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01 April 2026, Volume 23 Issue 4
    

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  • Niche Transition of Circulation Enterprises in the Digital Economy Era: A Longitudinal CaseStudy of Jiuxian’s Backward Supply Chain Integration
    XIE Lijuan, LI Weihao, WANG Shixun, DENG Yinhuo
    Chinese Journal of Management. 2026, 23(4): 595.
    Abstract ( ) Download PDF ( )   Knowledge map   Save
    This study takes Jiuxian Group, a distribution enterprise in the liquor industry, as the research object and explores the mechanism of niche transition of the distribution enterprise in the era of digital economy. The findings are as follows: The stages of occupation, movement, deepening and expanding the niche transition of circulation enterprises are the result of dynamic matching between the environment and the enterprises. Faced with the complex and changing external environment of the digital economy era, distribution enterprises can adapt by actively engaging in ambidextrous learning and flexibly adopting exploratory and exploitative learning strategies in the sub-units of technology, channels and brands. With channel advantages accumulated through ambidextrous learning, circulation enterprises can implement backward supply chain integration through the evolution of the identity of “supporter—collaborator—leader”. The backward supply chain integration not only helps distribution enterprises to keep up with the era in the spiral of “ambidextrous learning—backward supply chain integration—niche transition” by playing the role of articulation, but also provides a feasible path for distribution enterprises to build ecosystems.
  • Calling-Driven Return Migration and the Transition to Entrepreneurship: A Dynamic Mechanism Analysis of Migrant Workers in Taolinsi Town
    LUO Yuanjing, NIU Yansong, DU Jing, FAN Wei, HUANG Guangda, REN Xizhu
    Chinese Journal of Management. 2026, 23(4): 607.
    Abstract ( ) Download PDF ( )   Knowledge map   Save
    Through in-depth interviews with 12 stakeholders involved in return migration and entrepreneurship in Taolinsi Town, Miluo City, Hunan Province, this study employs a grounded theory methodology to explore the dynamic mechanism of migrant workers transitioning from return migration to entrepreneurship. The findings reveal that: both family calling and hometown calling jointly drive migrant workers' return migration. The entrepreneurial mechanism post-return is characterized by a dynamic Person-Environment Fit achieved through the interplay of entrepreneurial opportunities, discovered both individually and through government guidance, along with driving forces such as family support and prior experience, and resisting forces stemming from industry shifts and identity transformation. The entire transition from return to entrepreneurship is calling-driven, manifesting as a progression from the source of calling to perceiving a calling and subsequently living a calling.
  • Research on the Geographical Boundary Expansion Effect of Enterprise’s Digital and Real Industrial Technology Integration
    TANG Kai, LIU Xiaokang, WANG Haijie
    Chinese Journal of Management. 2026, 23(4): 618.
    Abstract ( ) Download PDF ( )   Knowledge map   Save
    Using a sample of Chinese A-share listed companies from 2008 to 2023, this study investigates the impact of digital-real industry technology integration on the expansion of firms’geographic boundaries. The results show that technological integration between digital and real industries significantly contributes to the expansion of firms’ geographical boundaries. Mechanism analysis reveals that the integration of digital-real industry technology promotes the expansion of firms’ geographic boundaries by mitigating information asymmetry, improving the quality of internal controls, enhancing agility and responsiveness, and improving the efficiency of production and operations. Heterogeneity analyses find that this positive effect is more pronounced among state-owned enterprises, large-scale firms, firms with experience in expansion, non-heavily polluting firms, and firms in the eastern region.
  • The Impact of Chairpersons’ Farming Experience on Corporate Green Innovation
    QI Yangyang, HE Xiaogang
    Chinese Journal of Management. 2026, 23(4): 628.
    Abstract ( ) Download PDF ( )   Knowledge map   Save
    Drawing on imprinting theory and upper echelons theory, this study empirically examines the impact of chairpersons’early-life farming experience on corporate green innovation, using a sample of A-share listed firms in Shanghai and Shenzhen. The results reveal that chairpersons’ farming experience significantly enhances green innovation. Mechanism analysis reveal that farming experience promotes green innovation by elevating environmental attention and enhancing long-term strategic orientation. Heterogeneity tests show stronger effects in firms where chairpersons originated from regions with higher per capita arable land or rice-cultivating traditions, top management teams possess green experience, firms operate in non-polluting industries or are subject to stricter environmental regulation, and firms located in regions with stronger intellectual property protection. Moderation analysis further demonstrates that the degree of regional openness weakens, while market competition intensity strengthens, the positive effect of chairpersons’ farming experience on green innovation. Finally, the analysis of economic consequences confirms that green innovation significantly contributes to firms’ sustainable growth.
  • Research on the Substitutive Effects of Relative Compensation Level on Executive Compensation Stickiness
    ZHANG Zhengtang, SONG Jiayi, LIU Yeshen, WANG Huimei
    Chinese Journal of Management. 2026, 23(4): 641.
    Abstract ( ) Download PDF ( )   Knowledge map   Save
    Based on a sample of Chinese A-share listed firms in the Shanghai and Shenzhen Stock Exchanges, this paper explores the substitutive effects of relative compensation level on executive compensation stickiness and the moderator effects of internal supervision. Results show that executive excess compensation, executive-employee pay gaps, and external pay gaps all have substitutive effects on executive compensation stickiness. When the quality of internal control is high, the substitutive effects described above are stronger. Compared with competitive state-owned enterprises (SOEs) and non-SOEs with a higher degree of marketization, the substitutive effects of executive excess compensation and internal pay gaps on executive compensation stickiness are stronger in non-competitive SOEs.
