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Chinese Journal of Management
2024 Vol.21 Issue.8
Published 2024-08-01
1107
Study on the Path of High-End Strategic Change from the Perspective of Value Network Evolution
LIN Haifen，SUN Yu
Taking Feihe, Lin Qingxuan and Ecovacs as the research objects, this study adopts longitudinal multi-case study method to deeply analyze the path and process mechanism of enterprise high-end strategic change from the perspective of value network evolution. The findings are as follows：①The high-end strategic change of enterprises mainly goes through three stages: formation phase, breakthrough phase and defense phase, during which the value network evolves continuously through “low-order, middle-order and high-order”, which correspondingly promotes the enterprise to achieve the foundation, leverage and lock of the high-end market；②The evolution of the value network is divided into renewal and reconstruction, and the paths of high-end strategic change of enterprises (namely, the path of value network evolution) are “the path of external value network renewal”, “the path of internal value network renewal” and “the path of value network reconstruction”；③Enterprises build value networks based on resources and market power, take the weak side of the value network as the breakthrough point to implement unilateral or bilateral leveraging strategies to enter the high-end, and continue to systematically upgrade the internal and external value networks to lock in the high-end.
2024 Vol. 21 (8): 1107- [
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1121
Two Dimensional Driving Mechanism of Resolving Breakthrough Innovation Risk——A Grounded Theory Research of TCT
YANG Tingyu，CUI Yongmei，WANG Hui
Using grounded theory, this study takes TCT, an enterprise that independently realizes breakthrough innovation in the field of rail transit signal, as the research object to explore the mechanism for resolving breakthrough innovation risk. The research finds that the difficulty of breakthrough innovation lies in how to deal with the risks at different stages. Digital transformation acts as the external enabling mechanism and organization agility acts as the internal guarantee mechanism. Based on the coding work, a theoretical model of “two dimensional driving mechanism of resolving breakthrough innovation risk”, is formed from four vertical stages and two internal and external dimensions. This study helps to reveal the new development of the risk resolution mechanism of breakthrough innovation in the digital economy era, enriches the interpretation of the organizational agility theory, and provides reference for Chinese enterprises to promote breakthrough innovation through digital enabling and organizational reforming.
2024 Vol. 21 (8): 1121- [
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63
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1132
Research on the Impact of Immigrant Marriages on Family Firm Value
CHEN Yuan，HE Xiaogang，LI Xin
Based on the resource-based view, this study examines the impact of immigrant marriages on firm value and the moderating effect of marital uncertainty, and further explores the value creating effect of different combinations of immigrant marriage and its within-group differences. The results show that: the incidence of immigrant marriages promotes the firm value, and the greater the geographical distance and the cultural heterogeneity of familism, the larger this positive effect is. The positive effect of immigrant marriages is more pronounced in the sample with a wider spatial layout as well as a lower level of regional digital economic development and transportation accessibility. The higher the marital uncertainty, the lower the contribution of immigrant marriages to family business value; the comparative advantage of immigrant marriages is largely revealed across combinations of immigrant marriages with some differences; and the co-entrepreneurial experience and the duration of marriages further lead to within-group differences in the value creating effect of immigrant marriages.
2024 Vol. 21 (8): 1132- [
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1142
Research on the Impact of Digital Mergers and Acquisitions on the Total Factor Productivity of Enterprises
CHEN Fengxian，YANG Yadi
Based on a sample of listed company M&A events from 2006 to 2021, this study uses the PSM-DID method to examine the impact and mechanism of digital M&A on firms’ total factor productivity (TFP) relative to traditional M&A. The results show that: ①compared with non-digital M&A, digital M&A can bring increase in TFP to companies, and this conclusion still holds after conducting a series of endogeneity and robustness tests. ②Mechanism analysis shows that digital M&A mainly promotes firms’ TFP through four paths: enhancing digitalization level, improving innovation ability, enhancing resource allocation efficiency, and forming financial synergy effects. ③The heterogeneity test results show that the digital extension M&A has the largest effect in improving TFP, followed by the digital transformation M&A. Digital M&A of non-state-owned enterprises, labor and technology intensive enterprises plays a more significant role in improving their TFP, and cross-border digital M&A is more effective in enhancing firms’ TFP than domestic digital M&A.
