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    Economic and Financial Management
    Do Regional Differences Affect the Degree of Transformation between Financial Investment and Operating Profit? An Exploration from the Microperspective of Listed Manufacturing Companies
    Xu Li, Wu Wenfeng
    2021, 33 (12):  3-14. 
    Abstract ( 111 )   PDF (1235KB) ( 115 )  
    The combination of operating profit and financial investment is considered as an important way to improve China's manufacturing industry. This paper focuses on the geographical characteristics and discusses the effect of regional differences on the selection and efficiency of resource allocation between financial investment and operating profit. The results of this paper show that the higher operating income is earned by companies in eastern China, the larger investment will be made in financial assets, but the "squeezing effect" of financial assets on operating profit is more significant in western China. The indicators of these differences can be explained by the soft environmental indicators, namely, the degree of regional financial market development and the level of local government intervention. The negative effect of "squeezing effect" on operating profit is gradually declining as the degree of development of financial markets increases and the level of local government intervention declines, which indicates that improvements in government and market conditions can significantly improve the efficiency of resource allocation between finance and entities. This paper believes that improving the soft environment in backward areas can help pull manufacturing enterprises away from fictitious economy and toward substantial economy".
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    Does the Volatility of Stock Market Increase Market Speculation?
    Yin Libo, Wei Ya
    2021, 33 (12):  15-29. 
    Abstract ( 101 )   PDF (1325KB) ( 56 )  
    China's stock market is characterized by significant speculativeness and volatility. Based on the data of China's A-share market, this paper investigates the impact of the high volatility on stock market speculation from three aspects:market anomalies, mean-variance relation and the pricing of macro risk factors. The results indicate that high volatility strengthens the degree of stock market speculation. Specifically, when the market volatility is high, the anomaly caused by speculation magnifies, the mean-variance relation weakens, and the price of macro risk factor deviates from the anticipation of the standard asset pricing model. Our conclusions would be conducive to improving the market efficiency, the function of resource allocation and the supervision efficiency of China's stock market.
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    Effects of Double Environmental Regulations on Remanufacturing Decision
    Yang Guangyong, Ji Guojun
    2021, 33 (12):  30-40. 
    Abstract ( 82 )   PDF (1406KB) ( 84 )  
    More and more countries and regions have implemented environmental regulation spectrum to limit environmental impacts at various stages in the production, use and disposal of powered products. These regulations involve the atmospheric and land environments. Powered products not only generate carbon emissions in the manufacturing and use stages, but also pollute the land environment when discarded. In addition, remanufacturing is increasingly being believed by manufacturers as a strategy to mitigate environmental impacts through recycling-remanufacturing of new products at the end of use. Based on this, this paper studies how environmental regulation spectrum (which constrains both the amount of discarded products and the carbon emissions generated by powered products) affects manufacturers' remanufacturing decisions. Our conclusions show that under the scenarios of no environmental regulation, single environmental regulation and double environmental regulation, when the new product is used for a short time, the manufacturer's optimal strategy is to choose remanufacturing strategy; when the new product is used for a long time, non-manufacturing strategy is more conducive to the manufacturer. In addition, compared with the non-remanufacturing strategy, the scope of remanufacturing strategy under the atmospheric environment regulation is the smallest; remanufacturing strategy under land environmental regulation is beneficial to manufacturers to the largest extent, and the scope of remanufacturing strategy under double environmental regulation is between the above two types of single environmental regulation.
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    Does Corporate Financing from Shadow Banking Exert Debt Governance Effect?——Empirical Evidence from Chinese Listed Companies
    Li Shihui, Deng Lai, Lei Xintu
    2021, 33 (12):  41-51. 
    Abstract ( 130 )   PDF (1204KB) ( 155 )  
    Little literature has identified the scale of corporates financing from shadow banking from the micro perspective in the past. Instead, many researches explore the governance effect of financing from the shadow banking from the macro level. This paper takes 2013-2019 A-share listed companies as research samples. We use leverage manipulation level to measure corporates' financing scale from shadow banking. The result shows that financing from shadow banking has private information that general banks cannot obtain and has a unique implementation mechanism of the financing contract. Thus, it helps to save the agency costs of financing enterprises. Under the background of "de-leveraging", financing from shadow banking objectively eases corporates' financial constraints. This short-term and high-interest financing channel also prompts enterprises to choose high-quality investment projects. In turn, it effectively restrains the inefficient investment of enterprises. Further study finds that the governance effect of financing from shadow banking is more prominent with a lower marketization degree, a lower financial constraints and a more significant level of corporate governance. This paper enriches relevant researches and provides essential references for the formulation and implementation of shadow banking policies.
