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Chinese Journal of Management

	2025 Vol.22 Issue.6 Published 2025-06-01

	991	The Path of Organizational Resilience in Affecting Enterprises’ Turning Crisis to Opportunity from the Knowledge-Practice Unity Perspective
		ZHENG Shanshan，LIU Lulu，WANG Hui
		Organizational resilience is an important factor determining firm’s ability to turn crisis into opportunity. From the perspective of the unity of knowledge and practice, there are two aspects of organizational resilience: the knowledge aspect and the practice aspect. Knowing the importance of each dimension of organizational resilience is necessary but far from enough. Rather, firms should effectively act on the knowledge of resilience, which suggests the importance of the unity of both knowledge and practice aspects in enhancing firms’ ability to turn crisis into opportunity. This paper examines the nature and function of organizational resilience by three steps: first, regarding organizational resilience as a formative construct and decomposing it into four dimensions, namely, robustness, redundancy, resourcefulness and rapidity; second, quantifying them from the knowledge-practice unity perspective; finally, empirically examining how they interact to form paths to turn crisis into opportunity. Through a qualitative comparative analysis (QCA) of 150 firms, this study identifies five paths of turning crisis into opportunity, including three paths of high effectiveness and two paths of low effectiveness, and unveils the dimensions and mechanism of organizational resilience.
		2025 Vol. 22 (6): 991- [Abstract] ( 152 ) [HTML 1KB] [ PDF 1400KB] ( 742 )

	1001	Dual-Cycle Interactive Mechanism of the Evolution Process of Financial Distress
		DENG Yuxin，JIANG Xueying，ZHANG Qilu，ZHU Wuxiang
		Based on four financial distressed enterprises and programmatic Grounded Theory analysis, this paper studies the process of financial distress and summarizes the phase-specific characteristics of mild distress, exacerbated distress, and severe distress. The paper reveals that psychological factors such as entrepreneurs’ seeking management power and their overconfidence play pivotal roles in the process of an enterprise from mild distress to more intensified distress. Furthermore, the mechanism accelerating and exacerbating an enterprise’s descent into severe distress is the positive feedback interaction between the operational cycle and financing cycle after one of them is disrupted. To avoid plunging into severe distress, stakeholders possessing complementary resources or risk-bearing capacity can be introduced. Such stakeholders can help suppress the vicious cycle generated by the dual-cycle interaction.
		2025 Vol. 22 (6): 1001- [Abstract] ( 116 ) [HTML 1KB] [ PDF 1717KB] ( 328 )

	1012	Study on the Impact of Competitive Experience on Firms Digital Transformation Extent
		MA Yanyan，SHAO Zhen，KANG Yixuan，TANG Liqing，WANG Tienan
		Based on the data of A-share listed companies in Shanghai and Shenzhen from 2010 to 2022, this paper empirically examines the impact of competitive experience on the extent of firms’ digital transformation and discusses its boundary effects. The research reveals that the influence of competitive experience on the digital transformation extent exhibits a significant inverted U-shaped pattern. Absorptive capacity and political ties have a dual moderating effect on the relationship between them, alleviating the resource constraints for firm transformation but also posing the risk of excessive occupation of transformation resources, thereby making the inverted U-shaped curve between competitive experience and digital transformation extent steeper. Further research indicates that enhancing innovation capabilities at the micro level, improving industry competition level at the meso level and advancing regional digital economic development levels at the macro level can leverage the high-quality advantages of the enterprise innovation ecosystem, significantly extending the positive impact interval of competitive experience on the digital transformation extent.
		2025 Vol. 22 (6): 1012- [Abstract] ( 129 ) [HTML 1KB] [ PDF 1250KB] ( 364 )

	1022	Research on the Impact of Public Data Access on Within-Firm Income Gap
		YANG Jing，FENG Sixian，CHEN Zhibin
		This paper takes the opening of public data platforms across diverse prefecture-level cities as a quasi-natural experiment to assess the influence of public data access on the within-firm income gap with a multi-period difference-in-differences model based on the data of A-share listed companies in China over the period 2009~2022. The research finds that access to public data significantly widens the within-firm income gap. Mechanism test shows that public data access expands within-firm income gap by enhancing managerial ability and risk compensation to increase the management salary. Further heterogeneous analyses suggest that the role of public data access in widening within-firm income gap is more pronounced in enterprises which are non-state-owned, with management teams having a digital background and those in capital- and technology-intensive industries. However, skill enhancement can bolster the bargaining power of general employees, thereby effectively mitigating the negative impact of public data access on corporate income distribution.
		2025 Vol. 22 (6): 1022- [Abstract] ( 115 ) [HTML 1KB] [ PDF 1323KB] ( 491 )

