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    IOS or SM Enabled? Impact of Internet Interactive Strategies on Inter-firm Coordination
    Zhuang Guijun, Dong Bin
    Management Review    2020, 32 (9): 153-167.  
    Abstract587)      PDF (1347KB)(3139)      
    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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    Auction Theory and Design: A Review of the Contributions of the 2020 Nobel Prize Winners in Economics
    Cao Zhigang, Qiao Han, Yang Zaifu
    Management Review    2020, 32 (10): 3-10.  
    Abstract575)      PDF (1124KB)(973)      
    This paper briefly reviews the major contributions of Milgrom and Wilson, winners of the 2020 Nobel Prize in Economics, in auction theory and design and its practice. This award is a renewed recognition of fundamental contributions to both theory and practice. The two economists with a solid background in operations research and management science, whose research embodies the distinctive style of pragmatism and truth-seeking and the unity of knowledge and action, are shining examples of the positive interaction between economic theory and practice. The works of the two winners have a big impact on management science and serve as a bridge between management science and economics. We also explore the implications of their works to the development of Chinese economics and management science, and to China's economic development, especially to the question of how to make best use of the market in allocating resources.
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    Impact of COVID-19 Pneumonia Epidemic on High-quality Development of Private Economy and Countermeasures
    Wang Yan
    Management Review    2020, 32 (10): 11-21.  
    Abstract372)      PDF (1572KB)(413)      
    The global outbreak of the COVID-19 pneumonia epidemic in 2020 has had a huge impact on the high-quality development of private economy in China. Based on the data of the questionnaire survey on the COVID-19 pneumonia epidemic, this paper finds that the epidemic will expose small and medium-sized private manufacturing enterprises to unprecedented survival pressure. By comparing the development path of the private manufacturing industry after the SARS in 2003, this paper makes a pre-judgment on the development of the private enterprises after the COVID-19 pneumonia epidemic:As the COVID-19 pneumonia epidemic is gradually brought under control, the macroeconomic crux is changing from large impact on both supply and demand to insufficient aggregate demand, which will inhibit the recovery of the manufacturing industry. The highly uncertain external environment may further expand the negative impact of the epidemic on manufacturing companies through trade channels. Regarding the high-quality development of the private economy after the COVID-19 pneumonia epidemic, this paper puts forwards the following policy recommendations:(1) Improving the national health and public safety system, and the ability to respond to major public health emergencies. (2) Promoting high-quality development of private economy by adjusting stock economic structure and optimizing incremental economic layout. (3) Supporting and guiding private enterprises to turn crises into opportunities and fully integrate them into the construction of complete industrial system. (4) Increasing the targeted support to small and medium-sized enterprises, and improving the assessment mechanism for small and medium-sized enterprises. (5) Using insurance to resolve risks, and encouraging insurance institutions to participate more risk management and corporate governance of private enterprise.
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    Understanding Online User Community User Contribution Behavior Formation through Online Social Support and Self-determination Theory
    Qin Min, Li Ruonan
    Management Review    2020, 32 (9): 168-181.  
    Abstract258)      PDF (1257KB)(243)      
    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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    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
    Management Review    2020, 32 (9): 323-336.  
    Abstract254)      PDF (1263KB)(786)      
    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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    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
    Management Review    2020, 32 (9): 205-219.  
    Abstract253)      PDF (1347KB)(196)      
    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 Effects of Coworkers'Aggressive Humor on Newcomers' Organizational Socialization Outcomes
    Zhang Mingyu, Liu Pan, Wu Wen, Zhang Yihua
    Management Review    2020, 32 (9): 182-192.  
    Abstract249)      PDF (1222KB)(529)      
    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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    The Black and White of Digital Currency Development: A Case Study of Facebook Libra
    Guo Xiaochun, Wang Shouyang
    Management Review    2020, 32 (8): 314-324.  