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    Study on Gravity Center Movement and Spatial-Temporal Differences of Port Industry and Economic Growth in China's Coastal Areas between 1994 and 2014
    Sun Jianping, Li Zhenfu, Kuang Haibo
    2021, 33 (12):  52-59. 
    Abstract ( 75 )   PDF (1172KB) ( 52 )  
    Taking the five port groups in China as the research objects and using the global-local analysis method, Gravity Center Movement Model and Exploratory Spatial Data Model, this paper builds a comprehensive evaluation index system to make a quantitative analysis of the spatial-temporal differences and features of port industry and economic growth in China's coastal areas between 1994 and 2014. Results indicate that:the gravity of Chinese port industry and economic growth of coastal areas sits in southern China, and tends to move toward Yangtze River Delta. On the global aspect, port industry shows a spatial-temporal difference of time and spatial dimension from significant positive correlation to significant negative correlation; economic growth keeps a spatial consistent significant positive correlation; port industry-economic growth goes through a "positive-negative-positive" stage on temporal and spatial dimension. On the local aspect, the H-H type region of port industry is moving from Pearl River Delta to Yangtze River Delta. And L-L type region is mainly in southwestern coastal area and the west of Pan-Bohai area; the H-H type region of economic growth is mainly in Pearl River Delta and Yangtze River Delta, with general trend remaining relatively stable. And L-L type region is mainly in Hebei, Guangxi and Hainan; two centers emerge in the L-L type region of port industry and economic growth and tend to expand toward their surrounding areas, the L-L type region center on Hebei and southwestern coastal area, but the spatial range of the two areas tends to decend.
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    Mechanism of How Air Pollution Control and Environmental Regulation Influence Enterprises' Inventory: Based on the Data of Industrial Enterprises in Guangdong Province
    Wang Xueqing, Liu Yong
    2021, 33 (12):  60-70. 
    Abstract ( 81 )   PDF (1701KB) ( 124 )  
    From the perspective of systematics, we construct a system dynamics model of the effect that air pollution control and environmental regulation have on industrial enterprises' inventory, and study how the industrial enterprises' inventory and industrial economy in Guangdong Province are influened by changes in policies regarding emission reduction, industrial pollution control investment, transportation infrastructure investment and scientific & technological investment. The simulation results show that either emission reduction policy or industrial pollution control investment promotion policy can alleviate the inventory pressure faced by industrial enterprises, and a synergistic effect of "1+1>2" on inventory pressure can be produced if both policies are implemented simulaneously. Transportation infrastructure investment promotion policy and technology investment promotion policy can also alleviate the inventory pressure faced by industrial enterprises. As these policies last and strengthen, they will become better able to alleviate inventory pressure and contribute more positively to industrial economy. Finally, according to the simulation results, relevant policy recommendations are proposed to reduce the inventory of industrial enterprises and promote the development of industrial economy from the perspective of environmental regulation and investment policies.
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    The Time-varying Impact of US Uncertainty on China's Economy—Based on Empirical Analysis of the QBLL-TVP-VAR Model
    Zhang Deyuan, Lin Yu, Hou Xianping
    2021, 33 (12):  71-86. 
    Abstract ( 78 )   PDF (3871KB) ( 95 )  
    The increasing external uncertainty over recent years, especially that from the US, has made it inevitable for China's economy to be impacted. Therefore, based on a time-varying parameter vector autoregressive model with quasi-bayesian local likelihood estimation (QBLL-TVP-VAR), this paper empirically analyzes the dynamic impacts and differences of three kinds of American uncertainties, namely macroeconomic uncertainty, financial uncertainty and economic policy uncertainty, on the Chinese economy. The results are as follows:(1) US macroeconomic uncertainty leads to significant declines in China's output and prices respectively from 2014 to 2020 and during the 2008 global financial crisis, which has the most adverse impact on China's economy; US financial uncertainty only leads to a significant decline in China's output from 2016 to 2020, which has a modest adverse impact on China's economy; US economic policy uncertainty only leads to a significant decline in China's output from 2019 to 2020, which has the least adverse impact on China's economy. (2) US macroeconomic, financial and economic policy uncertainty have all adversely affected China's economy by reducing Chinese consumption and China-US trade in goods, but US macroeconomic and financial uncertainty has negative impacts on China's economy by reducing Chinese investment and Chinese stock prices, respectively. (3) The results of time-varying forecast error variance decomposition show that US financial uncertainty is the main external factor leading to China's economic fluctuations during the 2008 global financial crisis, while US macroeconomic uncertainty is the main external factor leading to China's economic fluctuations from 2017 to 2020. Therefore, we suggest that the government should establish a forward-looking early warning mechanism and a response mechanism, strengthen the monitoring and analysis of external uncertainty; make full use of a variety of macroeconomic control tools to intervene and guide the domestic economy in a timely and precise manner; expand the opening of foreign trade, implement a diversified trade opening strategy; deepen the supply-side structural reform and accelerate the formation of a new development pattern featuring domestic cycles as the main body and domestic and international cycles reinforcing each other to cope with the impact of external uncertainty.
