and cooperative performance. Analyzing the data collected from 539 manufacturers, it finds although both IOS (Inter-Organizational System) enabled interactive strategies and SM (Social Media) enabled interactive strategies promote inter-firm coordination by facilitating firms to communicate and interact with their partners, they function differently-while IOS enabled interactive strategy is more effective in promoting inter-firm joint planning, SM enabled interactive strategy works better in promoting inter-firm joint problem solving. In addition, these two strategies positively influence cooperative performance through collaboration activities, namely joint planning and joint problem solving. This paper finally discusses the findings in terms of theoretical contributions, practical implications, limitations, and future research directions.
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    Understanding Online User Community User Contribution Behavior Formation through Online Social Support and Self-determination Theory
    Qin Min, Li Ruonan
    2020, 32 (9):  168-181. 
    Abstract ( 454 )   PDF (1257KB) ( 492 )  
    User contribution behavior is important to the growth of enterprise-based online user community, but little attention has been paid to the user contribution behavior formation process mechanism. Introducing the stimulus-organism-response (S-O-R) theory as the overall framework, from the perspective of combined two classic theories, namely online social support theory and self-determination theory, this paper proposes the formation mechanism model of user contribution behavior in online user community. Based on the data of 398 online community user questionnaires, the conclusions show that the online social support, including two variables of online information support and online emotional support, have a direct positive impact on the variable of user contribution behavior, while the online social support, including online information support and online emotional support, can significantly indirect influence user contribution behavior through significantly affecting two variables of sense of belonging and sense of competence, respectively. The mediating test further proves that both sense of belonging and sense of competence play an important part mediating role. This study reveals the internal transformation mechanism of user contribution behavior, confirming the important role of online social support and self-determination in the formation process of user contribution behavior. At the end of the paper, management suggestions on how to guide user behaviors are given.
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    Organizational Behavior and Human Resource Management
    The Effects of Coworkers'Aggressive Humor on Newcomers' Organizational Socialization Outcomes
    Zhang Mingyu, Liu Pan, Wu Wen, Zhang Yihua
    2020, 32 (9):  182-192. 
    Abstract ( 392 )   PDF (1222KB) ( 693 )  
    Drawing on the strength model of self-control, the current study uses the ego depletion as the mediating variable and proactive personality as the moderating variable to construct a moderated mediation model to explore the influences of coworkers' aggressive humor on the newcomers' organizational socialization outcomes. Through an empirical study with 134 matched supervisor-subordinate samples from a large rail transit equipment manufacturing company, the results show that (1) coworkers' aggressive humor has a negative influence on newcomers' in-role performance, task mastery, and social adjustment through the mediation of ego depletion; (2) proactive personality can weaken the effect of coworkers' aggressive humor on newcomers' ego depletion; (3) proactive personality can weaken the indirect influences of coworkers' aggressive humor on newcomer socialization through ego depletion. The current study contributes to expanding the research field of aggressive humor and organizational socialization, provides certain guiding significance for organization to reduce aggressive humor, help newcomers better adjust into the organization, and create a harmonious climate in organization.
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    Cross-level Studies on the Impacts of Paternalistic Leadership on Employee Turnover Intentions
    Zhao Xinyuan, Wang Jiale, Melisa Santjoko, Lin Caihong
    2020, 32 (9):  193-204. 
    Abstract ( 325 )   PDF (1240KB) ( 387 )  
    Leadership critically influences an organization and its employees. Based on the conservation of resources theory, this paper tests the influence of paternalistic leadership at department level on employee turnover intentions at individual level in hospitals. This study has two cross-cultural sub-studies, uses the multi-level structural equation model, and illustrates the mediating roles of work-family culture, emotional exhaustion and well-being. The results fill out the gap of previous researches on the influence of paternalistic leadership on both organizational culture and employee emotional characteristics, and implies strategies for hospitals to reduce employee turnover.