	1032	Research on the Formation Mechanism and Consequences of the Path-Dependent Effect of Financial Asset Allocation in Declining Firms
		XU Peng，LI Tinggang
		Taking non-financial declining firms from 2010 to 2021 as research samples, this study explores the formation mechanism and consequences of the path-dependent effect of financial asset allocation in declining firms. The findings are as follows: the higher the degree of an enterprise’s dependence on financial asset allocation in the past, the stronger the motivation of financial asset allocation in the face of recession, and the industry peer effect further intensifies this path dependence；limited to other conditions, financial asset allocation can’t better help recessionary enterprises achieve performance reversal, which further validates the “out of real to virtual” hypothesis and the negative view of change. Heterogeneity research finds that when declining firms allocate financial assets based on speculative motives rather than financing and recovery motives, the negative effect of financial asset allocation on performance reversal is stronger. In addition, by subdividing the types of financial assets, it is found that the short-term financial asset allocation can help declining firms achieve performance reversal, while the long-term financial asset allocation can’t help declining firms achieve performance reversal.
		2025 Vol. 22 (6): 1032- [Abstract] ( 108 ) [HTML 1KB] [ PDF 1311KB] ( 331 )

	1042	Research on the Influence Mechanism of Employees’ Feeling Trusted on Ego Depletion and Unethical Pro-Supervisor Behavior
		YANG Yingyao，GU Yinhua，LI Yanping
		Based on the norm of reciprocity and the theory of limited self-control resource, our study focused on the “dark side” of trust by exploring the effects of employees’ feeling trusted on ego depletion and unethical pro-supervisor behavior. Using the two-wave data from 309 participants, our study found that： feeling trusted has a positive effect on reputation maintenance; feeling trusted has a positive effect on ego depletion through reputation maintenance; feeling trusted has a positive effect on supervisor identification; feeling trusted has a positive effect on unethical pro-supervisor behavior through supervisor identification; tenure with leader positively moderates the mediating effect of feeling trust on unethical pro-supervisor behavior indirectly through supervisor identification.
		2025 Vol. 22 (6): 1042- [Abstract] ( 161 ) [HTML 1KB] [ PDF 1356KB] ( 642 )

	1053	The Effects of Technology-Assisted Supplemental Work on Family Role Performance and Proactive Behavior
		DONG Niannian，LIU Quanzhi，SHANG Xinsheng，LIU Juan
		Drawing on the effort-recovery model, this study employed an experience sampling methodology, administering surveys twice daily over ten consecutive workdays and yielding 834 valid within-person observations. We investigated the effects of nightly technology-assisted supplemental work on family role performance that same evening and proactive behavior the next day via psychological detachment, as well as the cross-level moderating role of trait resilience. Multilevel path analyses showed that, on a daily basis, technology-assisted supplemental work had an indirect effect on family role performance by reducing psychological detachment. Moreover, trait resilience not only moderated the relationship between technology-assisted supplemental work and psychological detachment, but also moderated the indirect effect of technology-assisted supplemental work on family role performance through diminished psychological detachment.
		2025 Vol. 22 (6): 1053- [Abstract] ( 103 ) [HTML 1KB] [ PDF 1300KB] ( 615 )

	1062	Research on the Impact of Business Environment Digitalization on Open Innovation of Enterprises Under the Absorptive Capacity Perspective
		YAO Nengzhi，ZHEN Yue，LI Jian
		Based on the absorptive capacity theory, this study explores the impact of business environment digitization on open innovation of enterprises by constructing a quasi-natural experiment with China’s “smart city” construction. The results show that business environment digitization significantly improves the level of open innovation of enterprises, and R&D intensity as well as the degree of digital transformation of enterprises can enhance this positive effect. Mechanism analysis shows that business environment digitalization effectively promotes the open innovation of enterprises by increasing the knowledge abundance and knowledge flow in the regions where the enterprises are located.
		2025 Vol. 22 (6): 1062- [Abstract] ( 119 ) [HTML 1KB] [ PDF 1320KB] ( 341 )

