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Chinese Journal of Management

	2025 Vol.22 Issue.3 Published 2025-03-01

	397	Stakeholder Theory in Chinese Context
		TIAN Zhilong，HE Jinhua，CHEN Liling，LI Lianxiang
		Based on the existing stakeholder theory and the rich discourse resources of “profit and righteousness” in the Chinese business context, a “Profit-Righteousness Stakeholder Theory” has been constructed for the Chinese context, aiming to advance the development of stakeholder theory and enhance its relevance in guiding corporate management practices in China. The fundamental perspectives of the Profit-Righteousness Stakeholder Theory in the Chinese context include: stakeholders not only have interest demands on enterprises but also moral demands; based on the two dimensions of “profit” and “righteousness,” stakeholders can be categorized into four types: profit-centered, righteousness-centered, profit-righteousness mixed, and other potential types; the purpose of enterprises responding to stakeholders’ “profit” demands is to obtain the support of economic resource elements needed for their business activities; the purpose of responding to stakeholders’ “righteousness” demands is to gain business legitimacy; enterprises respond to stakeholders’ demands through profit-righteousness stakeholder management to gain the support of profit-righteousness stakeholders.
		2025 Vol. 22 (3): 397- [Abstract] ( 150 ) [HTML 1KB] [ PDF 1394KB] ( 949 )

	406	A Process for Digital Transformation Pioneers to Empower External Organizations
		ZOU Nan，MA Chong，MAO Jiye
		Based on the translation theory, this study analyzes the process of digital transformation (DT) pioneers adapting and exporting their experience to empower external organizations by conducting case studies. The findings show that although pioneers’ transformation experience can benefit external organizations, a substantial challenge is to match their tailored DT experiences with the diverse contextualized requirements of external organizations. To address this challenge, pioneers undertake five actions as externalizing DT experience, building an adaption mindset, de-contextualizing DT experience and re-contextualizing it, and coaching external organizations to apply. By adapting and exporting their experience, pioneers not only effectively empower external organizations but also reinforce their own sustainable DT.
		2025 Vol. 22 (3): 406- [Abstract] ( 231 ) [HTML 1KB] [ PDF 1989KB] ( 1216 )

	417	Path Analysis of Controlling Shareholders’ Transfer of M&A Failure Risk—— Case Evidence Based on Yatai Pharma
		BU Danlu，WANG Duoren，HU Zhongping
		Based on the entire process of Yatai Pharma’s merger with Shanghai Xingaofeng to the full provision of goodwill impairment and divestment, the study constructs a controlling shareholder risk identification model to explore the behavior and constraint mechanism of private controlling shareholders in the face of the risk of merger and acquisition (M&A) failure. The study found that: ①when the enterprise carries out premium mergers and acquisitions to meet the four elements of the controlling shareholders’ increase, premium mergers and acquisitions, controlling shareholders’ reduction before goodwill impairment and goodwill impairment at the same time, it can be speculated that the controlling shareholders may have the behavior of risk transfer. ②Yatai Pharma controlling shareholders will inflate the stock price through merger and acquisition themes, performance commitments, false disclosure, etc., to avoid the risk of goodwill impairment by high-frequency equity reductions, equity pledges and other ways to avoid the risk of goodwill impairment. ③Mergers and acquisitions controlling shareholders on both sides will conspire to overestimate the target, fixed shares to achieve most of the profits of the compliant transfer of cash, the subsequent operational risks transferred to the listed company and small and medium-sized shareholders.
		2025 Vol. 22 (3): 417- [Abstract] ( 156 ) [HTML 1KB] [ PDF 1671KB] ( 1184 )

	427	A Qualitative Study of Power Concept Based on the Structure-Process Analysis Paradigm
		ZHAO Shusong，ZHAO Xuhong，ZHAO Lina，ZHANG Pengcheng
		The “structure-process” paradigm was introduced, and the concept of power was deeply discussed based on the grounded theory of construction. Six core dimensions of the individual power concept were extracted and a dual-dimensional model of the power concept was constructed, and the power concept was divided into old power and new power. The research finds that under the old power concept, the relationship between the power subject and object is conflictual and confrontational, the power is controlled by a few people who are motivated by personal interests and flows from top to bottom, which eventually leads to the result of unequal distribution of power. Under the new power concept, there is equal cooperation between the subject and object of power, and the power is owned by the employee group oriented by the development of the organization, aggregated from the bottom to the top and finally, the increment and sharing of power are produced.
		2025 Vol. 22 (3): 427- [Abstract] ( 122 ) [HTML 1KB] [ PDF 1311KB] ( 349 )

