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    Invited Article
    Strategic Thinking and Measures on the Development of Business Administration Discipline
    Zhang Yuli, Wu Gang, Yang Jun, Xu Xin, Ran Lun, Lin Weipeng
    2021, 33 (4):  3-11. 
    Abstract ( 134 )   PDF (1411KB) ( 238 )  
    Synchronous with the progress of domestic industrial and commercial enterprises, economic development and the promotion of China’s international status, the construction of Business Administration Discipline has received extensive attention over the past five years, and the construction intensity has been significantly increased. We conduct a lot of research work as part of the NSFC Special Grants Practice, including a discipline strategy questionnaire survey to more than 1,000 domestic and overseas scholars and entrepreneurs. Our findings show that strong self-reflection under high attention is the consensus of scholars, while the misalignment between management theory of industrial society and corporate practice in the digital economy era is the problem commonly reported by entrepreneurs. This paper analyzes the problems that scholars and entrepreneurs pay close attention to, and puts forward some directional suggestions in order to make contributions to the healthy development of Business Administration Discipline.
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    An Exploration on How to Develop the Research Questions with Practical Relevance and Impacts?——A Theoretical Framework Based on the NSFC Special Grants Practice
    Yang Jun, Zhao Xinyuan, Ran Lun
    2021, 33 (4):  12-23. 
    Abstract ( 84 )   PDF (1422KB) ( 158 )  
    Responsible managerial research has been recognized by scholars, who highlight that responsible managerial research is not only the key to increasing the practical relevance of managerial research, but also contributes to the economic and social development. The extant literature has discussed how to promote the practical relevance of managerial research, but failed to indicate how scholars could develop the research questions with significant practical relevance. This paper develops a model of “Scientist-Practitioner” interaction to address this important theoretical question, and provides detailed evidence about how to develop research question with practical relevance based on the NSFC special grants practice, which is related to the grand research topic in Business Administration Discipline. The results contribute new knowledge and method to the current discussion on how to balance the rigor and relevance in managerial research, and provide important implications to scholars.
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    Technology and Innovation Management
    Evaluation of Carbon Performance of Stock Portfolio: An Analysis Based on the EIO-LCA Method
    Wei Ping, Shu Hao
    2021, 33 (4):  24-39. 
    Abstract ( 86 )   PDF (1604KB) ( 63 )  
    Guided by the principle of sustainable development, a consensus on ecological value of green investment has been reached. However, there is limited attention on evaluating environmental performance of investment portfolio. This paper focuses on the method of evaluating carbon performance of stock portfolio and its empirical application. An environmental matrix is set up to assess the relations between environmental performance and financial returns of portfolio. The method of EIO-LCA is adopted to examine carbon performance of chosen traditional and green portfolios. Its dynamic changes over 2012-2015 is traced down. Finally, the calculation of carbon footprint by unit investment is used for “green” investment decisions. The study brings many new findings, contributing new and direct evidences to understanding green investment in China, as well as references for institutional decision makings towards greener investors. The study aims to contribute to theoretical and methodological thinking in evaluating environmental performance of various financial assets.
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    On the Existence and Influencing Factors of Middle Income Trap
    Yang Haizhen, Li Changmeng
    2021, 33 (4):  40-46. 
    Abstract ( 97 )   PDF (1164KB) ( 111 )  
    The “middle income trap” has been a hot topic in academic circle since this concept was put forward. This paper analyzes and summarizes the related literatures of “middle income traps” from the definition of “middle income trap”, the existence debate and the driving factors of “middle income trap”. Conclusions are as follows: First, the existing literature defines the “middle income trap” in two ways: absolute income threshold definition and relative income threshold definition, and it develops from the definition of absolute income threshold to the definition of relative income threshold. Second, the results of most literature indicate the existence of the “middle income trap” and explain it with some economic theories. Third, the main factors that make the country cross the “middle income trap” are high human capital, proper export structure, perfect institutions, high openness, and reasonable income distribution. In addition, different countries have their own influencing factors when crossing the “middle income trap”. Finally, on the basis of summarizing the existing literature, this paper puts forward the deficiencies of existing research and future research prospects.
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    The Mechanism of the Recent Decreasing of Capital Investment: The Long-term Effect of the RMB 4 Trillion Economic Stimulus Packages
    Lian Lishuai, Chen Chao
    2021, 33 (4):  47-58. 
    Abstract ( 54 )   PDF (1245KB) ( 50 )  
    This study examines the mechanism of the decreasing of the capital investment in recent pressure of economic downturn (hereafter downturn period) from the perspective of the long-term impact of the RMB 4 trillion economic stimulus packages (hereafter four trillion packages). We find that firms affected more by four trillion packages invest less in the downturn period, and this effect is stronger for non-stated owned enterprises (NSOEs) than for SOEs. We also find that monetary policy has little impact on the relation between the impact of the four trillion packages on firm investment in downturn period, and the effect of four trillion packages and firm investment in downturn period is stronger for firms from lower marketization areas than those from higher marketization areas. Our further analyses show that the channels through which the four trillion packages affects firm investment in downturn period are risk preference and investment opportunity. Our findings suggest that the long-term impact of four trillion packages is the possible reason of the decreasing of recent capital investment.