	1071	Research on the Impact of the Digital Innovation of the Cost Uniqueness
		GENG Yunjiang，LIU Yan
		his study investigates the impact of digital innovation on cost uniqueness from the perspective of the principal-agent theory. Based on a sample of A-share listed companies in Shanghai and Shenzhen from 2012 to 2022, this study finds that digital innovation can significantly inhibit cost uniqueness. Digital innovation inhibits cost uniqueness mainly through enhancing information quality, improving governance levels, and increasing investor attention. Both substantive and strategic digital innovation can effectively inhibit cost uniqueness, but the inhibiting effect of substantive digital innovation is more significant. Digital innovation mainly inhibits the cost uniqueness with negative deviation and excessive deviation, and can significantly increase cost uniqueness caused by competitive advantage motives. In companies with higher managerial power, performance pressure and competitive pressure, digital innovation is more significantly in inhibiting cost uniqueness. When government digital attention is higher and media digital attention is lower, digital innovation inhibits cost uniqueness more significantly. In addition, the inhibiting effect of digital innovation on cost uniqueness can significantly improve the level of new quality forces of firms.
		2025 Vol. 22 (6): 1071- [Abstract] ( 102 ) [HTML 1KB] [ PDF 1314KB] ( 438 )

	1081	Research on the Impact of Innovation Failure on the Key Core Technology Innovation Under the Dilemma of Technological Blockade
		HU Siyuan，GONG Hong，ZHAO Danxiao
		This research takes 246 new energy enterprises on the main board of China’s A-share market from 2005 to 2022 as a sample, and conducts empirical analyses around the cumulative effect and dynamics of innovation failure experience. It is found that innovation failure has an inverted U-shaped relationship with key core technology innovation, i.e., the existence of an “optimal interval” of innovation failure can stimulate enterprises to explore the hidden technological innovation law behind the failure and transform them into the intrinsic knowledge required for key core technology innovation, which in turn significantly promotes the key core technology innovation of enterprises. In addition, the positive moderating effect of technological diversification on the relationship between innovation failure and key core technology innovation is examined, and the above conclusions still hold after the robustness test. Further studies found that organizational resilience is an important pathway through which innovation failure affects key core technology innovation.
		2025 Vol. 22 (6): 1081- [Abstract] ( 138 ) [HTML 1KB] [ PDF 1534KB] ( 465 )

	1093	Research on the Impact of Investor-Listed Company ESG Information Interaction on Corporate Greenwashing Behavior
		ZHAO Mengjie，REN Guangqian，LI Junchao
		This study explores how investor-listed company ESG information interaction between investors and listed companies affects corporate greenwashing and its underlying mechanisms based on the data of “Hudongyi” and “eHudong” platforms from 2011 to 2019. The research finds that investor-listed company ESG information interaction can curb corporate greenwashing by enhancing information transparency, reducing managerial myopia, and increasing reputational pressure. Moderating effect analysis reveals that internal redundant resources can amplify the role of investor-listed company ESG information interaction, while external social trust can substitute for it. Heterogeneity analysis indicates that the role of investor-listed company ESG information interaction is more obvious when firms have more registered platform users and firms exhibit less positive interaction tones.
		2025 Vol. 22 (6): 1093- [Abstract] ( 115 ) [HTML 1KB] [ PDF 1387KB] ( 375 )

	1103	Research on the Influence of Common Institutional Ownership on Corporate Environmental Investment
		PENG Yi，HAN Liangliang
		This study takes listed companies in heavy polluting industries from 2007 to 2021 as the research objects, and empirically tests the impact of common institutional ownership on corporate environmental investment decisions. The study finds that common institutional ownership reduces the level of corporate environmental investment and supports the competitive collusion hypothesis, and this effect becomes more obvious with the improvement of the collusion motivation and ability of common institutional investors. Further research finds that the mechanism of common institutional ownership reducing corporate environmental investment is to enhance the market monopoly position of enterprises, thus weakening the internal motivation of enterprises to carry out environmental investment; at the same time, the shareholding of common institutions mainly reduces the strategic environmental protection investment of enterprises, without affecting the compliance environmental protection investment of enterprises. Moreover, the decline in the level of corporate environmental investment is not the result of the synergistic governance effect of common institutional shareholdings; in addition, the competitive collusion effect of common institutional ownership on corporate environmental investment decisions is more significant in non-state-owned enterprises, enterprises with low media attention and low environmental regulation intensity.
		2025 Vol. 22 (6): 1103- [Abstract] ( 105 ) [HTML 1KB] [ PDF 1377KB] ( 266 )