    Abstract240)      PDF (1224KB)(829)      
    Digital currencies have received remarkable development in recent years. As a new product of the digital economy era, digital currency innovates rapidly, and constantly impacts the existing framework of society, economy, finance and technology. Therefore, understanding the influences of digital currency is of great significance. In June 2019, Facebook publicized Libra, which is a supranational cryptocurrency issued by large-scale institution. Libra, backed by Facebook with a large global user base, has attracted close attention from governments and central banks globally. This paper employs Libra as an important case to explore the impact of supranational digital currency of large-scale institution, and to investigate how to better design and develop digital currency. Libra meets the demand of business model innovation of Facebook, and it is a strategic step of Facebook to diversify business, enter developing market and form business ecosystem. This paper argues that digital currencies like Libra impose huge challenges to the existing legal and regulatory framework, national controllability of important data and international position of sovereign currency. Rational design and strategic development are of primary importance under global competition. This paper also provides guidance for the design and development of digital currencies, and further offers policy recommendations under the specific Chinese environment.
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    Identification and Development of Organizational Value Proposition in Digitalization——Lessons from the Work WeChat Case Study
    Chen Chunhua, Mei Liang, Yin Jun
    Management Review    2021, 33 (1): 330-339.  
    Abstract240)      PDF (1653KB)(495)      
    The digitalization drives the boundary extension of traditional organizations and guides organizations to interact and collaborate with clients and other stakeholders in a wider range. As a bridge that connects the focal corporate and customer for value co-creation, the identification and development of corporate value propositions are regarded important both from researches and practices. This paper takes the case of Work WeChat organization of China's leading high-tech enterprise Tencent, extends the content analysis and coding on the interview data of internal and external personnel of the Work WeChat, and systematically explains the identification and development process of the value proposition of Work WeChat. The research findings indicate that:three streams of literature explain the connotation of corporate value proposition, involving the perspective of focal firm's unique value, the perspective of relationship between focal firm and customers, and the value portfolio perspective between focal firm and stakeholders; in addition, the identification and development corporate value proposition can be embedded in a process-based framework "All Benefits-Favorable Points of Difference-Resonating focus of Value Combination". The research contributes to the concept and development process of corporate value proposition, and provides implications for the practice of corporate value proposition in the digital context.
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    IPO “Hot Issue” and Venture Capital Investment Cycles: Causes and Consequences
    Chen Chuang, Xiao Min, Cao Yuxiu, Wen Hai
    Management Review    2020, 32 (11): 3-18.  
    Abstract232)      PDF (1682KB)(152)      
    High correlation between venture capital investment cycles and the shifts of “hot” and “clod” IPO markets has received much attention. Taking the quasi-natural experiment provided by Chinese unique institution as research scenario, this study examines the causes and consequences of the association between venture capital and stock market. We find that there is a significantly positive association between IPO “hot issue” and venture capital investment cycles. The mechanism that consistently explains the correlation is VCs' perception about liquidity risk of IPO exit, rather than VCs' response to attractive investment opportunities signal provided by public market. In terms of consequences, we do not find evidence that the venture capital investments made during “hot” IPO market foster more early-stage firms or inspire innovation.
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    How does Innovation Failure Affect the R&D Expenditure?
    Gu Zhihui, Ma Baichao
    Management Review    2020, 32 (9): 79-96.  
    Abstract228)      PDF (1286KB)(291)      
    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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    Environmental Governance, High-quality Development and Residents' Happiness——Empirical Study Based on CGSS (2015) Micro Survey Data
    Shi Huaping, Yi Minli
    Management Review    2020, 32 (9): 18-33.  
    Abstract227)      PDF (1320KB)(249)      
    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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    Institutional Change and Effect Evaluation of Green Finance Policy in China: Evidence from Green Credit Policy
    Niu Haipeng, Zhang Xiayi, Zhang Pingdan
    Management Review    2020, 32 (8): 3-12.  