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    The Impact of Perceived Career Sustainability among Low-skilled Workers on Their Innovation Behavior: Insights from Yin-Yang Harmony Cognition
    Chin Tachia, Li Genyi, Shi Yi, Cao Lele
    2020, 32 (9):  205-219. 
    Abstract ( 461 )   PDF (1347KB) ( 423 )  
    Under the context of China's manufacturing sector, this study adopts the Yin-Yang harmony cognition and the job demands-resources (JD-R) theory to explore the impact of perceived career sustainability on the conduct of corporate social innovation (CSI) behavior. The empirical analysis of a large sample shows that three of the four dimensions of career sustainability (i.e., flexible, renewable and integrative) are significantly and positively associated with individuals' CSI behavior. The resourceful dimension has an inverted U-shape relationship with individuals' CSI behavior, and positively moderates the relationship between the other three dimensions of career sustainability and CSI behavior. The interaction between the resourceful and the integrative dimensions of career sustainability positively moderates the relationship between the flexible dimension and individuals' CSI behavior. The main contributions of this study are:1) proposing a novel empirical scale of career sustainability to deepen the research about the conceptualization of career sustainability; 2) developing an indigenous philosophy of management that fits the Chinese context from an emic perspective of Yin-Yang harmony cognition; 3) providing constructive suggestions about human resource management, corporate development and social innovation to enterprises and governments.
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    The Effect of Idiosyncratic Deals on Employees' Innovation Performance: Empirical Study of a Communication Firm
    Wang Xiaojian, Tang Fangcheng, Tian Yuhan
    2020, 32 (9):  220-228,265. 
    Abstract ( 356 )   PDF (1217KB) ( 361 )  
    Based on social exchange theory and the theory of self-improvement, this study interviews 261 employees from communication firms and investigates the effect of idiosyncratic deals on employees' innovation performance through the mediating roles of felt obligation for constructive change (FOCC) and organization-based self-esteem (OBSE). The empirical results show that the two dimensions of idiosyncratic deals-flexible idiosyncratic deals and developmental idiosyncratic deals-both have a positive effect on employees' innovation performance through felt obligation for constructive change and organization-based self-esteem. That is to say, FOCC and OBSE mediate the relationship of idiosyncratic deals and employees' innovation performance.
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    Effect of Job Stress on Job Burnout of Government Auditors: The Role of Psychological Contract and Leader-member Exchange
    Zhou Wenli, Gu Yuandong, Peng Jisheng
    2020, 32 (9):  229-238. 
    Abstract ( 258 )   PDF (1222KB) ( 527 )  
    In recent years, the government has paid more and more attention to the government audit work, and people' expectations of government auditing are increasing. Accordingly, government auditors' job stress is increasing. This study investigates 292 local government auditors to examine the effect of job stress on job burnout. The results show that:1) Government auditors' job stress has significant impact on job burnout. 2) Psychological contract partially mediates the relationship between job stress and job burnout of government auditors; 3) Leader-member exchange moderates the relationship between job stress and job burnout of government auditors, that is, leader-member exchange alleviates the impact of job stress on job burnout of government auditors. These findings have important reference significance for local audit institutions to strengthen stress management of auditors, alleviate government auditors' job burnout and stimulate their enthusiasm for work.
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    Organization and Strategic Management
    Better Late than Never: The Impact of Negative Records on Corporate Social Responsibility and Performance Analysis
    Li Zhengren, Wang Yanyu, Shi Wenhua
    2020, 32 (9):  239-250. 