	438	The Qualitative Deconstruction of the Logics Underneath the Antecedents, Consequences and Boundary Conditions of Flexible Employees’ Identity Uncertainty
		ZHAO Chen，LIN Chen，ZHOU Jinlai，GAO Zhonghua
		Based on the uncertainty-identity theory and programmatic grounded theory, this study explores the formation and impact mechanism of the identity uncertainty of flexible employees by conducting qualitative coding and analysis of 75 interview data and 180 survey data collected from both the skilled- and labor-type flexible employees. The results show that: differences exist in the various antecedents, emotional states, behavioral consequences, and boundary conditions among different types of flexible employees. Besides, identity strengthening and identity avoiding are two different paths for the mechanisms of flexible employees’ identity uncertainty, and the influence mechanism of identity uncertainty for labor-type flexible employees tends to follow the identity avoiding path, while that for skilled flexible employees tends to follow both paths.
		2025 Vol. 22 (3): 438- [Abstract] ( 105 ) [HTML 1KB] [ PDF 2369KB] ( 411 )

	450	The Double-Edged Sword Effect of Punishing Unethical Pro-Organizational Behavior on Targets
		LIU Xuemei，YANG Xiameng，WANG Ying，HE Yujing，LIU Wenqi
		Based on the cognitive evaluation theory, through the analysis of 460 valid questionnaire data at three waves, this study explores the influence mechanism of the severity of punishment for pro-organizational unethical behavior (UPB) on the supervisor-directed deviant behavior and pro-social behavior of the punished. The results show that anger mediates the relationship between the severity of punishment for UPB and supervisor-directed deviant behavior, while regret does not play an intermediary role between the severity of punishment for UPB and pro-social behavior. Perceived ethical leadership moderates the relationship between the severity of punishment for UPB and regret, but not between the severity of punishment for UPB and anger, nor does it play a moderating role on the indirect effects of the severity of punishment for UPB on supervisor-directed deviant behavior and pro-social behavior.
		2025 Vol. 22 (3): 450- [Abstract] ( 105 ) [HTML 1KB] [ PDF 1386KB] ( 690 )

	462	Research on the Effects of Leader Bottom-Line Mentality to Employee Pro-Group Unethical Behavior
		TONG Jun，FU Yun，CHEN Siyuan，BAI Yang，ZHANG Xiao
		Based on the cognitive appraisal theory of stress, this study empirically examines how leader bottom-line mentality promotes employee pro-group unethical behavior through the analysis of 301 data points collected at multiple time intervals. It further reveals the mediating role of employee perceived group performance pressure and the moderating effect of task interdependence. The results indicate that leader bottom-line mentality can promote employee pro-group unethical behavior. Employee perceived group performance pressure mediates the relationship between leader bottom-line mentality and employee pro-group unethical behavior. Employee task interdependence not only negatively moderates the relationship between leader bottom-line mentality and employee perceived group performance pressure, meaning that the higher the task interdependence, the stronger the impact of leader bottom-line mentality on employee perceived group performance pressure, , but also mitigates the indirect effect of employee perceived group performance pressure on leader bottom-line mentality and employee pro-group unethical behavior.
		2025 Vol. 22 (3): 462- [Abstract] ( 150 ) [HTML 1KB] [ PDF 1315KB] ( 516 )

