Chinese Journal of Management

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Chinese Journal of Management

	2025 Vol.22 Issue.10 Published 2025-10-01

	1783	Research on the Process of Leading Enterprises in Late-Developing Countries Becoming the Chairperson Unit of International Standards Organizations
		LIU Yongdong，REN Shengce，DU Mei，CAO Yougen
		Based on the perspective of trust, using Goodbaby Group as a case study and employing a longitudinal single-case research method, this study explores the process mechanism of how leading firms from latecomer countries become the chair units of international standardization organizations. The findings are as follows: ①The three stages of “contacting international standards-participating in international standards-leading international standards” leads firms from latecomer countries to possess the foundation and capability of “product leadership-standard leadership-formulating international standards”. ②Even after overcoming the liabilities of origin, they still face barriers stemming from new techno-nationalism, which creates a gap in the adaptability to international standards, and difficulties in promoting international standards due to differences in standard cognition and trust disadvantages. ③Based on the trust-building mechanism of “reputation building-relational interaction-reciprocity model”, the process of increasing their positions in international standardization organizations is experienced through “establishing new ISO project groups-collaborating on standard projects-independently managing standard projects-leading multiple standard projects”.
		2025 Vol. 22 (10): 1783- [Abstract] ( 81 ) [HTML 1KB] [ PDF 2072KB] ( 210 )

	1793	Management Innovation and Development Inspired by the Spirit of Entrepreneurship and Education: Reviews and Outlooks from the 15th Forum of “China·Practice·Management”
		LI Zhengsheng，XIONG Yu，WU Jianping，ZHAO Mao
		The 15th “China·Practice·Management” Forum took “Management Innovation and Development Inspired by the Spirit of Entrepreneurship and Education”as the theme. It aimed to explore how, in the process of Chinese-style modernization, the enterprising practical characteristics of entrepreneurs and the far-sighted theoretical vision of educators can be better integrated, so as to jointly promote the innovative development of Chinese management theory and enterprise practice. During the forum, experts and scholars focused on specific topics such as strategic management thinking and management knowledge systems. Through the deep combination of theoretical interpretation and practical cases, they carried out in-depth exchanges in the way of promoting theoretical innovation through practice and feeding practice back through theory, which helps to further consolidate the theoretical foundation of Chinese management science, accelerate the construction of a management theory system with Chinese characteristics, and promote high-quality development of enterprises.
		2025 Vol. 22 (10): 1793- [Abstract] ( 54 ) [HTML 1KB] [ PDF 1193KB] ( 161 )

	1799	Research on the Synergistic Impact of the Dual Wheel Drive of “Blockchain+Collaboration” on the Dynamic Capabilities of Circular Supply Chains
		TIAN Hong，LIU Yutian
		Based on the Dynamic Capability Theory and the knowledge base view, we explore the enhancement mechanism of blockchain technology and green supply chain collaboration on the dynamic capability of circular supply chain from the perspective of ambidextrous knowledge sharing. Through structural equation modeling and analyzing 391 questionnaire data, it is found that both blockchain technology and green supply chain collaboration can improve the dynamic capability of circular supply chain, and both explicit and tacit knowledge sharing play a mediating role in it. Blockchain technology strengthens the facilitating effect of green supply chain collaboration on explicit knowledge sharing; green supply chain collaboration strengthens the facilitating effect of blockchain technology on tacit knowledge sharing, and both have complementary synergistic effects. In addition, circular-innovation orientation strengthens the promotion of explicit and tacit knowledge sharing on the dynamic capabilities of circular supply chains.
		2025 Vol. 22 (10): 1799- [Abstract] ( 39 ) [HTML 1KB] [ PDF 1342KB] ( 165 )