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    Financial System Network Contagion Structure and Tail Risk Measurement Based on Dynamic Semiparametric Quantile Regression Model
    Zhang Xingmin, Fu Qiang, Zhang Shuai, Ji Junwei
    2021, 33 (4):  59-70. 
    Abstract ( 70 )   PDF (1834KB) ( 63 )  
    This paper applies the dynamic semiparametric quantile regression model to construct network structure, clarifying the extreme risk contagion effects among financial institutions. We consider the market sentiments as conditional variables in the network model. The results show that the systemic risk contribution and exposure as well as tail risk contagion degree hold remarkable different information and characteristics. The network contagion degree ranking of financial firms, the tail risk receiver ranking, and tail risk emitter ranking are significant heterogeneous. During the economic and financial turmoil, the network contagion effects within three financial sectors (banking, securities, and insurances) have risen sharply, and the interconnectedness within securities is significantly higher and more volatile than between banks. The financial network model based on the rolling window width selection criteria optimizes the time-varying identification process of risk contagion relationships among financial institutions. The supervision on the highly contagious financial institutions has become a crucial policy issue. Therefore, exploring the network dependence of extreme risks is crucial for financial regulators to improve the supervision efficiency of the financial system.
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    High-priced Land Transaction, Signal Transmission and Rising Housing Price: An Empirical Test Based on DID Method
    Huang Jing
    2021, 33 (4):  71-81. 
    Abstract ( 67 )   PDF (1223KB) ( 38 )  
    According to the signal transmit theory and the anchoring effect theory, which is based on Behavior Economics, the price signals in land market will cause the housing price movement. High-priced land transaction is considered as containing new information, which may transmit to residential market and induce the growth of the housing price, known as the pulling effect. Using the data of 146 residential land transactions and more than one hundred thousand housing transactions in Shanghai from January 2010 to February 2016, the paper tests the pulling effect of land price signals on housing price with the difference-in-difference model. The results show that a high-premium land transaction with a premium rate of more than one provides a positive shock to the nearby housing market and results in 4.4% growth of housing price on the average. The space radiation range of the pulling effect is 3 km and the duration of the pulling effect is about 4 months. The high-priced land transaction with floor price higher than the surrounding housing prices pulls up the surrounding housing price by 6.6%. Compared with the high-premium lands, the pull effect of the high-priced land transaction has faster speed, longer duration and greater strength.
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    Impact on Objects Selection and Effects of Forest Subsidy Policies Implementation from Households' Forestland Size in Southern Collective Forest Area: A Case Study from Two Counties in Zhejiang Province
    Liu Mengxin, Zhu Zhen, Shen Yueqin, Li Bowei, Yu Kang
    2021, 33 (4):  82-91. 
    Abstract ( 32 )   PDF (1191KB) ( 12 )  
    Forest subsidies policies supported by central government have been put in place since 2009 to improve the initiative and reduce the risk of forest management for farmers, but it is necessary to discuss whether forest subsidies have achieved the anticipated objectivities. The purpose of this study is to discuss how forestland managed by rural households impacts the subject selection and the effects of forest subsidies policies. Method of logit model and triple difference model are employed separately to analyze the impact on object selection of forest subsidies policies and its effects from forest management size scale. The results indicate that: (1) the probability of sharing forest subsidies will be as the forestland managed by households expands. In order to reduce transaction cost, forest department would encourage large households to participate the forest subsidy projects, thus causing the unfairness for these forest subsidies project implementation; (2) on the other hand, the forest subsidy projects drive the input and income of large-scale farmers’ forestry production compared with small scale households, but it is not significant. The implementation of forest subsidy policies has not achieved the expected goals. In view of these facts, this paper provides some recommendations, including developing forest subsidy policies that consider the common and special subjects, strengthening the transparency and monitoring mechanism of forest subsidy policies.
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    The Influence of Team Temporal Leadership on Team Creativity in the Context of Team Polychronicity
    Wei Wu, Wang Yiyu, Zhao He, Zhang Qin
    2021, 33 (4):  92-101. 
    Abstract ( 69 )   PDF (1227KB) ( 98 )  
    Based on the theory of social information processing, this paper discusses the influence of team temporal leadership on team creativity in the context of team polychronicity. Data are collected from 231 employees in 77 teams. The analysis shows that: (1) team temporal leadership has a positive impact on team creativity by the mediation of team information exchange; (2) team polychronicity moderates the relationship between team temporal leadership and team creativity; (3) team polychronicity moderates the mediation of team information exchange. This study enriches the research of team temporal leadership and team polychronicity, and has both theoretical and practical significance for modern enterprises to seek long-term development in limited time resources.