	472	Study on the Impact of Foreign Ownership in Mixed Ownership Reform and Appointment of Directors and Executive Officers on Green Innovation of OFDI State-Owned Enterprises
		WU Chong，YUE Mengyao，GU Dan，ZHANG Jiaqi
		From the perspective of reverse technology spillover, based on principal-agent theory, higher-order theory and resource dependence theory, this study focuses on the main research line of equity structure and high-level governance in corporate governance reform, and empirically tests the impact of foreign ownership on green innovation of OFDI SOEs. This study finds that, compared with the ownership of other non-state-owned shareholders, foreign ownership is more conducive to promoting green innovation of OFDI SOEs. The intermediary mechanism test shows that foreign ownership can promote green innovation of OFDI SOEs by foreign-appointed directors and hiring foreign executives. What’s more, compared with the indirect effect of hiring foreign executives at the management level, the indirect effect of the appointment of foreign directors at the decision-making level is significantly enhanced. When investing in the original country of foreign shareholders or foreign executives, the promotion effect of foreign ownership on green innovation of OFDI SOEs is significantly enhanced; The role of foreign ownership in promoting green innovation of OFDI SOEs is more significant in OFDI state-owned enterprises with higher regional marketization level, advanced manufacturing industries and higher degree of internationalization.
		2025 Vol. 22 (3): 472- [Abstract] ( 186 ) [HTML 1KB] [ PDF 1294KB] ( 421 )

	483	Research on the Impact of Informal Elite Networks on Private Enterprise Innovation
		LIU Jiankun，HE Xiaobin
		Focusing on the informal elite network formed by private entrepreneurs through their mutual visits to elite groups, we examine its impact on firms’ innovation activities and its mechanism of the action. It is found that informal elite networks generally have the effect of stimulating innovation inputs and outputs through the provision of financing support, technological information, and the reduction of environmental risk perception. Further analysis reveals that the effects of different types of elite networks on firms’ innovation differ. On the one hand, the political elite network has a stronger incentive effect on innovation inputs because it plays a stronger role than the economic elite network in providing financing support and reducing risk perception. On the other hand, only economic elite networks can provide firms with technical information, which allows them to significantly increase the level of firms’ innovation outputs. In addition, the worse the institutional environment, the stronger the incentive effect of informal elite networks on firm innovation.
		2025 Vol. 22 (3): 483- [Abstract] ( 119 ) [HTML 1KB] [ PDF 1281KB] ( 297 )

	495	A Study of the Impact of Synergistic Market-Based and Guided Environmental Regulation Policies on Digital Technology Innovation
		DONG Mingfang，WANG Guo
		Using the panel data of 271 prefecture-level cities and above in China from 2003 to 2020 as the research samples, the impact of guided and market-based environmental regulation policies on digital technology innovation is investigated using the double-difference method. It is found that guided environmental regulation policies significantly promote regional digital technology innovation, while market-based environmental regulation policies inhibit regional digital technology innovation in the short term. In addition, the synergy of market-based and guided environmental regulation policies can strengthen the promotion effect of the latter on digital technology innovation and weaken the inhibition effect of the former on digital technology innovation. The results of the mechanism test show that the synergy of market-based and guided environmental regulation policies can synergistically promote digital technological innovation by optimizing the digital technological innovation environment and stimulating the government’s scientific and technological support. The heterogeneity results show that the effect of guided and marked-based environmental regulation policies on digital technology innovation is more obvious in non-resource-based cities, smart cities, low-carbon cities and cities with high-tech industrial development zones.
		2025 Vol. 22 (3): 495- [Abstract] ( 157 ) [HTML 1KB] [ PDF 1515KB] ( 358 )

	505	Study on the Impact of Bank Digital Transformation on Corporate Carbon Emission Reduction
		LI Suijia，ZHOU Xiaohua，ZHANG Wenqing
		Using the panel data of Chinese listed companies from 2013 to 2021, this study tests the impact and mechanism between bank digital transformation (BDT) and corporate carbon emission reduction (CER). Results show that BDT has a positive impact on CER, which mainly comes from strategic BDT and operational BDT, while managerial BDT is not effective. Corporate finance efficiency and investment efficiency act as two mediators for BDT to stimulate CER. Company digital endowment positively moderates the relationship between BDT and CER. Heterogeneity analysis shows that the impact of BDT on CER is more significant in high finance and investment efficiency firms, less greenwashing firms, clean and technology-intensive industries, as well as strong environmental-regulation and clean energy regions. Lastly, the findings highlight the importance of firms to choose differentiated digital CER paths.
		2025 Vol. 22 (3): 505- [Abstract] ( 100 ) [HTML 1KB] [ PDF 1378KB] ( 323 )