	1807	The Impact of the Digital Transformation of Government Services on the Firm’s Maturity Mismatch Improvement of Investment and Financing
		XUE Zhixin，CHAO Xiaojing，DU Ying
		Based on the sample of Chinese A-share listed companies from 2010 to 2022, this study examines the impact of the digital transformation of government services on the maturity mismatch of corporate investment and financing and its channels of action. The results show that the digital transformation of government services has effectively improved corporate investment and financing maturity mismatches, promoting the optimization of corporate investment and financing structures. The mechanism confirms that the digital transformation of government services has improved the regional business environment. At the financing level, it has effectively optimized corporate financing structures, reduced external financing costs for enterprises, and alleviated financing constraints faced by enterprises. At the investment level, it has prompted enterprises to adjust their investment structures and enhanced investment efficiency and returns. Heterogeneity results show that the improvement effects are more pronounced in enterprises with higher debt financing dependence and internal liquidity constraints, as well as those in regions with lower levels of marketization and financial development. Extended analysis reveals that the digital transformation of government services helps to improve corporate production efficiency and organizational resilience.
		2025 Vol. 22 (10): 1807- [Abstract] ( 52 ) [HTML 1KB] [ PDF 1492KB] ( 192 )

	1816	Research on Dynamic Adjustment of Firms’ R&D Investment Under Value Creation Perspective
		ZOU Ping，LI Gucheng
		Based on the data of China’s A-share listed companies from 2010 to 2021, this study explores the behavior of dynamic adjustment of R&D investment and its value creation mechanism using GMM and other methods, and further conducts the heterogeneous impacts of different factors on this behavior. The study finds that: enterprises dynamically adjust their actual R&D investment according to the optimal R&D investment, and the faster the adjustment is, the faster the adjustment speed, the more beneficial it is for optimizing the R&D investment level; the dynamic adjustment of R&D investment can drive the value creation and promote the high-quality development of the enterprises by enhancing the enterprises’ total factor productivity. Heterogeneity analysis shows that: compared with exploratory innovation, enterprises’ R&D investment adjustment speed is faster for exploitative innovation; high-tech enterprise certification, industry competition, state-owned property rights, academic executives, and enterprise innovation culture are all conducive to accelerating the dynamic adjustment of R&D investment.
		2025 Vol. 22 (10): 1816- [Abstract] ( 47 ) [HTML 1KB] [ PDF 1279KB] ( 157 )

	1826	Research on the Activation Mechanism in AI-Based Human Resource Management Based on Human Capital Elasticity and HRM Value Calibration
		ZHAO Yixuan，WEI Danxia
		Grounded in labor theory of value, exchange theory, and the resource-based view, this study takes “human capital elasticity” and “HRM value calibration” as core variables to explore the activation mechanisms that focus on unlocking employee potential and enhancing organizational competitive advantage in the context of AI-based Human Resource Management (AIHRM). It proposes that the AIHRM system encompasses three-dimensional characteristics: dynamism, balance, and integration. It demonstrates the mechanism through which AIHRM, via this “dynamism—balance—integration” three-dimensional pathway, activates employee potential and enhances organizational competitive advantage, and explores the moderating influence of environmental volatility. This study contributes to the emerging scholarship on AIHRM by offering a conceptual basis for designing adaptive, value-generative HRM systems. It also offers practical implications for enterprises to achieve human-machine collaboration and improve talent value during the digital transformation process.
		2025 Vol. 22 (10): 1826- [Abstract] ( 54 ) [HTML 1KB] [ PDF 1649KB] ( 341 )

	1839	The Effect of Collaborative Boundary Spanners’ Perspective Taking on Job Performance
		SHI Yushen，LU Lin，CHEN Diana
		Drawing on the role theory and self-categorization theory, this research introduces role conflict as mediating variable and perceived organizational support as moderating variable to investigate the relationship between collaborative boundary spanners’ perspective taking and job performance. Based on a scenario-based experiment and a time-lagged survey, the findings reveal that perspective taking exerts a positive impact on job performance through reduced role conflict. Moreover, perceived organizational support moderates the relationship between perspective taking and role conflict, as well as the indirect effect of perspective taking on job performance via role conflict. Specifically, when perceived organizational support is high, both the negative association between perspective taking and role conflict, along with the mediating role of role conflict, becomes stronger.
		2025 Vol. 22 (10): 1839- [Abstract] ( 50 ) [HTML 1KB] [ PDF 1513KB] ( 166 )

