Chinese Journal of Management

[an error occurred while processing this directive]

管理学报

　

Home | About Journal | Editorial Board | Instruction | Subscriptions | Advertisement | Contacts Us | Chinese

　

Office

　

　

　

　

　

　

　

Editor-in-chief

　

　

Journal

　

　

　

Forthcoming Articles

　

　

　

Advanced Search

　

　

Download Articles

　

　

　

　

Quick Search

Advanced Search

Chinese Journal of Management

	2025 Vol.22 Issue.5 Published 2025-05-01

	793	Process Mechanism of Supporting Entrepreneurial Activities by Digital Platform Enterprises——Case Studies Based on the “Opportunity-Resource” Interaction Perspective
		GU Anwei，REN Hongyun，SHAN Biaoan，LIU Na
		This study takes “opportunity-resource” interaction as a theoretical perspective and uses an exploratory multi-case study method to investigate the process mechanism of digital platform supporting entrepreneurial activities. It is found that digital platform enterprises provide both digital and traditional resources, and they work together to facilitate the development of opportunities; The “opportunity-resource” interaction includes three key stages: resource-driven opportunity development, resource renewal driven by opportunity development and opportunity iteration in the interaction of “opportunity-resource”; The “opportunity-resource” interaction facilitates value creation and the formation of entrepreneurial ecosystems; Digital platform enterprises support entrepreneurial activities by providing digital opportunities and resources and guiding “opportunity-resource” interaction.
		2025 Vol. 22 (5): 793- [Abstract] ( 108 ) [HTML 1KB] [ PDF 2024KB] ( 465 )

	803	Dynamic Evolution Mechanism of Complex Environmental Adaptation of Light Industrial Enterprises from the Perspective of Organizational Immunity： A Longitudinal Case Study Based on the Gujing Group
		DU Pengcheng，LI Lulu，CHEN Jingjing，ZHANG Li，NI Qing
		Based on the perspective of organizational immunity, a longitudinal single-case study method was adopted, and the Gujing Group was selected as the research object to explore the internal mechanism and dynamic evolution process of the complex environmental adaptability of light industrial enterprises. The study found that: light industrial enterprises continuously improve the efficiency of secondary immune response through the three-phase dynamic response mechanism of “ immune monitoring—immune defense—immune learning and memory ”, which promotes the establishment of their immune system from initial to mature; the increasing immunity of light industrial enterprises has significantly improved their adaptability to complex environments, which is manifested in the fact that immune monitoring stimulates change and innovation by sensing environmental risks, immune defense promotes flexible collaboration and self-stable learning by optimizing resource allocation, and immune learning and memory ensures sustainable development by accumulating knowledge reserves; the adaptability of light industrial enterprises to complex environments is a dynamic step-by-step process of “ low-order passive response→middle-order active enhancement→higher-order synergistic radiation ”, and presents an iterative development trend of gradual upward movement and step-by-step depth.
		2025 Vol. 22 (5): 803- [Abstract] ( 98 ) [HTML 1KB] [ PDF 3214KB] ( 421 )

	815	Research on the Innovation Evolution of Local Manufacturing Enterprises from the Perspective of Organizational Resilience Upgrade: A Case Study of HIKVISION
		YANG Guiju，SUN Fangmi，LI Ya
		Taking HIKVISION as the research object, this study adopts exploratory vertical single-case study method to analyze the mechanism and path of innovation evolution of local manufacturing enterprises from the perspective of organizational resilience upgrade. The findings are as follows: ①The upgrade of organizational resilience is the driving force of innovation evolution, which changes the interaction mode between the organization and the external environment and prompts variations in the contents of innovation at different stages. The upgrade of organizational resilience drives the innovation evolution along the path of “internal innovation-boundary-spanning innovation-ecological innovation”. ②The upgrade of organizational resilience enhances the agility of situational cognition and the flexibility of resource action. Situational cognition realizes an breakthrough of “passive respons-proactive prediction-active guidance”; Resource action achieves an stride of “resource construction-resource integration-resource governance”. ③Based on the upgrade of organizational resilience, windows of opportunity can be endogenized through “identifying-mining-creating”.
		2025 Vol. 22 (5): 815- [Abstract] ( 145 ) [HTML 1KB] [ PDF 1652KB] ( 448 )