2024 Vol. 21 (8): 1142- [
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1152
Research on the Influence Mechanism of Algorithmic Control on the Gig Workers’ Turnover Intention
YU Shengxian，LIU Min，LIU Shanshi，LIU Tingting
Based on social information processing theory, this study delved into the impact of algorithmic control on gig workers’ turnover intention, while also exploring the mediating role of job insecurity and the moderating role of work gamification. Through statistical analysis of 226 two-stage takeout rider data, empirical tests were conducted using regression analysis and Bootstrap methods. The results reveal that algorithmic control has a positive effect on gig workers’ turnover intention, and job insecurity has a mediating effect in the above process. Work gamification negatively moderates the relationship between algorithmic control and job insecurity. Specifically, higher level of work gamification weakens the positive effects of algorithmic control on job insecurity. Additionally, work gamification moderates the indirect effect between algorithmic control and turnover intention. Specifically, the mediating role of job insecurity is weaker in the presence of higher levels of work gamification.
2024 Vol. 21 (8): 1152- [
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1163
Research on the Impact of Female Executive Participation on Enterprise Digital Transformation
WANG Tao，WANG Xingyue，FENG Qiaogen
This study selects the data of A-share listed companies in Shanghai and Shenzhen, empirically tests the impact of female executives on the digital transformation of enterprises and discusses its dynamic transmission mechanism. The findings are as follows: First, the participation of female executives can significantly promote the digital transformation of enterprises, that is, female executives can show the characteristics of “female strength” in the digital transformation; Second, the mechanism test shows that female executives can alleviate the short-termism of management that hinders enterprises’ digital transformation and exert the “governance effect”. And improve the financial redundancy of enterprises to implement digital transformation and release the “resource effect”; Thirdly, the further analysis finds that, compared with female-led executive teams, female-affiliated executive teams have a more significant impact on enterprise digital transformation. Female executives’ responses to digital transformation of enterprises are more reflected in the depth of specific technology application level, rather than staying at the bottom of the technology level.
2024 Vol. 21 (8): 1163- [
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1173
Research on the Influence of Digital Infrastructure Construction on Regional Entrepreneurial Activity
LI Cirong，WANG Chunmiao，WANG Han，HUANGFU Bingwen
The research selects the balanced panel data of 149 prefecture-level cities from 2010 to 2020 and builds a multi-temporal double difference(DID) model. This study takes the “Broadband China” demonstration policy as a policy shock to information infrastructure construction, and explores the important issue of whether digital infrastructure development can enhance regional entrepreneurial activity. The study finds that the implementation of the “Broadband China” demonstration policy has contributed to a significant increase in regional entrepreneurial activity, a finding that remains robust to a series of tests. At the same time, development of digital infrastructure is shown to further enhance regional entrepreneurial activity, mainly through the enhancement of regional innovation. The spatial double-difference results show that the spatial spillover effect of the “Broadband China” demonstration policy on entrepreneurial activity in neighboring regions is not significant, indicating that the effect of the policy cannot be radiated to the neighboring regions.