	1849	Research on the Influence Mechanism of Employees’ Thriving at Work Triggering Negative Job Cognitions from the Perspective of Psychological Contract Imbalance
		XIONG Li，YANG Wei
		Based on the theory of psychological contract imbalance and the concept of self-awareness, this study constructed and validated the mechanism of employees’ thriving at work on negative job cognitions tendencies through a 14-month questionnaire survey and empirical analysis of 412 valid samples. The results show that: thriving at work may bring about two types of psychological contract imbalances (i.e., effort-reward imbalance and challenge-skill imbalance), which lead to relative deprivation and overqualification, respectively; employees’ future work self salience in the organization negatively moderates the effects of thriving at work on relative deprivation and overqualification through two types of psychological contract imbalances.
		2025 Vol. 22 (10): 1849- [Abstract] ( 54 ) [HTML 1KB] [ PDF 1425KB] ( 479 )

	1860	The Impact of Anthropomorphism in Artificial Intelligence Agents on Human-Agent Trust and Potential Moderating Effects: A Meta-Analysis
		ZHOU Lulu，ZHAO Yinshan，ZHAO Shuming
		Based on the three-factor model of human-agent trust, a meta-analysis of 62 valid studies with a total of 18,878 samples was conducted to thoroughly investigate the relationship between four anthropomorphic features of artificial agents—appearance, movement, personality, and voice—and human-agent trust, along with their boundary conditions. The results demonstrated a moderately positive correlation between anthropomorphic features and human-agent trust. Movement, personality, and voice anthropomorphism also showed moderate positive correlations with human-agent trust. Compared to physical robots, studies using non-physical agents found that overall anthropomorphism as well as appearance, movement, and personality anthropomorphism had more significant effects on human-agent trust. In non-organizational work settings, overall anthropomorphism along with appearance and personality anthropomorphism had more significant effects on human-agent trust, while in organizational settings, voice anthropomorphism had a more significant effect on human-agent trust. When comparing relationship types, the servant-type human-agent relationships showed more significant effects of overall anthropomorphism as well as appearance and personality anthropomorphism on human-agent trust compared to the collaborative relationships. Finally, in research designs using remote interaction compared to on-site interaction, overall anthropomorphism along with appearance, movement, and voice anthropomorphism exhibited more significant effects on human-agent trust.
		2025 Vol. 22 (10): 1860- [Abstract] ( 47 ) [HTML 1KB] [ PDF 1482KB] ( 1000 )

	1872	Research on the Antecedent Configuration and Performance of Corporate Environmental Information Disclosure
		JIAO Yuanyuan，CUI Xinyi，WANG Jiayu
		The study focuses on the multiple motivations of “seeking benefits and avoiding harm” in corporate environmental information disclosure, combined with the signal transmission theory and the legitimacy theory, to identify the influencing factors of environmental information disclosure, explore the “different paths” of “the same destination”, and further analyze the impact of different paths on corporate performance, that is, whether “the same destination” is “the same effect”. The study uses fuzzy-set qualitative comparative analysis (fsQCA) to identify three configurational paths that affect the high level of environmental information disclosure of enterprises: the disclosure of learning from the best, the leading disclosure, and the robust demonstration disclosure. Further use of propensity score matching method (PSM) to explore the impact of different configurations on corporate performance: leading disclosure is beneficial for improving corporate performance, while learning from the best disclosure and robust demonstration disclosure will reduce corporate performance.
		2025 Vol. 22 (10): 1872- [Abstract] ( 45 ) [HTML 1KB] [ PDF 1449KB] ( 172 )