	825	An Empirical Study on The Factors and Mechanisms Influencing Enterprises’ Willingness to Apply for Preferential Policies
		LIU Li，ZHANG Yi，FU Zitian
		Based on social cognitive theory and policy process theory, this study investigates the determinants and mechanisms influencing enterprises’ willingness to apply for holistic enterprise-benefiting policies. The first study established the preliminary dimensions of the enterprise-benefiting policy application willingness scale through critical incident methodology. Subsequent exploratory and confirmatory factor analyses yielded four core factors comprising 8 dimensions and 25 measurement items. Building upon this framework, The second study employed hierarchical regression modeling to examine the mechanism through which policy affordance impacts application willingness. The results show that policy affordance positively predicts application willingness, policy awareness mediates the affordance-willingness relationship, policy accessibility and communication efficacy moderate the association between policy affordance and awareness.
		2025 Vol. 22 (5): 825- [Abstract] ( 118 ) [HTML 1KB] [ PDF 1393KB] ( 811 )

	838	A Study on the Resource Curse Effect for Asset-Heavy Firms under the Impact of Digital Economy
		LIU Jingyi，ZHU Chao，YI Zhen
		Based on a sample of Chinese A-share listed firms from 2010 to 2021, this study explores the role of firms’ “light-heavy” asset structure in the formation of digital stock excess returns from an asset pricing perspective. The study finds that asset-heavy firms are at a disadvantage in the transformation of digital economy due to the curse of resources. Analysis of asset portfolio reveals that the digital transformation of asset-heavy firms achieve lower excess stock returns than that of asset-light firms. Regression analysis of the individual stock cross-section proves that the pricing factor of asset structure can effectively explain the difference in digital excess returns between firms with light and heavy assets. Evidence from a micro panel of firms shows that the level of digitization excess returns is lower when the asset structure is heavier. Heterogeneity analysis reveals that the resource curse affecting of heavy-asset firms is more pronounced among those that are larger, located in the eastern region and non-state-owned.
		2025 Vol. 22 (5): 838- [Abstract] ( 97 ) [HTML 1KB] [ PDF 1412KB] ( 389 )

	848	The Impact Mechanism of HRM System Strength on Employees’ Innovative Behavior from the Perspective of Artificial Intelligence
		XU Qin，HUANG Hao，ZHAO Shuming
		Based on social information processing theory, this study explores the mediating role of employees’ intention to use artificial intelligence between HRM system strength, work autonomy, and innovative behavior through a two-stage survey of 311 employees from 2 companies. The results show that employees’ intention to use artificial intelligence positively influences their innovative behavior. Both HRM system strength and work autonomy positively affect employees’ intention to use artificial intelligence. Employees’ intention to use artificial intelligence mediates the relationship between HRM system strength, work autonomy, and innovative behavior. In addition, work autonomy not only positively moderates the relationship between HRM system strength and employees’ intention to use artificial intelligence, but also strengthens the mediating effect of employees’ intention to use artificial intelligence in the relationship between HRM system strength and innovative behavior.
		2025 Vol. 22 (5): 848- [Abstract] ( 153 ) [HTML 1KB] [ PDF 1334KB] ( 444 )

	858	Research on the Mechanism of Leader’s Customer-Oriented Boundary-Spanning Behaviors on Employees’ Service Innovation
		SONG Meng，ZHANG Anqi，TANG Le，YIN Kui，GAO Yuan
		Based on social learning theory and trickle-down model, this study analyzes matching data collected from 264 front-line service employees at three time points and explores the trickle-down mechanism of leader’s customer-oriented boundary-spanning behavior (COBSB) on employee’s service innovation. The results show that leader’s COBSB has a trickle-down effect on employee’s service innovation through employee’s COBSB. Environmental uncertainty and boundary-spanning self-efficacy positively moderate the first half of the process, and positively moderate the mediating role of employee’s COBSB between leader’s COBSB and employee’s service innovation. Leader’s COBSB, environmental uncertainty and boundary-spanning self-efficacy have significant three-dimensional interactions on employee’s COBSB. Among them, under the condition of high environmental uncertainty and high employee’s boundary-spanning self-efficacy, employee has the strongest imitation effect on leader’s COBSB.
		2025 Vol. 22 (5): 858- [Abstract] ( 110 ) [HTML 1KB] [ PDF 1614KB] ( 388 )