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    Technology and Innovation Management
    Corporate Response Strategy and Behavior under the Chinese Government Innovation Policy System: A Multi-case Study Based on Grounded Theory
    Tian Zhilong, Chen Liling, Taieb Hafsi, Gu Jialin
    2021, 33 (12):  87-99. 
    Abstract ( 95 )   PDF (1310KB) ( 169 )  
    How firms respond to government's innovation policy will decide whether the policy can play its desired role. Drawing upon six high-tech firms in China, this paper uses multi-case study method and grounded theory to explore the mechanism of how tech firms respond to the innovation policies made by governments at the central, provincial, municipal and district/county level in China and then constructs a theoretical model of "cognition-strategy-action". Results show that firms can not only see policy resources from innovation policies text, but also feel competitive pressures and identify industrial information from the competitive mechanism of China's innovation policy system. And different firms will have different cognition levels at different hierarchical government innovation policies. Further, those differences will result in different corporate strategies of response to innovation policies.
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    CEO-TMT Interface Perspective: CEO-TMT Isolation and Enterprise Innovation Intensity under CEO Succession Background
    Zhang Yue, Liang Qiaozhuan, Chen Hui
    2021, 33 (12):  100-114. 
    Abstract ( 82 )   PDF (1327KB) ( 74 )  
    Under the context of the CEO succession, new CEOs always face challenges from new positions and new top management teams. Their comparative attributes with existing top managers indicate the interaction and integration process between new CEOs and the existing top managers, thus impacting how new CEOs and top management teams (TMTs) will make decisions on corporate innovation strategies. Based on CEO-TMT interface perspective and team faultline theory, this research proposes that CEO-TMT isolation is a new concept about CEO-TMT relational demography in describing the multiple comparative attributes between a new CEO and the rest of the TMT. The research tests how CEO-TMT isolation will influence corporate innovation intensity. Through analyzing the data from 657 Chinese mainboard-listed companies over the period 2012-2014, this study finds that knowledge-based CEO-TMT isolation is positively associated with corporate innovation, while the identity-based CEO-TMT isolation mitigates this effect and the status-based CEO-TMT isolation strengthens this effect. In addition, this research suggests that knowledge-based CEO-TMT isolation will have the most positive effect on corporate innovation intensity under contender succession. Overall, this research deepens our understanding about the configuration of TMT composition and enriches the research about the impact of the CEO-TMT interface on corporate innovation.
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    Loose Monetary Policy, Resident Asset Allocation and Corporate Innovation
    Miao Wenlong
    2021, 33 (12):  115-127. 
    Abstract ( 78 )   PDF (1586KB) ( 67 )  
    Based on the perspective of individual asset allocation under loose monetary policy, through constructing the dynamic stochastic general equilibrium model with the wealth income gap family sector and the innovation heterogeneity enterprise sector, this paper draws some conclusions:(1) Loose monetary policy stimulates the rise of real estate and financial assets prices and yields. As the prices of real estate and financial assets rise, most of the incremental currency flows to traditional enterprises and is allocated to real estate and high-risk financial assets. (2) High-income residents' demand for asset allocation provides strong support for asset structure adjustment. (3) In this process, some traditional enterprises that should have been eliminated by the market still linger around, making it hard for innovative companies to benefit from loose economic policies and break away from prolonged low-speed growth. (4) After the credit monetary system replaces the gold standard monetary system, the loose monetary policy weakens market exit mechanism.
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    Research on the Evolution Mechanism of Firms' Capability Reconfiguration Based on the Process of Technological Catch-up
    Peng Xinmin, Liu Dianguang, Xu Zekun, Chen Shihui
    2021, 33 (12):  128-136. 