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    Venture Capital, Spatial Spillover and Heterogeneous Innovation
    Chen Xin, Chen Demian, Ye Jiangfeng
    2021, 33 (4):  102-112. 
    Abstract ( 61 )   PDF (1315KB) ( 83 )  
    With Schumpeterian Growth Theory, this paper investigates the heterogeneous effects of venture capital investments (VCs) on two types of innovation using a spatial econometrics approach with the dataset covering 30 regions of China from 2005 to 2014. The empirical results show that VCs can promote regional frontier innovation in general, but have no effect on regional adaptive innovation. Since a large part of total effects comes from its global spillover effect, the externality of VCs should be taken into consideration to estimate their contribution to regional frontier innovation. The impacts of foreign vs. governmental vs. private VCs on regional innovation are heterogeneous. More specially, foreign VCs can significantly promote local frontier innovation, while private VCs can significantly foster local adaptive innovation. The governmental VCs can not only boost local frontier innovation, but also has a positive global spillover effect on frontier innovation.
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    Spatial Spillover Effects of Innovation Drive on Economy-Energy-Environment Coupling Coordination Development——Based on Provincial Panel Data and Spatial Durbin Models
    Hong Xuefei, Li Li, Wang Jun
    2021, 33 (4):  113-123. 
    Abstract ( 62 )   PDF (1341KB) ( 69 )  
    In order to explore the influence mechanism and spatial effects of the innovation driven and economic- energy-environment (3E) system’s coupling coordination development, this paper establishes spatial Durbin models of innovation driven and 3E system’s coupling coordination development, estimates 3E system’s coupling coordination degree of 30 provinces from 2004 to 2014 based on coupling coordination models and tests spatial agglomeration and spillover effects of innovation and 3E system’s coupling coordination development by spatial econometric methods. The results show that China’s provincial science and technology innovation and 3E system coupling coordination development have significant spatial correlation and agglomeration effects; innovation element has direct positive impact on coordination development of regional 3E system; technology innovation factor and 3E system’s coupling coordination development have significant spatial spillover effects; innovation personnel, patent and market factor have spillover effect between regions.
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    Decision Method for Matching Knowledge Alliance Demanders and Suppliers Considering the Third-party Evaluation Information
    Li Yonghai, Fan Zhiping, Zhang Huimin
    2021, 33 (4):  124-135. 
    Abstract ( 43 )   PDF (1421KB) ( 27 )  
    The key to the formation of a knowledge alliance lies in the suitable matching between knowledge demanders and suppliers. To solve the problem of matching knowledge alliance demanders and suppliers, this paper proposes a matching decision analysis method in which the third-party evaluation information is used. First, expectation information given by knowledge demanders or suppliers to the opposite sides, as well as evaluation information given by the third-party with the consideration of matching attribute satisfaction level of knowledge demanders or suppliers to the opposite sides, is transformed into the one in the form of cumulative distribution functions, respectively. Then, overall matching degrees of knowledge demanders or suppliers to the opposite sides are measured. On the basis of this, a multi-objective optimization model is formulated to maximize the overall matching degree of the knowledge demanders and suppliers and to select the optimal matching pairs. Further, the linear weighting method is employed to transform the multi-objective optimization model into a single-objective optimization model. The optimal matching pairs can be determined by solving the single-objective optimization model. Finally, a case study is given to illustrate the feasibility and validity of the method proposed in this paper.
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    E-business and Information Management
    The Impact of Dining Experience on the eWOM Publishing Willingness and Platform Choice: From the Consumption Emotion Perspective
    Luo Yanhong, Yan Qiang, Zhou Simin, Xu Hong
    2021, 33 (4):  136-146. 
    Abstract ( 64 )   PDF (1808KB) ( 108 )  
    In the Internet era, electronic word-of-mouth(eWOM) is very important for the development of businesses. Based on the expanded S-O-R(stimuli-organism-response) model, the influence of dining experience on consumers’ willingness to release eWOM and the selection of releasing platform are discussed from the perspective of emotion. Using SmartPLS2.0, the results show that: Firstly, dining experience and the willingness to release eWOM have a U-shaped relationship. That means consumers will have a stronger willingness to release eWOM when their experience is better or worse, mediated by consumption emotion. Secondly, consumers’ emotion influence the choice of eWOM releasing platform. Consumers with positive affect tend to share their experiences on social media while those with negative affect prefer e-commerce websites. Thirdly, how openness-to-feeling(OF) moderates the relationship between emotion and intention is discussed. The result shows that the moderating effect only occurs in the consumer’s positive emotion, i.e. the individual with higher OF, effect of positive emotion on eWOM publishing behavior will also be stronger. There are gender differences on the relationship between the environmental quality of the restaurant and eWOM releasing willingness.
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    A Tripartite Evolutionary Game Analysison Embedded Risk Controlling in B2C Network Platform
    Peng Zhengyin, Wang Yongqing, Han Jingwen
    2021, 33 (4):  147-159. 