    Abstract ( 328 )   PDF (1174KB) ( 456 )  
    Could an enterprise which suffers negative records compensate for its bad behavior by fulfilling its social responsibility? Based on the existing researches on social responsibility motivation and impression management theory, this paper proposes the compensation mechanism of social responsibility, and suggests that social responsibility can effectively compensate for the negative impact of negative records on enterprises. Employing the panel data of Chinese A-share listed companies from 2010 to 2019, the hypothesis is tested. The results show that enterprises with negative records tend to better fulfill their social responsibilities, and this relationship is positively moderated by the firm age and negatively moderated by the proportion of state-owned shares in enterprises. Furthermore, this paper verifies that enterprises with negative records have significantly better performance by more positively fulfilling their social responsibility as a compensation means. The conclusion of this paper theoretically deepens the theory of social responsibility motivation. In practice, it provides theoretical reference for enterprises to devote themselves to their social responsibility.
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    Dynamic Evolution Mechanism of Internal Legitimacy of Emerging Market Enterprises after Cross-border M&A——Based on the Perspective of Social Psychology
    Zhou Changbao, Wang Hongliang, Lin Runhui, Feng Zhihong, Li Kanghong
    2020, 32 (9):  251-265. 
    Abstract ( 275 )   PDF (1482KB) ( 264 )  
    This paper takes a social psychological approach to study how multinational corporations from emerging market after cross-border M&A build internal legitimacy under the unique situation of liability of origin. Applying a case study about the integration process of Lenovo's acquisition of IBM's PC business unit from 2005 to 2014, we analyze, based on instrumental, relational, and moral considerations, the interplay between the legitimation strategies of the headquarters of enterprises after cross-border M&A and subsidiary legitimacy judgement, and how the relationship between the two develops over time. From this analysis, we derive a process model of the internal legitimacy evolution of enterprises after cross-border M&A. The model highlights two important dynamics. The first is a dynamic between legitimation strategies and legitimacy judgment, with focus on how this is influenced by local subsidiary contexts. The second is a temporal dynamic, with focus on how both the legitimation strategies and legitimacy judgments evolve over time. Our model contributes to researches on legitimacy in multinational companies, integration of enterprises after cross-border M&A and legitimacy in MNC headquarters-subsidiary relationships.
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    Accounting and Financial Management
    Tunneling or Signaling? An Analysis on Big Shareholder Participation and SEO Discount
    Wang Huacheng, Liu Jinzhao, Gao Shenghao, Qing Xiaoquan
    2020, 32 (9):  266-279. 
    Abstract ( 243 )   PDF (1376KB) ( 239 )  
    This paper investigates the role of big shareholder in SEO pricing under different pricing mechanisms. For SEOs using fixed-price mechanism, the SEO discount is higher when big shareholders get involved and this relation is more pronounced for firms in a poor environment of corporate governance. In contrast, the discount for SEOs employing auction pricing mechanism is lower when big shareholders participate and this relation is stronger for more opaque firms. These results imply that big shareholders tunnel through suppressing offer price only under fixed-price mechanism. In auction pricing mechanism, big shareholder participation releases good signal and thus decreases SEO discount.
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    Which Is the Smartest?——Evidence from China's M&A Market
    Wang Yan, Xu Shufang, He Zhuqian
    2020, 32 (9):  280-295. 
    Abstract ( 253 )   PDF (1254KB) ( 527 )  
    Based on the events of material asset restructuring typical of acquirers listed in China stock market from 2008 to 2011, this paper investigates shareholder wealth effect, corporate governance and market liberalization on the acquisition performance over the four-year post-acquisition period. The findings are as follows. Firstly, corporate governance enhances acquisition market-based performance and accounting-based performance together, and the impact on accounting-based performance is characterized by the sequence of the weak first and strong later. Secondly, shareholder wealth effect and market liberalization improve acquisition market-based performance, and the impact from shareholder wealth effect is strong first and then weak. Further analysis reaches more conclusions. Firstly, corporate governance of shareholders' annual general meeting and separating the chairman and CEO roles increase acquisition market-based performance and accounting-based performance together. Secondly, increasing the number of directors and percentage of independent directors and female managers in a board of appropriate size has a positive influence on acquisition accounting-based performance. Thirdly, in the process of marketization, marketing intermediary and legal system are positively related with acquisition market-based performance. In this paper, we reveal that under the background of material asset reorganization, the formal system of corporate governance and the system environment of market liberalization are helpful for acquirers to improve their acquisition performance.