    Abstract ( 64 )   PDF (1539KB) ( 168 )  
    Latecomer firms ultimately achieve technological catch-up thanks to the capability reconfiguration. However, the evolution mechanism of how latecomer firms carry out capability reconfiguration in the dynamic process of technological catch-up is still unclear. Through the case analysis of Shenglong, this study finds that market dynamics provides a window of opportunity for the technological catch-up of latecomer firms from the outside, and the dominant logic provides cognitive guidance for the technological catch-up of latecomer firms from the inside. In particular, in the initial catch-up stage where the market dynamics are low, latecomer firms adopt position logic to achieve capability evolution; in the beyond catch-up stage where the market dynamics are medium, latecomer firms adopt leverage logic to achieve capability transformation; and in the industry frontier stage where the market dynamics are high, latecomer firms adopt opportunity logic to achieve capability substitution. This research emphasizes the importance of market dynamics at different levels, introduces a perspective of dominant logic, and reveals the inherent laws of the evolutionary mechanism of capability reconfiguration. This research not only enriches the technology catch-up theory, but also provides management enlightenment for the catch-up practice of latecomer firms.
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    Learning Orientation, Big Data Capability and Business Model Innovation: Moderating Effect of Industry Type
    Yi Jiabin, Xu Di, Wang Yuting, Yang Xiaoping
    2021, 33 (12):  137-151. 
    Abstract ( 104 )   PDF (1454KB) ( 211 )  
    In the big data era, innovating and transforming business model has become a must. Applying theories of learning orientation and dynamic capabilities, this paper studies the direct relationship among learning orientation, big data capability and business model innovation as well as the mediating effect of big data capability on learning orientation and business model innovation, and tests the moderating effects of industry type. The results are as follows:(1) learning orientation and big data ability are significantly positively correlated with business model innovation; (2) all dimensions of learning orientation are significantly positively correlated with big data perception and integration capability; (3) learning commitment is positively correlated with in-depth analysis and insight capability, but shared vision and open mind have no significant correlation with in-depth analysis and insight capability; (4) big data capability plays a mediating role between learning orientation and business model innovation and displays a path from learning orientation to big data ability to business model innovation; (5) industrial type shows a moderating effect both on the relationship between learning orientation and big data capability and on the relationship between big data capability and business model innovation, but has no moderating effect on the relationship between learning orientation and business model innovation.
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    E-business and Information Management
    Research on Enterprise Digital Maturity Model
    Wang Hecheng, Wang Siwei, Liu Renhuai
    2021, 33 (12):  152-162. 
    Abstract ( 231 )   PDF (1423KB) ( 769 )  
    Nowadays, digital technology has gradually dominated the technological development. To catch up with this fast-growing dynamic digitalization trend, most enterprises have initialized their digital transformation, which has attracted wide attention of the society. In the process of digitalization, to seek the most adaptive solution to advance the transformation, it becomes vital for each enterprise to identify the current digitalization level of its own. Based on the analysis of the connotation and essence of digitalization and enterprise digital transformation, this paper explores the concept of enterprise digital maturity in combination with the actual needs. Then research team identifies key process areas and specific evaluation metrics through literature research and panelist review. Further, a digital maturity model (DMM) is developed. This model includes five key process areas (strategy and organization, infrastructure, business process and management digitalization, integrated integration, digital performance), 19 primary indicators and 63 secondary indicators. Compared with the current domestic and international evaluation models, this DMM can better present the changes of enterprise operational pattern and the comprehensive fusion and system application of digital technology under the digital commercial ecology. Not only can it provide researchers with insights on digital emerging phenomena, but provide methods and tools for enterprises to assess their digital integration, helping them to establish strategic goals and implementing programs for digital transformation.
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    Impact of ICT Capital on Industrial Structure Optimization
    Zhang Hao, Lin Yong
    2021, 33 (12):  163-175. 