2024 Vol. 21 (8): 1173- [
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1182
Research on the Impact of Firms’ “More Words and Less Action” Innovation Strategy on Innovation Subsidies
ZHU Sailin，LIU Chunlin
Based on the Regulations on the Administration of Post-Subsidy for National Science and Technology Plans and Special Funds issued in 2013, the study explores whether there is any stage difference in the impact of firms’ “more words and less action” innovation strategy on innovation subsidies. It is found that in the pre-innovation subsidy stage, firms characterized by “more words and less action” obtain more innovation subsidies, while in the post-innovation subsidy stage, such firms obtain less innovation subsidies. Heterogeneity analysis reveals that the increase of marketization and negative media reports can inhibit the access to innovation subsidies by firms with “more words and less action”, but this effect is observed only in the post-innovation subsidy stage. Meanwhile, there is also a difference in the resource utilization patterns of firms with “more words and less action”. In the pre-innovation subsidy stage, these firms are more strategic in innovating after obtaining innovation subsidies than other firms, but in the post-innovation subsidy stage, there is no significant difference in resource utilization patterns within these firms compared to others.
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1191
The Realization of Start-Ups’ Ambidexterity in Perspective of Entrepreneurial Resource Orchestration
ZHAO Xinglu，ZHOU Jianbo
Based on resource orchestration theory, this study examines the influence of the entrepreneurial team and resource integration strategy on the ambidexterity of start-ups. A two-stage questionnaire survey of 426 new enterprises in five provinces was conducted, and the results show that：polychronicity of job assignment was found significant positively related to ambidexterity. Team help behavior was found positively related to ambidexterity. Bricolage was found positively related to ambidexterity. At last, we conducted an SEM test and the results show that bricolage plays a partial mediating role between the relationships of job assignment polychronicity and team help behavior on start-ups’ ambidexterity.
2024 Vol. 21 (8): 1191- [
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1199
Research on Customer Churn Detainment Based on Communication Text Information between Customers and Customer Services
WANG Feifei，LIU Wenjun，ZHU Li’ao，LYU Xiaoling
Based on the customer-service dialogue data of a certain online education company specializing in internet literacy, this study explores whether the communication between customer service and customers affects customer churn. Through text analysis methods, various topics and emotional states implicit in the dialogue are excavated. Additionally, we employ a logistic regression model to further investigate the influence of textual factors on customer churn. The research findings indicate that:①Polite language used by customer service during interactions can reduce customer churn.②Customer emotional attitudes during interactions has a non-linear relationship with customer churn. ③Positive interactions between customer service and customers regarding business matters can increase customer renewal rates, while system-generated mass messages fail to elicit responses from customers, leading to a decrease in customers’ renewal intentions.
2024 Vol. 21 (8): 1199- [
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1208
Research on the Mechanism of Audience Effect on Consumption Behavior in Broadcast Room
ZHANG Yanhui，LI Zongwei，ZHANG Jiahao，WU Shanglin
The study discusses the mechanism of audience effect on consumption behavior in the live broadcast room and analyzes the moderating effects of anchor identity and fans’ structure by the data of live broadcasting platform. The research shows that:①the audience effect has a significant positive effect on the reward income and sales income of anchors. In the presence of others in real or virtual situations, consumers’ online purchasing decisions are easily stimulated. ②When anchors are internet celebrities, the positive effect of audience effect on anchors’ reward income will be enhanced. When anchors are opinion leaders, the positive effect of audience effect on anchors’ sales income will be enhanced. ③The fan group plays an important role in the live broadcast room. In the fans’ structure, when the proportion of new fans is relatively higher, the positive effect of audience effect on the sales income of anchors will be enhanced.
2024 Vol. 21 (8): 1208- [
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1217
Research on Decision Optimization of Dual Channel Supply Chain Considering Offline Service Level
LI Xiang，WANG Meiqi，GUO Chang
Considering the online retailer and the offline retailer service, this paper establishes a dual channel supply chain system with manufacturers as the core and three structures of offline dual-channel, online dual-channel and hybrid dual-channel, to analyze the manufacturer’s optimal channel strategy under different service effects and effects intensities. It is found that when the level of service effects is low, the manufacturer will choose the offline dual-channel mode; under the service competition effect, the manufacturer may choose the online dual channels mode when the degree of price competition is low, while under the free-riding effect, the manufacturer will choose the online dual-channel mode when the degree of price competition is high; meanwhile, the service competition may enable the manufacturer to provide a higher wholesale price and a lower online retail price, and enable the retailer to provide higher service level and offline retail price under the mixed dual channel model.