	1881	Research on the Impact of Management’s Climate Risk Perception on Corporate Green Governance
		QI Ya，ZOU Ying，SHI Fu’an
		This study uses machine learning and text analysis methods to construct an indicator for management’s perception of climate risk. Utilizing a sample of Shanghai and Shenzhen A-share listed companies in China from 2009 to 2022, the study examines the impact of management’s perception of climate risk on corporate green governance. The findings suggest that the stronger the management’s perception of climate risk, the higher the level of corporate environmental investment. The key mechanism is to prevent cash flow risks and build investor trust. Compared to end-of-pipe pollution control, management’s perception of climate risk is more effective in promoting green transformation at the source, and the intensity of green governance has increased after the signing of The Paris Agreement. Heterogeneity analysis indicates that the green governance effect of management’s perception of climate risk is more pronounced when there are extreme climate shocks and higher equity incentives. Discussion of economic consequences finds that management’s perception of climate risk can further encourage companies to improve corporate environmental performance.
		2025 Vol. 22 (10): 1881- [Abstract] ( 64 ) [HTML 1KB] [ PDF 1441KB] ( 241 )

	1891	Research on the Influence of Tourist Media Dependency on Their Behavior Intention
		LI Xian，HUANG Chao
		Based on the development of the tourist media dependency construct, this study explores its influence mechanism on tourism behavior intention and conducts empirical testing using structural equation modeling. The results indicate that the tourist media dependency construct model has a second-order double factor structure, consisting of practical dependency and spiritual dependency. The double factors exhibit a significant three-chain mediating effect on tourism behavior intention, but the mechanisms differ. Compared to practical dependency, spiritual dependency enhances the cognitive image, emotional image, and destination trust simultaneously when functioning in a chain mediation role, thus “accelerating” the formation of tourism behavior intention. Media literacy weakens the reinforcing effect of practical dependency on emotional image and destination trust, and then weakens its role in promoting tourism behavior intention.
		2025 Vol. 22 (10): 1891- [Abstract] ( 43 ) [HTML 1KB] [ PDF 2733KB] ( 164 )

	1901	The Impact of Matching the Sales Style with the Anchor-Fan Relationship on the Effectiveness of Live-Streaming Sales
		WANG Xuefang，FU Guoqun
		This study categorized the anchors’ sales styles into two types: high-pressure sales and mild sales, divided the parasocial relationships between anchors and fans into two types: communal relationship and exchange relationship, and then explored how the match between the sales style and the parasocial relationship affects customer satisfaction and the effectiveness of live-streaming sales. Through the case analysis of six top live rooms from celebrities, internet celebrities, and institutional platforms, each with two representatives, combined with consumer surveys and secondary data analysis, the study found that high-pressure sales indeed lead to a greater perception of sales pressure among the audience (fans) compared to mild sales, thereby reducing customer satisfaction. However, the level of the perceived sales pressure does not consistently predict the live-streaming sales outcomes. Overall, the high-pressure sales are more suitable for the exchange relationship between anchors and fans, while the mild sales are more suitable for the communal relationship.
		2025 Vol. 22 (10): 1901- [Abstract] ( 50 ) [HTML 1KB] [ PDF 1381KB] ( 136 )

	1909	Study on Collaborative Innovation Mechanism of New Energy Battery Enterprise Based on Tripartite Evolutionary Game
		LI Jingyuan，CHENG Jinhua，HU Peiqi
		Establishing a collaborative innovation system among the new energy battery enterprises is an important way to accelerate the development of strategic emerging industries. This study constructs a tripartite evolutionary game model involving the government, cobalt mining enterprise, and new energy battery enterprise; and then analyzes the behavior choices and equilibrium states of the three parties in the collaborative innovation process. The results show that there are two evolutionary equilibrium points in the collaborative innovation system among the government, cobalt mining enterprise, and new energy enterprise. The higher the initial willingness of the game subject, the faster the system evolves toward a stable state. The benefits brought by collaborative innovation can effectively improve the willingness of enterprises to participate in collaborative innovation. However, the sensitivity of enterprises’ strategy selection to market environment factors—such as technological innovation benefits, the proportion of cobalt raw materials from battery recycling, and battery recycling volume—varies. When the cost for enterprises to build a collaborative innovation information platform is controllable, enterprises’ collaborative innovation exerts a positive impact on the collaborative innovation system.
		2025 Vol. 22 (10): 1909- [Abstract] ( 43 ) [HTML 1KB] [ PDF 4164KB] ( 155 )