	1113	The Influence of Emoticons Used by AI Customer Service on User Satisfaction from the Perspective of User Relationship Norm Orientation
		SUI Zihong，BI Xinhua，SUN Weiming
		Based on the stereotype content model, from the perspective of user relationship norm orientation, this study explores the impact of emoticons used by AI customer service on user satisfaction and the mechanism of user warmth perception and competence perception in three different AI service scenarios. The findings indicate that the use of emoticons by AI customer service has a more positive impact on user satisfaction; the users’ perceptions of warmth and competence play an intermediary role in the relationship between the use of emoticons and user satisfaction; user relationship norm orientation influences the relationship between AI customer service use of emoticons and the perceptions of warmth and competence, such that the mediating effect of warmth perception and competence perception on the relationship between AI customer service use of emoticons and user satisfaction is also influenced by the user’s orientation towards relationship norm.
		2025 Vol. 22 (6): 1113- [Abstract] ( 95 ) [HTML 1KB] [ PDF 1667KB] ( 340 )

	1123	Research on the Impact of Guild Organization on Streamer’s Individual Income in the Live Streaming Platform
		WANG Xuecheng，DUAN Qiushuang，TAO Xiaobo
		Based on the labor process theory, we analyze the relationship between guild and streamer in the live streaming platform, and the ability of the guild to empower the streamer, manage the web traffic and guide online viewers’ gift-revenue. Selecting 361,273 pieces of data from Huya live streaming platform in July 2023, we empirically examine the effect of the new business organization live streaming guild in the platform on network streamer’s individual gift income. We find that joining the guild can increase the streamer’s income; The value management ability of the guild represents its quality, which has a significant positive impact on the streamer’s income. The mediation effect test shows that the guild can influence the streamer’s income by through the peak heat, namely the streamer’s “burst” ability, and the total number of danmaku sent by viewers, namely the streamer’s “interaction” ability. Heterogeneity analysis shows that high quality guild has more obvious influence on the head streamers, while the small and medium-sized streamers receive relatively fewer benefit.
		2025 Vol. 22 (6): 1123- [Abstract] ( 142 ) [HTML 1KB] [ PDF 1426KB] ( 2396 )

	1132	Research on the Impact of Enterprise Digital Transformation on Customer Relationship Stability
		DING Yifan，CAO Huiping
		Based on the relevant data from Chinese A-share listed companies from 2007 to 2021, this study systematically examines the impact and mechanism of digital transformation on customer relationship stability. Research has found that digital transformation of enterprises can significantly improve customer relationship stability. The mechanism analysis found that alleviating information asymmetry, enhancing product competitive advantage, and reducing business risks are key factors in improving customer relationship stability in enterprise digital transformation. Heterogeneity analysis found that the above effects are more prominent in private enterprises, smaller enterprises, enterprises with higher cross regional distribution of customers, enterprises with higher levels of customer digital transformation, and enterprises with greater customer dependence. Further research shows that in addition to stabilizing customer relationships, enterprise digital transformation can also enhance the stability of supplier relationships and significantly improve the level of collaborative innovation, sales revenue, and production efficiency of enterprise supply chains.
		2025 Vol. 22 (6): 1132- [Abstract] ( 103 ) [HTML 1KB] [ PDF 1396KB] ( 378 )

	1142	Research on the Impact of Social Media Coverage on the Effectiveness of Executive Equity Incentives
		ZHAO Wenzhuo，ZHANG Xinmin，YANG Daoguang
		Taking the effectiveness of executive equity incentives as the entry point, this study select Chinese A-share listed companies from 2013 to 2019 as samples to empirically test the governance effect of social media by using the data of WeChat finance and economics public account. The results show that: the more social media coverage, the higher the effectiveness of executive equity incentive; By differentiating different corporate contexts, it is found that social media can improve the effectiveness of equity incentives for companies with less analyst coverage, higher investor attention and better shareholder protection; By further differentiating the types of media reports, it is found that when enterprises are more likely to be reported in detail by media, be reported by original media and be reported by high-impact media, the governance effect of social media is more significant; By further separating the stage of equity incentives, it is found that social media mainly affects the effectiveness of equity incentives at the grant stage rather than the exercise stage.
		2025 Vol. 22 (6): 1142- [Abstract] ( 107 ) [HTML 1KB] [ PDF 1318KB] ( 278 )