    Abstract ( 40 )   PDF (1528KB) ( 35 )  
    With the development of B2C network platform, the embedded risks originated from irregularities of embedded merchants, such as “false transaction and credit standing”,“forged and fake commodity”, is becoming more and more obvious. Based on dual embeddedness of merchants and consumers, the interaction of participants’ behavior and limited rationality, an evolutionary game model composed of “network platform-embedded merchants-consumers” is constructed. The asymptotic stability of equilibrium points and the evolutionary stable strategies of the system are analyzed by evolutionary game theory and Lyapunov diagnostic method. The evolution of tripartite behavior strategy is simulated and analyzed by MATLAB. The results show that reducing regulation costs, increasing penalties for irregularities and increasing violation costs can promote the evolution of the system to ideal strategies. Therefore, B2C network platform can control the embedded risks by optimizing algorithms to reduce regulatory costs, establishing a multi-party co-governance system to increase regulatory efforts, increasing violation costs and improving safeguarding rights mechanisms.
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    Research on SaaS Cloud Outsourcing Contract under Incomplete Cost Information
    Tang Guofeng, Li Dan, Ai Xingzheng
    2021, 33 (4):  160-169. 
    Abstract ( 33 )   PDF (1196KB) ( 29 )  
    There exists risk caused by incomplete cost information of CSP (cloud service provider) when customer enterprise is carrying out SaaS(Software as a service) cloud outsourcing. Focused on the incomplete information problem caused by the unobserved efficiency parameter in cost structure of CSP, although the service quality is verifiable, the contract is designed to induce CSP show the real cost structure information and provide the optimal service quality, effort, and the contract incentive effect is finally compared with complete information. The conclusions imply that the incentive compatibility constraint of CSP with higher efficiency parameter and the participation constraint of CSP with lower efficiency parameter can be ignored when the outsourcing contract is designed; the marginal cost of CSP with higher efficiency parameter is not lower than the CSP with lower efficiency parameter, otherwise, the service quality performs to the opposite; the optimal service quality and effort of CSP with higher efficiency parameter under incomplete information is not higher than the service quality and effort under complete information, the service payment performs to the same; the optimal service quality and effort of CSP with lower efficiency parameter under incomplete information are the same as the service quality and effort under complete information, and the service payment under incomplete information is not lower than the service payment under complete information.
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    Research on Formation Mechanism of Tourists Public Opinion Based on Grounded Theory: The Perspective of Psychological Contract Violation
    Wu Di, Liu Hui, Wang Enxu, Kuang Haibo
    2021, 33 (4):  170-179. 
    Abstract ( 74 )   PDF (1396KB) ( 97 )  
    Tourists public opinion (TPO) is a social phenomenon that tourists recover their perception of unfairness or promote the realization of unfulfilled promises. There is little research on the formation mechanism of TPO with the theories of psychological contract violation(PCV) and opinion field now. This paper attempts to deconstruct the formation mechanism of TPO from the perspective of psychology with the literature review. It analyzes the different influences of individual and group PCV on TPO under the different opinion fields, even obtains the formation and containment mechanisms of TPO. The results show that: (1) the emergence of TPO is a public event caused by the synergistic effect of individual PCV under the influence of public opinion incentives and group PCV with poor governance; (2) Individual PCV will gradually form a vicious opinion field under the stimulus of public opinion incentives and then lead to the formation of group PCV; the synergistic effect of benign opinion field and positive responses can effectively block individual PCV so as to effectively avoid the occurrence of TPO. (3) Individual PCV will not directly induce TPO, and group PCV will cause public opinion events only under the dual effects of vicious opinion field and poor governance. Finally, it puts forward the corresponding strategies based on containment mechanism in order to provide theoretical support and practical guidance for the prevention and control of TPO in the whole society.
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    Marketing
    Impact of Unethical Corporate Behavior on Consumer Evaluation: Based on the Mediating Effect of Moral Decoupling and the Moderator Effect of Consumer Power
    Tian Min, Li Chunqing, Chen Yini, Tao Na, Lv Mei
    2021, 33 (4):  180-192. 
    Abstract ( 111 )   PDF (1271KB) ( 135 )  
    Unethical corporate behaviors cause not only harm to consumers but also negative impact on corporate brands. A meaningful way to facilitate corporate crisis management is to deeply analyze the impact of unethical corporate behavior on consumer, but existing researches do little in this regard. Through experimental research, this paper explores the impact from three aspects: The types of unethical corporate behavior, the influence mechanism of unethical behavior on consumers and the moderator effect of consumer power. Results show that: Firstly, unethical corporate behavior causes decline of the corporate performance evaluation, moral evaluation and brand evaluation. The higher the relevancy between the unethical corporate behavior and the product, the lower the consumers’ moral evaluation and brand evaluation. secondly, moral decoupling has a mediating role between unethical corporate behavior and consumer evaluation. Finally, consumer power has a significant moderator effect on mediating role, high-power consumers are more willing to evaluate the unethical corporate behavior through the moral decoupling mechanism, and the moral evaluation and brand evaluation of corporate are lower. The conclusions enrich the theoretical framework of CSR and provide strategic suggestions for preventing unethical corporate behavior and offsetting the negative effects of unethical corporate behavior.