	1920	Introduction and Pricing Strategies of Community E-Commerce under Quality-Differentiated Competition from the Perspective of Offline Store
		DAI Bin，WANG Xuan，XU Sijie，CHEN Jinzhi
		To study the introduction and pricing strategies of community e-commerce under quality-differentiated competition from the perspective of an offline store, this article constructs a supply chain consisting of an offline store, a community e-commerce platform, and two types of customers: offline-only customers and omnichannel customers. The findings are as follows: when the platform’s product quality or the store’s product cost is relatively high, the store will adopt a niche market strategy, selling products to offline-only customers at a high price and acting as an agent for the self-pickup business of the platform. When the commission rate is high, the store will choose to introduce community e-commerce, and it will not increase the store’s pricing. The increase in the store’s product cost and the quality-differentiated competition will promote the store to introduce community e-commerce. When the store’s product cost is low, the quality-differentiated competition will first decrease and then increase the store’s profit, and the introduction of community e-commerce will benefit both the store and the platform simultaneously under intense quality-differentiated competition.
		2025 Vol. 22 (10): 1920- [Abstract] ( 47 ) [HTML 1KB] [ PDF 2195KB] ( 167 )

	1929	Platform’s Openness Strategy and Firm’s Channel Choice When Platform Takes a Stake in the Eco-Chain Firm
		WANG Biao，LUO Chunlin，YU Dongdong，CHEN Qian
		Based on the background of e-commerce platform holds a certain equity stake in the eco-chain firm, a supply chain game model composed of an e-commerce platform and eco-chain firm is constructed to study the platform’s openness and the sales channel choices of the eco-chain firm under a shared ownership model, analyzing the impact of factors such as the initial market size of the eco-chain firm’s brand products, post-entry market size, and platform equity stake on platform openness and eco-chain firm’s sales channel choices. The findings reveal that irrespective of direct sales or agency mode, the profits of platform and eco-chain firm fluctuate, initially decreasing and then increasing with the initial market size of the eco-chain firm’s brand products. Moreover, the increased platform shareholding ratio imposes more stringent requirements on the eco-chain firm to join the platform while also potentially expanding the possibility of opening the platform to eco-chain firm with smaller initial market sizes. A win-win situation arises when platform demonstrates a willingness to open up, and eco-chain firm is motivated to station within this shared territory.
		2025 Vol. 22 (10): 1929- [Abstract] ( 42 ) [HTML 1KB] [ PDF 1759KB] ( 165 )

	1938	Research on the Impact of Irrelevant Answers in Performance Briefings on the Misvaluation in the Capital Market
		YU Zijun，WANG Man，LI Yanxi
		Taking the interaction between investors and the management of enterprises during performance briefings as the entry point, this study selects the data of A-share listed companies from 2007 to 2022 as the sample to examine the effect of managerial “irrelevant answers” on the misvaluation in the capital market. The research results show that the higher the degree of managerial “irrelevant answers”, the more serious misvaluation in the capital market. Mechanism tests indicate that managerial “irrelevant answers” mainly cause misvaluation in the capital market by intensifying stock price synchronization and stock price delay in terms of stock pricing efficiency, and by widening analyst forecast error and analyst forecast divergence in terms of analyst forecast quality. Heterogeneity analysis finds that the enhancement of information environment and the enrichment of information responses contribute to mitigating the impact of managerial “irrelevant answers” on the misvaluation in the capital market.
		2025 Vol. 22 (10): 1938- [Abstract] ( 49 ) [HTML 1KB] [ PDF 1400KB] ( 154 )