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    Operations Management
    The Influence Mechanism of Task Assignment Strategy on Production Efficiency
    Wang Hui, Gong Qiguo, Yang Haili, An Jianhua
    2020, 32 (9):  296-307. 
    Abstract ( 262 )   PDF (1198KB) ( 251 )  
    Recent researches have shown that people play a key role in the operations system. Learning, workload and teamwork can significantly change people's performance. Particularly, how to assign tasks to employees is considered to be the key to improve their productivity. We propose the mechanism of how different task experiences affect employee productivity. This paper utilizes the data of a factory floor, including 12,178 task sets performed by 47 workers for empirical testing. Empirical findings show that specialization tasks are more efficient in the short-term than variety tasks, and variety tasks have advantages over specialized tasks in the long-term. Therefore, a reasonable task assignment strategy can increase employee productivity during different lengths of work cycle. On the role of employees in the operations system, our work is a useful complement to existing research work. This paper also reveals that manufacturing companies can increase productivity by making tasks very simple and highly repetitive.
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    Case Studies
    Lessons from the Event of Personal Account Crude Oil Product of Bank of China: A Case Study on Financial Inovation
    Bu Hui, Lu Fengbin, Wei Yunjie
    2020, 32 (9):  308-322. 
    Abstract ( 457 )   PDF (2297KB) ( 739 )  
    The price of May contract of WTI crude oil futures crashes on April 20, 2020 U.S. Eastern Time finally settled at USD-37.63/barrel. The negative crude oil price caused huge loss for some investors of the personal account crude oil product of Bank of China. This paper conducts a case study to analyze the financial innovation and risk management ability of commercial banks. Through carefully organizing the context of this event, we discuss the problems in product properties, product design, regulation, risk management, hedge strategy, and risks in financial derivatives market. We try to learn some lessons from this event to improve the competitiveness of Chinese financial institutions and improve China' financial regulatory system and regulatory methods. Under the background of opening Chinese financial market, this study has important practical value.
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    Realization Mechanism of Crowd Innovation Spaces' Value Co-creation: Case Studies Based on the Perspective of Platform
    Hu Haibo, Lu Haitao, Wang Jiexiang, Huang Tao
    2020, 32 (9):  323-336. 
    Abstract ( 428 )   PDF (1263KB) ( 1025 )  
    Crowd Innovation Space (CIS) is transforming from "quantity" to "quality". How to correctly guide CIS for differentiated development has become the primary issue. However, existing researches ignore the diversity of the development model of CIS and fail to reveal the realization mechanism of value co-creation on the platform of CIS with multi-agent participation. This study presents the value co-creation mechanism of CIS with multi-agent participation based on the analysis framework of the platform' transaction and innovation dual attributes, which deepens the understanding of the classification of CIS. In this paper, three CISs with different platform attributes are adopted as case study objects. The detailed research findings include:(1) Based on two dimensions of the platform:transaction attributes and innovation attributes, CISs are classified into three types:service-oriented CIS, innovative CIS and hybrid CIS; (2) Operating entities, corporate tenants and customers are recognized as the main different participants in the value co-creation of CIS. Accordingly, three different relationship characteristics of CIS are presented, i.e. dual-unidirectional service, dual-bidirectional innovation and multiple ecological sharing. (3) Resource-integrating and interactive cooperation are key methods to achieve value co-creation for CIS. From the perspective of platform, value-creation paths of the three different types of CIS include one-way passive value co-creation, two-way interactive co-creation and shared collaborative value co-creation. This paper expands the research in the existing literature of CIS by clarifying the different value co-creation implementation mechanisms of CIS from the perspective of platform, providing a sound basis for the classification development of CIS.
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