	516	Study on the Influence of Shareholder Relationship Network on Enterprise Carbon Performance Under the Cross-Shareholding of Chain Shareholders
		LUO Dongliang，XU Haohan，LIU Chunyan
		This study uses the data of 29509 listed companies in Shanghai and Shenzhen A-shares from 2009 to 2020 to measure the relationship between enterprises through the shareholder relationship network formed by cross-shareholding of chain shareholders, and examines the impact of inter-enterprise relationship on enterprise carbon performance and its action path. The results show that shareholder relationship network can promote the improvement of enterprise carbon performance, and the conclusion goes through a series of robustness tests. From the mechanism analysis of governance “driving” and technology “assisting”, it is found that the shareholder relationship network improves the carbon performance of enterprises through internal control ability, capital management ability, green innovation technology and environmental management technology. Further analysis shows that different characteristics of enterprises, different internal and external constraints and different location will affect the positive relationship between the shareholder relationship network and the carbon performance of enterprises.
		2025 Vol. 22 (3): 516- [Abstract] ( 142 ) [HTML 1KB] [ PDF 1291KB] ( 381 )

	527	Policy Synergistic Effect and Mechanism for “Quantity Increase and Quality Improvement” of Corporate Low-Carbon Technological Innovation
		ZHANG Hong，SUN Yinan
		From the perspective of collaborative integration of incentive and constraint policies, this study distinguishes the quantity and quality of low-carbon technological innovation (LCI). Using China’s A-share listed companies from 2015 to 2020 as a sample, the fixed-effects regression model is employed to test the synergistic effect and the mechanism of policy combinations. The findings reveal that the impact of environmental taxes on corporate LCI is reflected in “quantity increase”, while the role of government subsidies is manifested in “quality improvement”. The synergistic interaction of the incentive and constraint policies will achieve the effect of promoting the “quantity increase and quality improvement” of corporate LCI. Further research suggests that the higher the level of corporate environmental responsibility, the stronger the promoting effect of environmental taxes, government subsidies, and their interaction effects on the quality of corporate LCI, with a threshold effect. However, the effect on the quantity of LCI is not significant.
		2025 Vol. 22 (3): 527- [Abstract] ( 137 ) [HTML 1KB] [ PDF 1310KB] ( 446 )

	536	Research on the Influence of Environmental Officials’ Cross-Location Exchanges on Corporate Environmental Performance
		YU Lianchao，MO Bin，JI Peinan
		This study examines the impact of environmental officials’ cross-location exchanges on corporate environmental performance, using empirical evidence from A-share listed companies in Shanghai and Shenzhen from 2011 to 2021. The results show that the cross-location exchanges of environmental officials enhance the environmental performance of firms in the region where they work, and this enhancement increases over time. The analysis of the influence mechanism reveals that the mechanism of the cross-location exchanges of environmental officials to improve corporate environmental performance lies in the long-term way of corporate green innovation, but not in the short-term way of corporate environmental investment. Moreover, the mechanism of corporate green innovation shows that corporate green invention innovations are significantly improved, while other corporate green innovations are not. The analysis of internal and external environments shows that when the financial system is better, the market is more competitive, and internal controls are better, the cross-location exchanges of environmental officials are more likely to enhance corporate environmental performance.
		2025 Vol. 22 (3): 536- [Abstract] ( 161 ) [HTML 1KB] [ PDF 1334KB] ( 465 )

	546	The Impact of Operating Difficulties of Main Business on the Firms’ Allocation of Financialized Assets
		LUO Mingjin，LU Chunyi，WAN Chao
		Based on corporate behavior theory, this study employs the samples of listed entity firms in China to empirically estimate the impact of operational challenges in the main business on their financial asset allocation strategies. The research discovers an inverted U-shaped effect of main business operational difficulties on the allocation of financialized assets. Financial constraints have a negative moderating effect between the operational difficulties in the main business and corporate financialization, while policy uncertainty positively moderates the relationship between them. Further research reveals that financialization by corporate decision-makers, based on the reference point of operational difficulties, helps to reduce the risk of stock price crashes and has a suppressive effect on the firms’ total factor productivity. However, financialization combined with strategic transformation by decision-makers in difficult situations alleviates the negative impact of financialization on the firms’ total factor productivity.
		2025 Vol. 22 (3): 546- [Abstract] ( 129 ) [HTML 1KB] [ PDF 1329KB] ( 342 )