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    Research on the Influence of Firm Signal Transmission on Short-term Performance in Social Media Context: Based on the Social Capital as an Intermediary Variable
    Liu Jiaqi, Qi Jiayin
    2021, 33 (4):  193-204. 
    Abstract ( 65 )   PDF (1303KB) ( 125 )  
    With the development of network society, social media has gradually become an important channel for firms to contact their consumers and release key business information. Aiming to give insights to enterprise managers on content management, this study explores the relationship between the enterprise generated content (EGC) and firm’s short-term performance, and investigates the intermediary effect of social capital in the context of social media based on the signaling theory. Taking film product (a typical kind of experience good) as the study object, this paper conducts a semantic analysis on EGC released by Chinese leading enterprise of theatre chain on Micro-blog platform. We find that although both types of content released on firm’s Micro-blog account have positive impact on the firm’s online social capital (i.e. bridging and bonding social capital), only informative content as a strong signal sent to consumers can bring more offline sales revenue directly. As a weak signal, persuasive content unrelated to commercial products, has no positive impact on firm performance directly. Moreover, the online social capital plays an effective intermediary role in this process. It not only enhances the positive impact of informative advertising on actual revenue, but also weakens consumers’ potential aversion to persuasive advertising.
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    Organizational Behavior and Human Resource Management
    Is Overqualification Positive? The Role of Group Collectivism in the Relationship between Perceived Overqualification and Creativity
    Liu Songbo, Pan Jingzhou, Tang Guiyao, Wang Yanan, Li Jin
    2021, 33 (4):  205-214. 
    Abstract ( 70 )   PDF (1246KB) ( 150 )  
    The phenomenon of overqualification is becoming more and more common in enterprises. Employees’ perception of overqualification has become a hot topic in the study of organizational management. This paper explores the mechanism between employees’ perceived overqualification and creativity through a cross-level analysis of longitudinal data of 316 employees from 66 R&D and functional teams in high-tech enterprises. We find that: there is a positive correlation between perceived overqualification and boundary spanning behavior; perceived overqualification has a positive impact on creativity through boundary spanning behavior; and group collectivism positively moderates the relationship between perceived overqualification and boundary spanning behavior. At last, the limitation of this study and future research direction are discussed.
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    Study on the Influence Mechanism of Employee Informal Status in the Organization on Taking Charge
    Deng Chuanjun, Liu Zhiqiang
    2021, 33 (4):  215-224. 
    Abstract ( 73 )   PDF (1250KB) ( 116 )  
    Data are collected from 392 dyads of employees and their immediate supervisors in about 40 stated-own enterprises to empirically test the mechanisms of employee informal status in organization influences on taking charge. In line with our hypotheses, regression results reveal that: the employee informal status in the organization positively actuates taking charge. Specifically, the higher of the employee informal status the higher of taking charge. The employee informal status indirectly affects taking charge by psychological security. Error management culture significantly strengthens the relationship between employee informal status and taking charge. And the moderated effect of error management culture is completely mediated by the employee psychological security. Therefore, we construct the theoretical framework about the relationships among employee informal status in the organization, error management culture and taking charge. And the results provide a systematic and in-depth interpretation for the issues of “how the employee informal status influences taking charge” and “how the managers can significantly improve the employee’s taking charge”. Finally, the countermeasures and suggestions for the organizations based on the results are discussed.
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    Research on Organizational Pro-Environmental Values and Its Impact on Employees' Pro-environmental Behavior
    Lu Hui, Zou Jiaxing, Chen Hong, Liu Yan, Long Ruyin
    2021, 33 (4):  225-235. 
    Abstract ( 79 )   PDF (1345KB) ( 115 )  
    Based on the perspective of integration of espoused and enacted values, this paper combines qualitative and quantitative research methods to develop the structure of organizational pro-environmental values in the local context of China. The results show that the structure of pro-environmental values of Chinese organizations includes six dimensions: ecological respect, public responsibility, energy conservation and emission reduction, moral self-discipline, face needs and benevolence and altruism. Based on the analysis of 688 data of employees in Chinese enterprises, it is concluded that the “espoused-enacted” pro-environmental value matching is positively related to the pro-environmental behavior of employees in the public and private sphere. This study not only improves the research system of organizational pro-environmental values, but also enriches the theory of organizational values. At the same time, it provides content direction for the construction of organizational pro-environmental values system in China.
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    Benefits or Costs? The Positive and Negative Effects of Leader Boundary Spanning Behavior on Leader Performance
    Song Meng, Hu Heyan, Wang Zhen
    2021, 33 (4):  236-247. 