	1152	Retailer’s Ordering Quantity and System Coordination Considering the Consignment Platform’s Information Service
		LI Jianhong，DING Xiuhao，GUAN Mengcheng，TAO Zhiying
		In the consignment system with uncertain demand, this study explores the impact of data empowerment based on different revenue-sharing mechanisms on the retailer’s optimal order quantity decision and expected profit. Based on the newsboy model constructed on the consignment platform and numerical analysis, the study finds that the data empowerment of the consignment platform significantly affects the retailer’s decision and expected profit. When the product cost yield rate is large, the retailer’s optimal order quantity raises with the increase of the data empowerment level; while when the cost yield rate is small, the order quantity decreases with the increase of the data empowerment level, thereby affecting the profit. In addition, if the data empowerment price is low, the retailer’s expected profit is directly proportional to the data service level. Compared with other revenue-sharing mechanisms, data empowerment under the multilateral revenue-sharing contract can enable retailers to obtain the maximum expected profit.
		2025 Vol. 22 (6): 1152- [Abstract] ( 84 ) [HTML 1KB] [ PDF 1651KB] ( 522 )

	1162	Pricing Model of Agricultural Supply Chains under Fairness Concerns and Blockchain Subsidies
		ZHANG Fenglin，JI Qingkai，HU Xiangpei，WANG Xiaohui
		In the context of government’s encouragement of blockchain applications, this study investigates the impact of government subsidies on decision making in a agricultural supply chain comprising government, supplier and fairness-concerned retailer. The research reveals that, first, the government is more likely to offer subsidy policies when the ratio coefficient of technology research and development (R&D) costs is high. Second, government subsidies can enhance both the level of blockchain traceability and the profits of supply chain members, albeit inducing supplier “free-riding” behavior. Third, sales subsidies and consumer subsidies yield higher blockchain traceability levels and improved government performance; when total subsidy expenditure is limited and small-scale, prioritizing R&D cost subsidies is recommended. Fourth, sales subsidies and consumer subsidies exhibit equivalent incentive effects; to prevent corporate subsidy fraud, governments should prudently design subsidy intensity and regulate product pricing. Finally, retailer fairness concerns exclusively influence wholesale prices and the distribution of profits in supply chain.
		2025 Vol. 22 (6): 1162- [Abstract] ( 115 ) [HTML 1KB] [ PDF 2048KB] ( 272 )

	1171	Strategic Choice of Drug Group Purchasing Considering Market Power Structure under Public Benefit Orientation
		LI Shiyang，GE Yufeng，KONG Qianqian，ZHOU Nan
		This study takes drug group purchasing organization (GPO) and two public healthcare institutions as research objects. Considering the influence of the public welfare of healthcare institutions, this study constructs supply chain game models dominated by GPO and healthcare institutions, respectively. By comparing and analyzing the equilibrium results of the game, the effects of different power structures on drug accessibility, supply chain performance, and social welfare are revealed. The results indicate that: first, when the volume discount rates are significant high, increasing public welfare within a specific range can increase the profit of healthcare institutions. Second, group purchasing is more likely to be formed with healthcare institutions taking the lead when volume discount rates are low, and with GPO taking the lead when volume discount rates are significant high. Third, from the optimal perspective of the supply chain profit and social welfare, when the volume discount rates are lower and the public benefit is lower, the healthcare institution-led is better than the GPO-led, while the GPO-led is better when the public benefit is higher; when the volume discount rates are more significant high, the healthcare institution-led is always better than the GPO-led.
		2025 Vol. 22 (6): 1171- [Abstract] ( 74 ) [HTML 1KB] [ PDF 1702KB] ( 268 )

	1179	The Research Progress and Prospect about the Application of Online Reviews in Decision-Making Management
		GOU Xunjie，XU Xinru，XU Zeshui
		Based on the method of literature review, this study surveys the related research of online reviews and decision-making management, deeply discusses the application and development of key technologies of keyword extraction and sentiment analysis in mining the value of review data, and objectively evaluates their advantages and limitations in practical applications. The research reveals that online reviews have gained extensive application across multiple decision-making domains, specifically including consumer purchase decisions, tourism services, medical services, and online courses, etc., and then reveals how online reviews affect decision-making processes in these application domains. On this basis, the current challenges in various domains are analyzed, and the future research directions are proposed accordingly.
		2025 Vol. 22 (6): 1179- [Abstract] ( 140 ) [HTML 1KB] [ PDF 1637KB] ( 2725 )

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