	868	Research on Mechanism of Inclusive Human Resource Management on Older Employees’ Work Engagement
		ZHAO Fuqiang，GAO Han，CHEN Yun，GAO Hongxiang，LIU Xi
		Based on the social identity theory, this paper employs a longitudinal survey to explore the effects, mechanisms and boundary conditions of inclusive human resource management influencing the older employees’ work engagement. The results reveal the follow foundlings. Inclusive human resource management has a significant positive impact on the older employees’ work engagement. Perceived age similarity plays a mediating role between inclusive human resource management and the older employees’ work engagement. Aging essentialism belief negatively regulates the direct impact of inclusive human resource management on perceived age similarity of the older employees. At the same time, aging essentialism belief negatively regulates the indirect effect of inclusive human resource management on the older employees’ work engagement through perceived age similarity.
		2025 Vol. 22 (5): 868- [Abstract] ( 110 ) [HTML 1KB] [ PDF 1341KB] ( 585 )

	877	A Study of the Impact of Network Position Transition, Resource Substitutive Reconfiguration, and Business Model Innovation in Platform-Dependent Entrepreneurs
		WU Yanbo，LIU Yushu，SHAO Yunfei
		Based on Resource Dependence Theory, this study focuses on new ventures launching businesses within platform ecosystems and analyzes the impact of network position transitions of platform-dependent entrepreneurs on business model innovation. The research findings indicate that:①there is an inverted U-shaped relationship between network position transition (knowledge position transition and structural position transition) on both business model innovation and resource substitutive reconfiguration; ②resource substitutive reconfiguration partially mediates the relationship between network position transition (knowledge position transition and structural position transitions) and business model innovation; ③accumulation affordance and variation affordance significantly moderate the relationship between knowledge position transitions and business model innovation; variation affordance significantly moderates the relationship between structural position transitions and business model innovation, whereas accumulation affordance does not have a significant moderating effect between structural position transitions and business model innovation.
		2025 Vol. 22 (5): 877- [Abstract] ( 94 ) [HTML 1KB] [ PDF 1351KB] ( 863 )

	887	Research on the Impact of Complementor Incentive on Firm Disruptive Innovation
		LIN Ting，HE Yubing
		Based on the data of listed firms in China’s electric vehicle industry from 2009 to 2021 and “charging infrastructure construction” policy as a natural experiment, this study uses the difference-in-differences method to empirically test the relationship between complementor incentives policy and firm disruptive innovation. The results show that: compared with firms in non-policy cities, the implementation of “charging infrastructure construction” policy makes electric vehicle (EV） firms in policy cities more active both in disruptive technological innovation and disruptive product innovation. Mechanism analysis shows that complementor incentives in charging infrastructure construction mainly promote disruptive innovation at the firm level by enhancing the R&D of new technology and the stability of industrial chain cooperation. Heterogeneity analysis shows that the impact of “charging infrastructure construction” on EV firms disruptive innovation is significantly different among firms with or without R&D background in executive teams, different industrial chain correlation degrees, different urban infrastructure levels, and different industrial chain locations, which has a selection effect.
		2025 Vol. 22 (5): 887- [Abstract] ( 96 ) [HTML 1KB] [ PDF 1474KB] ( 507 )

	897	The Relationship Between the Core Concepts and Sub-Fields of the Field of Business and Society
		ZHOU Zucheng
		By linking the core concepts/sub-fields of business and society, the tasks of the business and society field and the purposes of the CSR movement, it can be found that corporate social responsibility, business ethics, corporate sustainability, corporate citizenship, stakeholder management, and ESG have their respective roles in answering the three major questions in the field of business and society, and then realizing the purposes of the CSR movement. There is a dynamic complementary and substitutable relationship among the core concepts/sub-fields in the business and society field, which should and can work together.
		2025 Vol. 22 (5): 897- [Abstract] ( 92 ) [HTML 1KB] [ PDF 1336KB] ( 369 )