    Abstract ( 74 )   PDF (1279KB) ( 131 )  
    Given the key role of ICT in the high-quality economic development, exploring the transmission mechanism of ICT in the optimization of industrial structure will become an important driving force for China's economic structural reform. Based on the data of 30 provinces from 2003 to 2017, this study first measures the productive capital stock of ICT and then uses the GMM model to verify the impact of ICT on industrial structure optimization. The results show that:(1) In general, ICT has investment optimization effects on industrial structure adjustment, but this investment effect has a quantile heterogeneity. If the capital scale of ICT is too low, it cannot optimize the industrial structure. (2) The impact of ICT investment on the development of different industries is different. ICT investment plays a promoting role in the development of the tertiary industry, but an inhibiting role in the development of the secondary industry where ICT investment is low and inefficient. (3) With different stages of industrialization, there are differences in different regions. The investment optimization effect shows obvious linear growth characteristics in the eastern region; it is characterized by a "U-shape" in the western region, and it has a positive impact only in the later stage of industrialization in the central region. Finally, based on these conclusions, relevant policy recommendations are proposed.
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    Marketing
    The Effect of Picture Presentation on Consumer's Attention and Approach Behavior
    Wu Ruijuan, Ou Xiaoqian, Li Dongjin
    2021, 33 (12):  176-186. 
    Abstract ( 152 )   PDF (1961KB) ( 282 )  
    The current study focuses on two types of picture presentation, human model picture presentation and product picture presentation, and examines the effect of picture presentation on consumer's attention and approach behavior through three studies. Study 1 is an eye-tracking experiment. Results of Study 1 show that people pay more attention to human model picture of appearance-related product than that of appearance-unrelated product; there is no significant difference of attention for product picture between two types of products. Study 2 and Study 3 are laboratory experiments. Results of Study 2 show that the interaction effects of picture presentation and product category on approach behavior are significant. Furthermore, the interaction effects of picture presentation and product category are mediated by mental simulation. Results of Study 3 replicate the results of Study 2, and precludes the mediating effects of product performance uncertainty and product presentation helpfulness.
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    The Impact of Conflict Delistings on Brand Performance: Customer-based Perspective
    Deng Guangkuan, Zhang Jianyu
    2021, 33 (12):  187-199. 
    Abstract ( 72 )   PDF (1371KB) ( 172 )  
    The existing literature ignores the intangible loss of conflict delistings. Based on the theory of psychological resistance and information processing theory of emotion, through experiment methods, this paper explores the consumers' reaction to conflict delistings under the influence of customer loyalty and negative emotions, and the impact of conflict delistings on the brand performance of both supplier and retailer. The results show that no matter how high or low the negative emotions are, when the brand loyalty of the supplier is higher (or lower) than that of the retailer, the consumer is more inclined to switch the store (or brand) to deal with the conflict delistings, and the retailer (or supplier) suffers more losses. When both supplier and retailer have high (or low) customer loyalty, consumers' behavior to deal with conflict delistings varies with the level of negative emotions:when negative emotions are high, consumers who have high (or low) loyalty to suppliers and retailers are more inclined to cancel the purchase, resulting in large losses for both parties. When negative emotions are low, consumers who have high (or low) loyalty to suppliers and retailers are more inclined to delay the purchase (or store switching), resulting in greater losses for retailers. In addition, the greater the negative emotion of consumers, the stronger the influence of brand switching, store switching and purchase cancellation on brand performance. The study provides a more comprehensive answer to the question of "who is more vulnerable during conflict delistings", and provides management inspiration on whether the two parties should provoke a conflict.
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    Organizational Behavior and Human Resource Management
    Gender Structure, Management Interaction, and Corporate Value of Listed Companies
    Liang Ruobing, Zhang Dongrong, Mo Yating
    2021, 33 (12):  200-212. 
    Abstract ( 88 )   PDF (1279KB) ( 133 )  
    This paper uses a financial dataset of 2000-2014 listed firms on Shenzhen and Shanghai Stock markets to analyze the impact of gender structure of management and board on firms' performance. The results of regression suggest that the share of female director, executives and supervisors has significant and positive effect on firm's market value. Specifically speaking, however, only female executives and supervisors have positive role and female directors have negative impacts. Through the substitution variables analysis and instrumental variable regression, we find that the positive role of executives is most robust, that of female directors is less robust and the effect of female supervisors is not robust. Further analysis doesn't find "queen bee syndrome" from Chinese enterprises. Moreover, female as both CEO and chairperson can produce significant and positive effect on company's value. So far as the decision making and executive level is concerned, when board chairmen is female, higher proportion of female directors is more conducive to the promotion of corporate value. On the contrary, when CEO is female, higher proportion of female executives is not conducive to the promotion of corporate value. Finally, we examine the impact of gender structure on enterprise's development strategy, and find that higher proportion of female managers is associated with higher risk aversion, stricter control over operating cost, more innovation and market orientation, and high possibility of fulfilling social responsibility, but more non-productive expenditure.