    Abstract ( 84 )   PDF (1395KB) ( 140 )  
    Many studies have demonstrated that leader boundary spanning has positive effects on its recipients (e.g., organizations, teams and employees). However, little attention has been paid to the impact of leader boundary spanning on the actors (leaders). Since leaders play a dominant role in organizational development, it becomes more important to explore the meaningful effects and mechanisms of leader behaviors on themselves. Adopting an actor-centric perspective, the current research examines the double-edge sword effects of leader boundary spanning behavior by linking resource generation process and resource depletion process, then explores the boundary conditions to test how to enhance the accumulated path of resources, and buffer the loss path of resources. Hence, this study attempts to broaden our understanding of the consequences and perspectives of leader boundary spanning behavior.
    To test the proposed theoretical model, the present study surveys 82 R&D managers from different industries in China using experience sampling method. One week before the start of the daily surveys, we sent a questionnaire containing the demographic information (e.g., age, gender, organization tenure and dyadic tenure) to the participants. During the daily survey, participants were sent two surveys each day while they were at work for 13 workdays. At time 1(3:30pm), managers completed measures of leader boundary spanning behavior, thriving at work, emotional exhaustion and role ambiguity. At time 2(8:30pm), managers completed the measures of job performance.
    The results show that, (1) similar to other types of leader behavior, leader boundary spanning behavior is a short-term phenomenon. (2) Daily leader boundary spanning behavior is not only positively related to thriving at work and then increase their job performance, but also increased emotional exhaustion and therefore have negative effect on their performance. (3) Leader’s perception of knowledge acquisition influences the strength of daily relationship between leader boundary spanning behavior and its positive (thriving at work) and negative outcomes (emotional exhaustion), that is, high level knowledge acquisition strengthens the positive association between leader boundary spanning behavior and thriving at work whereas buffers the detrimental impact of leader boundary spanning behavior on emotional exhaustion.
    Our research is important theoretically because it enriches and extends the current boundary spanning behavior literature. Specifically, (1) taking an actor perspective, this study explores both positive and negative effect of leader boundary spanning behavior, as well as the underlying mechanism, which can help understand the benefit and cost of this organizational phenomenon more comprehensively. (2) By revealing the boundary conditions, this study helps understand how maximize the positive effect and minimize the detrimental effect of leader boundary spanning behavior.
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    Accounting and Financial Management
    Audit Team's Expertise, Audit Report Lags and Audit Quality
    Yu Yumiao, Song Zilong, Sun Di
    2021, 33 (4):  248-258. 
    Abstract ( 48 )   PDF (1233KB) ( 27 )  
    Based on the data of Chinese A-share listed non-financial companies from 2007 to 2014, we investigate the relationship between audit team’s expertise and audit report lags. After proving the positive effect of audit team’s expertise on audit quality, we then analyze whether this positive effect is influenced by audit report lags. We find an abnormal phenomenon that audit report lags will be longer when it is audited by audit team that has expertise, and this phenomenon will impair audit report timeliness. Further analysis indicates that audit quality will be better when audit report is audited by an audit team that has expertise. We then find that audit report lags can positively impact the relationship between auditor expertise and audit quality. These results indicate that audit team will sacrifice audit report timeliness to further promote audit quality when they has expertise. We also find that these results are consistantwhen we downward the perspective to sign-auditor’s expertise. Our findings enrich the research on influence factors of audit report lags and provide empirical evidence.
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    Does Managerial Academic Experience Impact Stock Price Crash Risk?
    Lu Guihua, Pan Liuyun
    2021, 33 (4):  259-270. 
    Abstract ( 81 )   PDF (1245KB) ( 77 )  
    In recent years, stock price crashes happened frequently. Under the background of the current economic downturn pressure and unstable capital market, it is of great practical and theoretical significance to explore the governance mechanism of stock price crash risk. Based on the sample of Chinese A-share listed firms between 2008 and 2017, this paper investigates the impact of managerial academic experience on the stock price crash risk, and explores its influencing mechanism. The results show that, managerial academic experience can significantly reduce the stock price crash risk. The results hold when we use Heckman two-stage estimation, PSM approach, and other approaches to address endogeneity concerns. Next, we investigate the possible underlying mechanisms and find that, managerial academic experience reduces the stock price crash risk through both information quality hypothesis and agency problem hypothesis. Further study shows that, compared with the academic experience of other executives, the academic experience of CEO and CFO plays a more significant role in reducing the stock price crash risk. We also find that the effect is more pronounced for firms in a weaker external governance environment, and more pronounced for state-owned enterprises. This study not only has important practical implications for firms on improving the construction of top management team, improving the quality of company information, and alleviating the first type of agency problem, but also has important practical implications on the stable development of capital market in China.
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    Does ISO9000 Certification Improve Financial Performance of the Producer Service Firms?——The Crowding-out Effect of Signaling on Efficiency Enhancement of the Certification
    Chen Yanying, Wu Long
    2021, 33 (4):  271-282. 