    Abstract227)      PDF (1220KB)(208)      
    The institutional change of green financial policy in China is described, and the green credit policy is used as an example to analyze the mechanism of the green financial policy on green companies and “H-H” (High Pollution-High Energy Consumption) companies. Based on the panel data from 2001 to 2015, the effect of green credit policy on green listed companies is evaluated by using the DID (difference-in-difference) approach setting the “H-H” listed companies as control group. It is found that, the implementation of green credit policy has enhanced the financing convenience of green listed companies significantly, but its effect on financing cost is not significant.
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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
    Management Review    2020, 32 (9): 34-44.  
    Abstract222)      PDF (1334KB)(240)      
    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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    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
    Management Review    2020, 32 (9): 308-322.  
    Abstract216)      PDF (2297KB)(428)      
    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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    The Impact of Media Coverage on Enterprise Green Technology Innovation: The Moderating Role of Marketization Level
    Zhao Li, Zhang Ling
    Management Review    2020, 32 (9): 132-141.  
    Abstract211)      PDF (1155KB)(327)      
    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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    The Effect of Idiosyncratic Deals on Employees' Innovation Performance: Empirical Study of a Communication Firm
    Wang Xiaojian, Tang Fangcheng, Tian Yuhan
    Management Review    2020, 32 (9): 220-228,265.  
    Abstract206)      PDF (1217KB)(243)      
    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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    The Value Multiplication Factor and Creation Mechanism in the Business Model of New Retail Commercial Activities: A Case Study of Yonghui Super Species
    Jiang Jihai, Wang Ruojin
    Management Review    2020, 32 (8): 325-336.  
    Abstract202)      PDF (1664KB)(289)      
    The new retail business model reconstructs the relationship among people, goods and market through data-driven reconstruction, thus creating the multiplier effect of value. This paper is aimed at exploring value creation drivers and its mechanism of new retail's business model. First of all, based on the key components of the business model and the thinking of context, we recognizes three value drivers of value creation: “product+product”, “product+context” and “product+data” from the interrelation among people, goods and market centering. Then, based on the logic that value motivates user's behavior to create value multiplication, we analyse the causal mechanism between the three value drivers and value multiplication in virtue of the theory-Schumpeterian Innovation and Synergy Effect. Finally, we verify the above related propositions by a study of a typical case-Super Species. It is found that: (1) the motivation of “product + product” innovates the functional value proposition of enterprises by creating products portfolio, so as to generate product synergies and form a demand-side economy. Then, the unit price of customers, consumption frequency and customer stickiness are increased and improved, which contributes to achieving value multiplication; (2) the motivation of “product + context” innovates the emotional value proposition of enterprises by integrating the product and consumption context, which helps achieve the “Schumpeterian Growth” and increase the customer surplus, recommendation rate and repurchase rate to realize the value multiplication; (3) the motivation of “product + data” innovates digital value proposition of enterprises by embedding data into products, which helps generate connection dividend and realize “Pareto Improvement”, on which basis value multiplication can be realized in the form of higher customer attraction, stronger brand awareness, etc.
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    Local Government Financial Expenditure, Officials Appointment and Investment Comovement
    Yu Junli, Xu Huifeng, Wang Liangliang
    Management Review    2020, 32 (9): 3-17.  
    Abstract199)      PDF (1243KB)(363)      
    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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    A Study on Salespeople's Creativity in the Circumstance of Showrooming: A Moderated Dual Mediation Model
    Li Xue, Liu Yi, Gao Wei
    Management Review    2020, 32 (8): 204-214.  
    Abstract199)      PDF (1224KB)(192)      
    With the development of multi-channel in retail business and mobile electronic technology, the phenomenon of showrooming is becoming more and more common, and is seriously striking the performance of physical stores. From the perspective of JD-R model, this research explores the influences of this change on salespeople, and individual factors that help them cope with the situation. With a sample of 244 salespeople, and the method of questionnaire survey, the study finds that the perception of showrooming would simultaneously enhance salespeople's challenge and hindrance stressors, and challenge stressors increase creativity while hindrance stressors reduce it. In addition, customer orientation strengthens the mediating role of challenge stressors, while diminishes the mediating role of hindrance stressors. At last, salespeople's creativity promotes sales performance.
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