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    Substitute or Complement? The Joint Effects of High Performance Work System and Supervisor Support on Employees' Relational Psychological Contract
    Zhang Hongyu, Lang Yi, Wang Zhen
    2021, 33 (12):  213-229. 
    Abstract ( 86 )   PDF (1432KB) ( 191 )  
    From the perspective of sense-making, the current study investigates the joint effects of HR practices and supervisor support on the development of employees' relational psychological contract, trying to understand and explain the inconsistent empirical results in the previous literature regarding this issue (substitute or complement). The results based on 1, 985 employees from 141 companies demonstrate that employees' perceptions of HPWS and supervisor support, and their growth working values jointly influence the formation of employees' relational psychological contract. Specifically, for employees with lower growth working values, HPWS and supervisor support play a substitutional role in developing relational psychological contract; however, the hypothesis that for employees with higher growth working values, HPWS and supervisor support play a complementary role in developing relational psychological contract is not supported. This study provides new insights to the research of interaction of policies and supervisors, relational contract and strategic HRM. Additionally, it has practical implications on guiding the establishment of employees' relational psychological contract.
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    The Impact of Interactive Motivation Diversity on Team Performance
    Qu Gang, Wang Xiaoyu
    2021, 33 (12):  230-239. 
    Abstract ( 108 )   PDF (1229KB) ( 145 )  
    Motivation and behavior have a significant impact on the performance of an innovation-oriented team. Based on the categorization-elaboration model, this paper explores how interactive motivation diversity affects team reflexivity and team similarity perception and how they affect the performance of an App design team. We use questionnaires to collect data from 58 teams, establish structural equation models and test hypotheses. The results show that in an App design team, interactive motivation diversity is negatively correlated with team reflexivity and team similarity perception. Team reflexivity is beneficial to improving team creativity and team satisfaction. Team similarity perception is beneficial to promoting team satisfaction, but its effect on team creativity is not significant. The results reveal the role of interactive motivation diversity in teams, and make clear its influence paths from different perspectives.
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    Suppression Mechanism of Top-down Effect of Leader's Moral Example——“Funneling Effect” Model from the Perspective of Approach/Avoidance Motivation Theory
    Zhao Shusong
    2021, 33 (12):  240-251. 
    Abstract ( 147 )   PDF (1328KB) ( 129 )  
    The value of organizational ethics management has drawn much attention from the public. Meanwhile, the public has high expectation on leaders as moral examples. According to the evolution logic from environmental stimuli to the self-identity, this paper discusses the suppression mechanism of the moral influences of leaders on their subordinates based on approach-avoidance motivation theoretical framework. In this paper, it is believed that physical suppression, social undermining and recognition suppression are main obstacles that restrict the demonstrative influences of leaders' moral examples, and cause the "funneling effect" during the process of top-down effect of moral influence. According to the problems of the three major suppression mechanisms, a comprehensive function model to restrict the top-down effect of leaders' moral is established. Finally, the theoretical significance, management inspiration and directions for future studies are discussed.
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    Influence of Mutual-investment Employment Relationship on Employees' Initiative at Work
    Miao Bin, Tu Meng
    2021, 33 (12):  252-261. 
    Abstract ( 84 )   PDF (1236KB) ( 96 )  
    How to promote employees' initiative at work is a scientific management issue in enhancing corporate competitiveness. As a harmonious and effective employment model, the mutual-investment employment relationship is more likely to be welcomed by employees. Based on 432 questionnaires, this paper discusses the mechanism of how mutual-investment employment relationship influences employees' initiative at work, analyzes the mediating role of psychological security, and explores the moderating effect of organizational trust. The research results show that:the mutual-investment employment relationship has a significant positive impact on employees' initiative at work. Psychological security plays a partial mediating role in the relationship between the mutual-investment employment relationship and employees' initiative at work. Organizational trust negatively moderates the relationship of psychological security and employees' initiative at work. On the basis of enriching the influence mechanism of employment mode on employees' behavior, this paper broadens the way of stimulating employees' initiative at work for the best use of their talents.
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    Cost of Laissez-faire: Leader Reward Omission and Employees' Unethical Behavior
    Peng Quiping, Zhong Xi, Liu Shanshi, Zhou Huaikang
    2021, 33 (12):  262-271. 