    Abstract ( 43 )   PDF (1311KB) ( 53 )  
    This paper examines the effects of ISO9000 certification on the financial performance of Chinese productive service enterprises by employing the propensity score matching and coarsened exact matching based on a large sample of firm-level data to address selection bias and endogeneity issues. Our empirical results show that the certification increases the sales of Chinese producer service firms, significantly decreases their internal productivity and reduces profitability of the firms, implying that the external benefits from signaling of the certification could crowd out the efficiency enhancement derived from adopting the standards. Our further studies also show that earlier adopters could achieve larger increase in sales and more pronounced decrease in productivity. Firms engaged in supplying producer service with higher technology intensity obtain larger advantage in sales, a smaller decline in productivity, but a larger decline in profit margins. The results indicate that the rapid spread of ISO9000 certification in producer services of China has not generally improved financial performance of the adopting firms. The inhibiting effects of the certification on productivity and profitability may hinder the upgrading of producer services in China in long run. As to the policy implications, the government should reduce the level of information asymmetry in the productive service market, strengthen the supervision of certification bodies, and rectify the myopia of service firms by improving efficiency of factor market.
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    Study on the Relationship among Financial Performance, Business Diversification and Individual Stock Liquidity of Companies Listed on the Growth Enterprise Market
    Tong Yuanke, Wei Yunjie
    2021, 33 (4):  283-294. 
    Abstract ( 50 )   PDF (1214KB) ( 41 )  
    This paper employs factor analysis to extract six characteristics of financial performance from 11 financial indicators, such as debt service level, profitability, operating status, cash flow, development potential, innovation ability based on the database including 290 GEM listed companies. The six characteristics of financial performance are utilized as independent variables, individual stock liquidity is used as dependent variable, and the degree of business diversification is used as moderator to develop multiple regression models. The empirical study shows that the size of assets, the number of shares outstanding, the ability to innovate, and the level of cash flow of GEM listed companies can significantly affect the liquidity of individual stock. And the degree of business diversification can enhance the effect of the financial performance characteristics on the liquidity of individual stock effectively. And listed companies’ financial performance indicators contain value information. Investors should pay more attention to companies’ financial information and use it effectively when making investment decisions. GEM listed companies can improve the level of individual stock liquidity by changing their financial performance and the degree of business diversification.
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    Logistics and Supply Chain Management
    Demand Information Sharing in Dual-channel Supply Chain with Remanufacturing
    Shi Chunlai, Li Jinjun, Shu Xike
    2021, 33 (4):  295-305. 
    Abstract ( 54 )   PDF (1357KB) ( 52 )  
    With the advance of information technology, retailers can predict accurately the demand information about the goods through rich market data. Major retailers such as Marks & Spencer’s, Wal-Mart Stores, Von’s Supermarket and so on are investing much to develop data system, and analyze these data to better predict the product demand. The data are viewed as the new oil. If the retailer shares her demand information, not only does the manufacturer mitigate the bullwhip problem and improve the collaboration with the retailer, but also she can build a better relationship with her partner. To our regret, not all of retailers share their demand information with manufacturers for free. According to Keifer’s investigation including 16 retailers from 11 countries in 2007, just 40% of the retailers share POS (point-of-sales) data with manufacturers. Even worse, over 40% of retailers who share POS (point-of-sales) data charge their manufactures for the data. Unluckily, Forrester gets the similar results from a broader study on 89 retailers in 2006. Based on the phenomenon above, many researchers explore whether the retailer has an incentive to share her demand information with manufacturer for free in single-channel/ dual-channel supply chain. Scholars like Ha et al. (2008, 2011) and Mao (2018) confirm the retailer is impossible to share her demand information without fee due to double marginalization problem.
    However, these traditional wisdoms ignore the facts that the more and more manufacturers not only develop the direct channel, but also engage in remanufacturing, such as HP, Nike and so on. Motived by the observations of the current practice and literature, it is necessary we study whether the retailer has an incentive to share her demand information in dual-channel supply chain with remanufacturing.
    We firstly develop the models without remanufacturing as benchmarks in dual-channel supply chain. Then we explore whether the retailer has an incentive to share her demand information in dual-channel supply chain with remanufacturing. Without loss of generality, the manufacturer is still the leader, and the retailer is the follower in the Stackelberg game. We obtain the equilibrium outcomes by the backward induction. The manufacturers always benefit from the demand information gotten from the retailer. Consisting with the traditional wisdoms, the retailer is not motive to share her demand information with the manufacturer who does not engage in remanufacturing for free. To our surprise, the retailer maybe share her demand information with the manufacturerin dual-channel supply chain with remanufacturing. The decision of retailer sharing her demand information with the manufacturer whether or not depends on the efficiency in collecting. When the manufacturer engages in remanufacturing effectively, the retailer shares demand information with the manufacturer. The reason why the retailer makes sharing is that high efficiency in collecting weakens double marginalization problem. Otherwise, the retailer never share her demand information for free. In addition, we design a mechanism of information sharing in which the retailer is paid by the manufacturer to share her demand information.