	557	Identification of E-Commerce Fake Reviews Generated by Artificial Intelligence Based on BERT-BiLSTM-GAT
		LI Shiyong，YANG Zhengzheng
		In order to effectively identify and manage fake online reviews caused by artificial intelligence generated content (AIGC) in e-commerce platforms, we construct a hybrid BERT-BiLSTM-GAT model based on an active semi-supervised framework, propose an effective AI review recognition method, and empirically analyze the model in a variety of datasets and verify the model’s flexible recognition ability when dealing with multiple categories of product reviews, multiple AIGC models, and different prompt words. The results indicate that the method in this study achieves better recognition results in the down jacket dataset and cross-domain dataset, which is better than the current deep learning recognition methods, and verifies the performance advantage of the model. At the same time, in the case of high consistency between the features of the AI review and the manual review, it still possesses good generalization ability and adaptability.
		2025 Vol. 22 (3): 557- [Abstract] ( 162 ) [HTML 1KB] [ PDF 2190KB] ( 399 )

	568	Duration Prediction of Teleconsultation Services Based on the ATT-FC-LSTM Model
		ZHAI Yunkai，JIA Qishuo，QIAO Yan，ZHAO Jie
		To address the characteristics of teleconsultation service duration, such as heterogeneity, dynamism, and randomness, a Long Short-Term Memory (LSTM) neural network algorithm combined with attention mechanisms with fully connected layers is used to predict the duration of teleconsultation services. The performance of the algorithm’s predictions is evaluated using both regression and classification methods. The model stacked an attention layer, three fully connected layers, and two LSTM layers to selectively focus on input data and achieve higher-level feature representation, thereby enhancing the model’s performance and representation capacity. Compared to four popular machine learning algorithms, the designed model performed better across multiple prediction performance evaluation metrics in classification predictions. Based on this, the four variables with the greatest impact on the duration of teleconsultation services were calculated, in order of significance: consulting expert, consulting department, whether the expert was late, and the expert’s title.
		2025 Vol. 22 (3): 568- [Abstract] ( 95 ) [HTML 1KB] [ PDF 2371KB] ( 378 )

	577	Two-Layer Cooperative Monitoring of Multi-Project Critical Chain Considering Activity Risk Overlap
		WAN Dan
		In order to improve the comprehensive performance of multiple projects, this study proposed a two-layer cooperative monitoring method for multi-project critical chain considering the overlap of activity risks. The proposed method analyzes the buffer absorption under the overlapping state of activity risks, determines the transferable amount of project buffers and the reserved buffer amount at the project level according to the activity risk exposure, and determines the capacity constraint buffer amount at the system level by combining the risk aggregation principle and project risk characteristics. Then, a hybrid monitoring system of multi-project “capacity constraint buffering-project buffering” is constructed. Experiments show that, compared with the existing methods, the proposed method, which considers the overlap of activity risks to coordinate the monitoring of different buffers, can ensure the completion probability of the project, reduce the waste of system buffers, shorten the overall construction period of the system key chain, and improve the efficiency of multi-project buffer management.
		2025 Vol. 22 (3): 577- [Abstract] ( 116 ) [HTML 1KB] [ PDF 1759KB] ( 355 )

	585	The Mode Choice of Cross-Border Cooperation for the On-Demand Platform with Network Effects
		CHEN Mingyang，TAN Xinyue，GONG Yeming，YUAN Ziwei
		Based on the phenomenon of cross-border cooperation between on-demand platforms and retail enterprises, we consider the platform’s network effects and self-scheduling behaviors of service providers and build three cooperation modes (no-cooperation, unilateral cooperation, and bilateral cooperation) of a system composed of the on-demand market and the retail market. We analyze the decision-making optimization of stakeholders and the applicable range and optimal mode selection of different modes. The findings show that the effort level of the on-demand platform under the bilateral cooperation mode is lower than that under the unilateral cooperation mode. The cooperation mode will generate lower profits for the platform than the unilateral one. When the demand potential is large, the platform should choose the bilateral cooperation mode. Otherwise, selecting the no-cooperation mode is optimal. In addition, adopting a bilateral cooperation mode can achieve a win-win, even win-win-win outcome in some regions.
		2025 Vol. 22 (3): 585- [Abstract] ( 121 ) [HTML 1KB] [ PDF 2067KB] ( 443 )

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