	908	Research on the Impact of Carbon Emission Trading System on Corporate Earnings Sustainability
		GUO Xiaoxu，ZHANG Rao
		Based on panel data of Chinese A-share listed companies from 2008 to 2020, this study explores the impact of carbon emissions trading system on corporate earnings sustainability by constructing a difference-in-differences model. It is found that the carbon emissions trading system can significantly improve the sustainability of corporate earnings. The mechanism study finds that carbon emissions trading system exerts a signal transmission effect, alleviates financing constraints for enterprises to obtain green investor support, and improves the sustainability of corporate earnings. At the same time, the carbon emissions trading system plays a governance role, increasing corporate earnings sustainability by promoting corporate green innovation and reducing corporate green agency costs. Heterogeneity study finds that in areas with strong public awareness of environmental protection, high-marketization areas, low-carbon emission industries and state-owned enterprises, the carbon emissions trading system exerts a more significant promoting effect on corporate earnings sustainability.
		2025 Vol. 22 (5): 908- [Abstract] ( 112 ) [HTML 1KB] [ PDF 1392KB] ( 1025 )

	917	Research on the Decision of Exclusive Licensing of Premium Content on Video Platforms Considering Network Externality Effects
		LIU Zhiheng，LI Kai
		Considering the effects of cross-network externalities and intra-network externalities, a video platform supply chain game model consisting of a premium content producer and two horizontally differentiated video platforms is established to explore the premium content producer’s licensing strategies under the two market structures of vertical separation and vertical integration. The study shows that: ① when the cross-network externality is below a certain threshold, the premium content producer will engage in exclusive licensing, and the licensing fee is higher and the platform advertising is more in exclusive licensing; ② the intra-network externality has an amplifying effect on the competitive advantage that the exclusive premium content brings to the platforms, thereby expanding the scope of exclusive licensing; ③ the range of the parameter where non-exclusive licensing occurs is larger in the vertically integrated model compared to the vertically separated model; ④ exclusive licensing does not always lead to lower consumer surplus and total welfare.
		2025 Vol. 22 (5): 917- [Abstract] ( 100 ) [HTML 1KB] [ PDF 1529KB] ( 378 )

	928	Research on Information Sharing and Channel Expansion Strategies Enabled by Data-Driven Marketing
		YOU Mingchuan，ZHANG Zhiyong，SHI Yongqiang
		Considering a two-stage supply chain composed of a manufacturer and an online dealer with more accurate demand information under data-driven marketing (DDM), this paper develops three sales modes: single-channel, manufacturer dual-channel and dealer dual-channel. By analyzing the DDM dimensions, this paper reveals the advantages and challenges of enterprises in information sharing motivation and channel expansion choices. Research shows that: only under the manufacturer dual-channel can supply chain members reach an agreement on information sharing. Moreover, channel expansion can not only bring a “win-win” situation for both the manufacturer and the dealer, but also increase the consumer surplus. Specifically, the performance of the dealer operating under dual-channel outperforms that of other modes, while the manufacturer prefers to establish dual-channel with lower DDM efficiency. For consumers, the manufacturer dual-channel model is better when the competition is moderate or DDM efficiency is low.
		2025 Vol. 22 (5): 928- [Abstract] ( 92 ) [HTML 1KB] [ PDF 2389KB] ( 389 )

	938	Quality Governance of Emergency Supplies under Different Reward and Punishment Mechanisms
		WANG Yue，LIU Ming，CAO Jie
		This study employs a dynamic evolutionary game theory to develop four distinct mechanisms: static reward and punishment, dynamic rewards with static punishments, static rewards with dynamic punishment, and dynamic reward and punishment. It theoretically analyses the system stability of emergency supply production strategies under these varying reward and punishment frameworks and performs a detailed sensitivity analysis of the parameters involved. The results indicate that the dynamic reward and punishment mechanism yields the highest system stability, while the dynamic reward with static punishment mechanism proves the least stable. In a scenario where optimizing government regulatory costs is challenging, simply increasing production incentives for companies does not necessarily promote honest production practices. Conversely, enhancing the severity of penalties for fraudulent practices significantly encourages companies to engage in genuine production of emergency materials.
		2025 Vol. 22 (5): 938- [Abstract] ( 90 ) [HTML 1KB] [ PDF 2546KB] ( 358 )