    Abstract ( 144 )   PDF (1244KB) ( 233 )  
    Leaders play a critical role in employees' unethical behavior. However, existing studies focus mainly on leadership's provoking or inhibiting effect on employees' unethical behavior, without paying attention to the potential influence of laissez-faire leadership. Drawing upon the Stress-Emotion theory, the study examines the relationship between reward omission (a typical form of laissez-faire leadership) and employees' unethical behavior. Using a sample of 245 employees, the result shows that leader reward omission not only direcly has a positive effect on employees' unethical behavior, but also indirectly result in such behavior through the partial mediating role played by emotional exhaustion. Taking the contextual effect of employees' proactive personality into consideration, we find that the proactive personality will not only weaken the positive impact of leader reward omission on emotional exhaustion but also weaken the mediating role of emotional exhaustion in the relationship between leader reward omission and employees' unethical behavior. The paper enriches the knowledge of employees' unethical behavior from the perspective of laissez-faire leadership and provide important enlightenment on how to prevent and control unethical behavior.
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    The Impact of Self-sacrificial Leadership on Employees' Work-Family Balance: A Chain Mediating Model and the Moderating Effect of Collectivism Orientation
    Qu Yiying, Xu Zhenting, Yan Jiaqi
    2021, 33 (12):  272-283. 
    Abstract ( 151 )   PDF (1307KB) ( 232 )  
    While a growing number of studies focus on work-family balance in the context of the people's ever-growing needs for a better life and the enterprises development, few of them have conducted a complete research into the mechanism of how self-sacrificial leadership impacts on employees' work-family balance. Drawing from the work-family balance theory, this study proposes a full mediation chain model that self-sacrificial leadership positively influences work-family balance through leader-based self-esteem and work-family enrichment, and further examines the moderating effect of collectivism orientation. Based on data resulting from 231 employees' sample, we conclude that self-sacrificial leadership indirectly promotes work-family balance. The significantly positive relationship between self-sacrificial leadership and work-family balance is mediated in tandem by leader-based self-esteem and work-family enrichment. In addition, collectivism orientation plays a positive moderating role in the relationship between self-sacrificial leadership and leader-based self-esteem.
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    Organization and Strategic Management
    The Correlation among Firm Size, Competitive Complexity and Market Performance Seen from Static and Dynamic Perspectives: An Empirical Study on Chinese Household Appliance Industry
    Deng Xinming, Luo Huan, Yang Saifan, Qiu Wenyun, Shu Mei
    2021, 33 (12):  284-294. 
    Abstract ( 50 )   PDF (1225KB) ( 66 )  
    Based on static and dynamic perspectives, this study takes Chinese household appliance industry as the research object and explores the effect of different firm size and firm size change on the competitive complexity's three dimensions (action diversity, action change and action newness) and how the three dimensions further influence the market performance. The results show that firm size and firm size change have significant and positive effects on action diversity, change and newness, and the above three dimensions have significant and positive effects on market performance. This study not only enriches the researches in the field of dynamic competition, but also offers reference for Chinese household appliance firms of different size on how to choose appropriate competitive repertoires strategies, as well as how to participate in the competition when their own size changes.
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    An Empirical Study on How Organizational Management Model Influences Enterprise Growth
    Li Fei, Hu Yi, Zhang Qi
    2021, 33 (12):  295-302. 
    Abstract ( 102 )   PDF (1167KB) ( 121 )  
    Organizational management is the basic framework of enterprise formation, and the choice of organizational management mode determines whether an enterprise can operate effectively. This paper innovatively studies the influence of organizational management model on the growth of enterprises from a quantitative perspective and uses corporate governance as a proxy variable of the organizational management model to analyze the companies listed in Shanghai and Shenzhen stock exchages during 2000 to 2019 from three dimensions:equity structure, board structure, and executive incentives. The results show that the growth of a company will be harmed by over-concentration of shareholding, but significantly promoted by proper size of the board of directors, proper proportion of independent directors, right amount of compensation incentives paid to executives and proper percentage of shares held by senior management. Furthermore, because of the importance of energy companies to the national economy and the particularity of their organization and management model, this paper takes 121 A-share listed energy companies as the research objects for an in-depth research. It is found that the above conclusion regarding shareholding concentration and executive compensation incentive is true of the 121 energy companies. Unlike other companies, energy companies display an insignificant relationship between their growth and board size, independent director proportion and executive shareholding.