	1949	Study on the Impact of the Pilot Reform of Financial and Accounting Supervision System on the Risk of Stock Price Crash
		ZHONG Juan，MA Yunfei，WEI Yanjie
		This study takes the financial and accounting supervision reform pilot project of implementing the new mode of normal supervision as a quasi-natural experiment, takes the A-share listed enterprises from 2013 to 2022 as samples, and tests the impact and mechanism of the pilot policy on the risk of enterprise stock price crash. The results show that the pilot policy can reduce the risk of stock price crash. Mechanism test shows that enhancing the operating stability of enterprises, improving the level of internal governance, and alleviating the information asymmetry between enterprises and the market are the key points for the pilot policy to curb the risk of stock price crash. Heterogeneity analysis reveals that the inhibitory effect is more pronounced in firms with lower economic status, higher financial distress, lower investment efficiency, and in non-state-owned enterprises. Besides, an extended study shows that the pilot policy can further reduce the financing costs and reduce the overall volatility of the market by suppressing corporate crash risk.
		2025 Vol. 22 (10): 1949- [Abstract] ( 50 ) [HTML 1KB] [ PDF 1397KB] ( 144 )

	1959	Digital Human Resource Management: An Integrated Framework from a Multi-Stakeholder Perspective
		SUN Qian，TANG Guiyao，JIA Junyun，HU Wenan
		This study conducts a systematic review of digital human resource management (DHRM) grounded in the multi-stakeholder perspective, encompassing its conceptualization, theoretical foundations, research perspectives, antecedents, and outcomes. Firstly, this study reviews the evolution and concepts of DHRM, identifying three dominant paradigms: efficiency-oriented, service-oriented, and strategic-oriented. Secondly, it combs the theoretical foundations of DHRM. Thirdly, based on stakeholder hierarchies and behaviors, it constructs four types of research perspectives of DHRM research, namely technological impact, behavioral adaptation, holistic influence, and co-evolution. Furthermore, it categorizes six stakeholder groups into three major types， namely determinant stakeholders (e.g., decision-makers), expectant stakeholders (e.g., users, developers, regulators), and latent stakeholders (e.g., external labor markets, socio-environmental contexts)，and dissects their interactive influences on DHRM implementation. Finally, the study proposes future research directions to offer novel theoretical insights and practical guidance for organizational DHRM practices.
		2025 Vol. 22 (10): 1959- [Abstract] ( 47 ) [HTML 1KB] [ PDF 1448KB] ( 457 )

	1970	Research on Business Environment in China: Hotspots Evolution，Integrative Framework，and Future Directions
		CHI Maomao，XIE Xinyi，DU Yunzhou，MA Haiyan
		The study integrates bibliometric and systematic literature analysis to explore the knowledge foundation, hot topics, and evolutionary trajectory of the business environment in China, and also constructs a knowledge integration framework. Based on 1046 CSSCI and 186 SCI/SSCI journal articles, the main findings are as follows. The core theories encompass transaction cost theory, ecological systems theory, institutional theory, and institutional logic theory. Research hotspots focus on five major themes: the contextual characteristics and effects of China’s business environment, optimization strategies, micro-level impacts, macro-level impacts, and evaluation approaches of the business environment. The evolutionary trajectory has proceeded through three stages: initial exploration, rapid growth, and deepening expansion. In addition, an integrative framework structured as contexts-theories-antecedents-contents-evaluations-consequences (CTACEC) is proposed, along with potential directions for future research.
		2025 Vol. 22 (10): 1970- [Abstract] ( 42 ) [HTML 1KB] [ PDF 4224KB] ( 334 )

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