	948	Research on the Impact of Enterprise Big Data Application on Stock Price Crash Risk
		PAN Zicheng，BAI Shuyuan，YI Zhigao，WANG Weizhong
		Taking non-financial Shanghai and Shenzhen A-share listed companies from 2009 to 2020 as samples, this study empirically investigates the impact of big data applications on financial market stability, with the risk of stock price crashes as an entry point. The results reveal that big data applications can reduce the risk of stock price crashes, thereby enhancing financial market stability. Moreover, this relationship becomes more pronounced when companies hire executives with an information technology background and are located in big data comprehensive pilot zones. Mechanism studies reveal that big data applications primarily mitigate crash risks through two paths: increasing regulatory intensity and optimizing decision-making efficiency. Besides, this study dynamically analyzes the crash risk suppression effect of big data applications based on the enterprise life cycle. It finds that the suppression effect is most pronounced in the mature stage, followed by the growth stage, and absent in the decline stage.
		2025 Vol. 22 (5): 948- [Abstract] ( 115 ) [HTML 1KB] [ PDF 1418KB] ( 587 )

	958	Research on the Impact of Employee Stock Ownership Plans on Customer Stability
		LI Xusi，MA Chen，CHEN Yixin
		Based on the samples of A-share listed companies in Shanghai and Shenzhen from 2014 to 2022, this study investigates the impact of ESOP on the stability of corporate customers. The results show that companies with ESOP have better customer stability. Mechanism testing reveals that ESOP enhances customer stability mainly through improving labor productivity, reducing operational risks, and transmitting positive signals. Further research finds that the characteristics of grassroots employees’ shareholding, high employee participation, and the number of employees’ subscription with their own funds positively moderate the relationship between ESOP and customer stability. From the perspective of supply chain, as the proportion of customers with government backgrounds and the risk of enterprise technology supply interruption increases, ESOP has a stronger promotion effect on customer stability, while supply chain trust weakens this promotion effect.
		2025 Vol. 22 (5): 958- [Abstract] ( 109 ) [HTML 1KB] [ PDF 1349KB] ( 419 )

	968	Research on the Impact of Securities Regulation on the Information Content of Stock Prices
		WANG Shengnian，ZENG Wanhui
		Using data of A-share listed companies from 2012 to 2022 and data from securities regulatory letter released by the CSRC, this study examines the impact of securities regulation on the information content of listed companies’ stock prices. Results show that securities regulation significantly boosts the stock price information content of affiliated enterprises. When classifying the types of affiliated relationship and regulatory letter, the regulatory effects are all significant. Mechanism tests indicate that the regulation can significantly enhance the information quality at each stage of information transmission, thus effectively improving the stock price information content of affiliated enterprises. The heterogeneity analysis demonstrates that the above effects are more prominent when securities firms have a higher shareholding proportion, a larger scale and a better reputation. Moreover, the regulatory effect will be more obvious when there is greater media attention, a lower level of regional rule of law and a shorter geographical distance.
		2025 Vol. 22 (5): 968- [Abstract] ( 90 ) [HTML 1KB] [ PDF 1383KB] ( 562 )

	979	Ethical Blindness in Organizations: A Systematic Review and Future Direction
		ZHANG Yongjun，SHAN Geyan，LI Yongxin，LIU Zhiqiang
		Through a systematic review of research on ethical blindness in organizational contexts, this study comparatively analyzes three existing academic perspectives on ethical blindness, clarifies the conceptual definition of ethical blindness, and points out the advantages and disadvantages of its different measurement methods. Drawing on theories such as the resource constraint theory and the bounded morality model, this paper outlines the theoretical foundations for the emergence of ethical blindness. Based on the perceptual framework and the sensemaking model, this study summarizes the formation mechanisms of ethical blindness in organizations. Furthermore, we construct a framework of influencing factors for ethical blindness from three aspects: individual characteristics, event contexts, and organizational environments. Building on this foundation, the paper proposes future research agendas from three aspects: precisely capturing and characterizing ethical blindness, enriching and empirically testing the influencing factors of ethical blindness from multiple perspectives, and expanding the theory and practice of the generation process and dynamic evolution of ethical blindness.
		2025 Vol. 22 (5): 979- [Abstract] ( 80 ) [HTML 1KB] [ PDF 1841KB] ( 1379 )

管理学报

　

News

　

　

　　　　　　　　　More

　

Member Service

　

　

　

　

Links

　

　

　　　　　　　　　More

Copyright © CHINESE JOURNAL OF MANAGEMENT
Support by Beijing Magtech Co.ltd support@magtech.com.cn