2024 Vol. 21 (8): 1217- [
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1227
Research on Quality and Delivery Time Audit Strategy of Capacity Sharing Platform
ZHAO Daozhi，XUE Yang，HAN Hongshuai
The capacity sharing platform’s audit strategy is explored by building bilateral market models. The paper shows that: when the capacity demanders are only sensitive to quality, excluding low-quality capacity suppliers can make the platform more profitable than grading capacity suppliers based on the quality threshold, when the capacity demanders are sensitive to both quality and delivery time, the platform sets two-dimensional thresholds to help the platform obtain higher profits; the platform profit is positively correlated with the cross-network externality coefficient of bilateral users, positively correlated with the quality sensitive coefficient of capacity demanders, and negatively correlated with the delivery time sensitive coefficient of capacity demanders; the quality threshold and delivery time threshold are influenced by the interaction of these two dimensions, the cross-network externality coefficient of bilateral users, and the cost coefficient of the platform audit.
2024 Vol. 21 (8): 1227- [
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1237
Impacts of Sales Mode on E-Commerce Platform’s Blockchain Adoption Strategy
ZHENG Benrong，ZHU Guiyan，JIN Liang
Considering a supply chain composed of a brand manufacturer, a counterfeit manufacturer, and an e-commerce platform, this study develops game models to analyze how reselling and agency selling sales modes influence the e-commerce platform’s decisions regarding adopting blockchain technology. Research findings reveal that blockchain adoption by the e-commerce platform favors the brand manufacturer and supply chain system but disadvantages the counterfeit manufacturer, indicating that blockchain adoption can effectively combat counterfeit products; blockchain adoption increases consumer surplus only when the quality of counterfeit products is relatively high. Blockchain adoption is the platform’s dominant strategy under reselling mode, while depends on the commission rate under agency selling. When the commission rate is high, reselling mode is more appalling for the brand manufacturer, otherwise, agency selling mode is preferable.
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1247
Impact of Comprehensive Income Disclosure on Debt Holder Pricing in the Context of De-Realization
CAO Zeyong，ZHANG Junrui，SU Yang，LI Wenting
From the research perspective of the usefulness of accounting information for decision-making, this study examines the impact of comprehensive income disclosure on the debt holder pricing. Using the Chinese A-share listed companies from 2014 to 2020 as samples, this study empirically examines the relationship between other comprehensive income levels and debt financing costs in the context of de-realization. The empirical study finds that the proportion of other comprehensive income in total comprehensive income has a risk disclosure effect, which can alleviate information asymmetry in debt financing, leading to a significant positive correlation between the levels of other comprehensive income and the costs of debt financing. The financialization of enterprises can provide a reference for this pricing effect, with the positive correlation mainly occurring in non-financial enterprises with a higher degree of de-realization. The levels of other comprehensive income mainly increase the costs of debt financing by reducing accounting conservatism and increasing the risk premium demanded by debt holders.
2024 Vol. 21 (8): 1247- [
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1256
Research on the Impact of Social Media Attention on Boiler-Plate Key Audit Matters Disclosure
SU Zihao，SUN Yan，ZHAO Wei
Using China’s A-share companies over the period of 2016~2020 as our samples, we use the number of posts of investors from “guba” to proxy social media attention, and examine the effect of social media attention on boiler-plate disclosure of key audit matters. We find that the attention from social media can effectively reduce the horizontal textual similarity of key audit matters. And this effect is more pronounced when there are strong negative sentiment on social media and poor investor protection by the company. The mechanism test suggests that social media attention reduces the standardization of key audit matters by increasing the anticipated reputation loss for auditors. Further studies demonstrate that heightened attention from social media also suppresses the vertical textual similarity of key audit matters, enhances readability and expands the range of covered accounting topics.
2024 Vol. 21 (8): 1256- [
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