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    Logistics and Supply Chain Management
    Pricing Decision of CSR Closed-loop Supply Chain Considering Retailer's Sales Effort
    Shu Tong, Zeng Jiaqian, Chen Shou, Lan Shulin
    2021, 33 (12):  303-315. 
    Abstract ( 69 )   PDF (2747KB) ( 85 )  
    This paper constructs a closed-loop supply chain model composed of a manufacturer and a retailer. Based on the Stackelberg game theory, this paper studies the pricing decision of the closed-loop supply chain under the situation of retailer's sales effort and different subjects undertaking corporate social responsibility (CSR), and analyzes the influence of sales effort effect and social responsibility behavior on enterprises' decision-making and profit. The results show that the retailer's sales efforts are conducive to reducing the wholesale price and improving the demand and the recovery rate of waste products; the CSR behaviors of different agents are conducive to stimulating the demand of the supply chain and improving the level of sales efforts and the recovery rate. Compared with the model without CSR, when the manufacturer or retailer assumes CSR, they will suffer loss of economic benefit, but the stakeholders will gain more economic benefit, and finally the supply chain will benefit from higher overall profit and better social utility.
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    Pricing and Channel Strategies in Supply Chain Considering Social Responsibility of Manufacturers
    Li Shiyang, Zhou Nan, Jian Jie
    2021, 33 (12):  316-323. 
    Abstract ( 76 )   PDF (1264KB) ( 110 )  
    By constructing a theoretical pricing decision model of a supply chain that consists of a manufacturer who assumes social responsibility and a retailer who aims to maximize profit, this paper examines the pricing decision under different channel strategies, then analyzes the impact of social responsibility of the manufacturer on equilibrium and proposes the optimal channel strategies from the perspective of supply chain and social welfare. The results show that under single channel strategy, higher social responsibility of the manufacturer will lead to lower prices, higher supply chain profit and better social welfare. When the manufacturer opens online channels, products will be sold at lower prices but in a larger quantity. When its social responsibility lowers to a level below certain threshold, proper transfer of supply chain profit can solve the channel conflict caused by manufacturer encroachment, and finally result in a "win-win" result among the manufacturer, the retailer and consumers. When its social responsibility rises to a level above certain threshold, the manufacturer would no longer have the motivation to open online channel.
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    Case Studies
    A Multi-case Study of Entrepreneurial Team Identity Heterogeneity's Impact on Team Conflict
    Tian Li, Zhang Jiehao, Yuan Guozhen
    2021, 33 (12):  324-338. 
    Abstract ( 113 )   PDF (1440KB) ( 140 )  
    Social identity theory argues that identities of team members have great impact on their cognitions and behaviors. Therefore, team conflict occurs not simply because team members have different views, but as they have different identities internally. Existing studies, however, do not provide a clear answer on how founders' identity heterogeneity affects team conflicts. By studying four start-up teams, this study analyzes the team interaction process among cofounders with diversified identities. It is found that identity heterogeneity among cofounders would generate faultlines within a team, which can be classified into balanced type and unbalanced type by subgroups' relative size. Start-up teams with balanced faultlines trend to have more cooperative conflicts, which would enhance team cohesion and decrease the probability of member exit. Teams with unbalanced faultlines trend to have more concessive conflicts, which increase the probability of member exit. This study broadens the researches of team heterogeneity and faultlines, and provides an explanation on how identity heterogeneity among cofounders affects team conflicts and outcomes in an entrepreneurial context.
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    Critical Success Factors for Internationalization of Chinese Chain Retailers: The Case of MINISO
    Tian Xin, Xu Shaodi, E Erjiang, Wu Zhaosong, Ye Guofu
    2021, 33 (12):  339-352. 
    Abstract ( 191 )   PDF (2123KB) ( 306 )  
    Internationalization is one of the most intensive trends among many retailing magnates in recent decades. However, there are few successfully internationalized retailing enterprises in China and few researches are conducted in the context of Chinese retailing industry. This paper examines the internationalization process including business model and critical incidents of MINISO, a Chinese chain retailing enterprise that has internationalized at a fast speed rarely seen, and identifies critical success factors for its internationalization based on Wuli-Shili-Renli system approach. We show that MINISO, under the guide of virtual retail enterprise model, rolls out stores globally through franchise system innovation, supply chain integration and brand exportation externally and improves the value of its supply chain and brand internally by utilizing ambidextrous innovation capability. This paper enriches the retail internationalization study by adding Chinese cases into the analytic framework, and indirectly proposes a strategic decision-making model of retail internationalization.
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