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    Financing Strategies of Closed-loop Supply Chain for the Capital-constrained Dealer
    Gao Pan, Ding Xuefeng, Qin Ruolan
    2021, 33 (4):  306-314. 
    Abstract ( 37 )   PDF (1730KB) ( 29 )  
    Aiming at the problem of funding shortages of the dealer, the financing strategy of closed-loop supply chain is studied. Firstly, the decision model of closed-loop supply chain is constructed without financing, and the influence of the remanufacturing capital level on the optimal strategy is discussed. Secondly, the bank loan financing strategy and the equity financing strategy are researched, and the selection boundary of the dealer’s financing strategy is explored. The research shows that when the initial fund is in short supply, the level of the initial capital and the ratio of equity dividend are the keys to the selection of financing methods. When two kinds of financing strategies bring the same benefits to the dealer, equity financing strategy makes the product price lower and total market sales higher, leading to the remanufacturing has better social benefits.
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    Coordination Contract in a Dual Channel Supply Chain with Low Carbon Efforts
    Wang Wenlong, Wang Fule, Zhang Suxian
    2021, 33 (4):  315-326. 
    Abstract ( 62 )   PDF (1363KB) ( 31 )  
    With the implementation of national carbon emission reduction policies and the development of online shopping, manufacturers are engaged in low-carbon efforts and sell products through dual channel. Existing researches only focus on low-carbon or coordination in a dual-channel supply chain, while ignoring dual-channel supply chain coordination contracts with low-carbon efforts. In view of this: (1) This paper considers the manufacturer’s low-carbon efforts, and establishes a dual-channel supply chain game model to solve the equilibrium decisions of the manufacturer and the retailer under the wholesale price contract and revenue sharing contract. It finds that the manufacturer prefers wholesale price contract, and the retailer prefers revenue sharing contract. Compared to the revenue sharing contract, the overall profit of the supply chain and the low-carbon efforts of the manufacturer are higher under the wholesale price contract, but the above contracts cannot coordinate the dual-channel supply chain. (2) The revenue-sharing contract with compensation designed in this paper can realize the coordination of the dual-channel supply chain, and the compensation amount depends on the relative bargaining power of the manufacturer and the retailer. (3) This paper explores the impact of demand shift, consumer environmental awareness and relative bargaining power on member profits and manufacturer’s low carbon efforts. It is found that in the face of market changes, the manufacturer is more agile and the retailer’s response is more effective.
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    Case Studies
    Study on Attention Engagement Process from the Perspective of Deliberate Inertia: Taking the Strategic Change of BIO-TECH as a Case
    Su Jingqin, Han Guiling
    2021, 33 (4):  327-338. 
    Abstract ( 64 )   PDF (2099KB) ( 106 )  
    The exploratory case study method and content analysis are used to integrate deliberate inertia and ABV and analyze the allocation of attention and attention engagement during the strategic change in this case study, which reveals how the organizational attention interact through the procedural and communication channels within both top-down and bottom-up of attention engagement during the process of strategic decision-making, implementation and rejection from the deliberate inertia perspective. Conditions of variation in attention engagement are summarized as well. This research expands the study both on inertia and ABV. The results show that: first, deliberate inertia is the key factor that influences organizations to fail to focus on external issues, leading to the maintenance of existing structure or inertia, not due to external environmental pressure, but an individual choice. Second, deliberate inertia tends to create or transform the environment, determines the top-down attention engagement, the allocation of attention and can shape the organizational structure and process. Finally, when there is a distinct deviation between deliberate inertia and inertia from the level of internal routine, it is inclined to cause conflict and pressure within the organization, and stimulate contingency, which in turn affects bottom-up attention selection, promotes the variability of attention engagement and thus leads to strategic change or organizational restructuring.
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    The Effect of Organization Change on Stock Returns and Transmission Channels: A Case Study on Goldwind Sci & Tech
    Li Fei, Lu Fengbin
    2021, 33 (4):  339-352. 
    Abstract ( 95 )   PDF (1673KB) ( 136 )  
    This paper examines the effect and transmission channels of the organization change in Goldwind Sci & Tech on the stock returns by using the event study method and VAR model. First, the empirical results show that the abnormal returns (AR) and the cumulative abnormal returns (CAR) in the short run are not significant, indicating that the organization change has no significant effect on the returns of Goldwind Sci & Tech. Second, and more interestingly, the CAR in the long run is positive and sometimes becomes significant, implying that the organization change has a positive effect on the development of Goldwind Sci & Tech. Particularly, it is reported that the development of Goldwind Sci & Tech is significantly higher than the industry level, indicating the important role of the organization change. Finally, the operating income has a positive effect on AR, and the operating expenditure has a negative effect, indicating that the operating income and expenditure are two important channels affecting the returns.
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