  • A Study on the Influence of Customer Green Purchasing on Employee Green Behaviors from a Customer-Employee Interaction Perspective
    LI Pengbo, LI Jinzhu, WANG Yao, LYU Yina, DING Yi
    Chinese Journal of Management. 2026, 23(4): 654.
    Abstract ( ) Download PDF ( )   Knowledge map   Save
    This study constructs an integrated model based on Social Learning Theory and Social Information Processing Theory to examine how customer green consumption behavior influences employee green behavior. Using a three-stage questionnaire survey, this study collected paired data from 367 frontline hotel employees and tested theoretical hypotheses through regression analysis and Bootstrap methods. Results indicate: customer green consumption behavior positively influences employee green behavior; environmental moral identity mediates the relationship between customer green consumption behavior and employee green behavior; employee green values positively moderate the impact of customer green consumption behavior on environmental moral identity; pro-environmental organizational climate positively moderates the effect of environmental moral identity on employee green behavior; green values and pro-environmental organizational climate jointly strengthen the indirect effect of customer green consumption behavior influencing employee green behavior through environmental moral identity.
  • The Double-Edged Sword Effects of Electronic Performance Monitoring on Employee Creativity
    ZHANG Ziyi, ZHANG Yajun, WANG Jingjing, ZHANG Junwei
    Chinese Journal of Management. 2026, 23(4): 665.
    Abstract ( ) Download PDF ( )   Knowledge map   Save
    Based on regulatory focus theory and from a self-regulatory perspective of “profit seeking” and “harm avoidance”, this study explores the double-edged sword effects of electronic performance monitoring on employee creativity through the analysis of 332 matched questionnaires at two time points. The results indicate that electronic performance monitoring positively influences employee creativity through promotion work focus, while it negatively affects employee creativity through prevention work focus. Monitoring transparency positively moderates the relationship between electronic performance monitoring and promotion work focus, while negatively moderating the relationship between electronic performance monitoring and prevention work focus. Additionally, monitoring transparency significantly moderates the indirect effects of promotion work focus and prevention work focus on the relationship between electronic performance monitoring and employee creativity.
  • The Impact of Top Management Team Government Working Experiences on Corporate Venture Capital
    QIN Yue, ZHANG Yuli, XUE Liuyang
    Chinese Journal of Management. 2026, 23(4): 675.
    Abstract ( ) Download PDF ( )   Knowledge map   Save
    Based on the data of 286 Chinese private listed firms from 2013 to 2022, this study integrates the upper echelons theory and the imprinting theory to explore the influence mechanism of the government working experiences of the top management team on corporate venture capital investment, and analyzes the moderating effect of three levels of factors from the level of organization, industry and region. This study finds that the government logic imprint formed by the top management team based on the government working experiences has a significant positive impact on the focal firm’s corporate venture capital investment. The professional logic imprint of independent venture capital working experiences and the government logic imprint complement each other, and the double imprint jointly promotes the layout of the corporate venture capital. The strategic emerging industries does not have a significant influence on the main effect and the development level of regional institutions weakens the influence of the top management team government working experiences on corporate venture capital investment.
  • Research on the Mechanism of Digital Economy Driving the Upgrading of China’s Manufacturing Global Value Chains from the Perspective of Iterative Innovation
    ZHANG Lu, LUO Yuchun, HAN Shaoqin, LIU Liyi
    Chinese Journal of Management. 2026, 23(4): 684.
    Abstract ( ) Download PDF ( )   Knowledge map   Save
    Based on the perspective of iterative innovation and using panel data from China’s provinces from 2011 to 2022, this paper explores the driving mechanism of the digital economy on the upgrading of the manufacturing global value chains. The results show that the digital economy not only directly promotes the upgrading, but also indirectly promotes the upgrading via iterative innovation. The core value creation and multiplier effects driven by substantive innovation capability and pure technical efficiency improvements are more pronounced. Further research finds that the positive driving role of the digital economy has threshold effects of iterative innovation. It shows an inverted S-shaped change with increases in synthetical innovation capability and strategic innovation capability, and a marginal utility weakening trend with the improvement of substantive innovation capability, synthetical innovation efficiency, pure technical efficiency, and marginal efficiency.
  • The Impact of Climate Risk on Corporate ESG Performance Volatility from a Dual Performance Goals Paradox Perspective
    YAN Ruosen, JIANG Xiao, DU Yuanyuan
    Chinese Journal of Management. 2026, 23(4): 694.
    Abstract ( ) Download PDF ( )   Knowledge map   Save
    Drawing on the dual performance goals paradox perspective, this study examines the relationship between climate risk and corporate ESG performance volatility using a sample of all A-share listed firms in China from 2014 to 2022. The results show that climate risk significantly increases corporate ESG performance volatility. Mechanism analysis indicates that this effect occurs as climate risk makes it more difficult for firms to maintain stable resource investments in ESG activities and induces managers to engage in strategic information disclosure. Heterogeneity analysis reveals that the impact of climate risk is mitigated when firms have greater access to external financial resources or face closer stakeholder attention. Further research demonstrates that corporate ESG performance volatility harms a firm’s market value and leads to firm long-term capital outflows. Furthermore, enhancing CEO cognitive complexity and improving corporate financial flexibility are both found to buffer the amplifying effect of climate risk on corporate ESG performance volatility.
  • Research on the Impact of ESG Performance on the Internationalization Performance of Enterprises from the Perspective of Host Country Regulation
    GAO Shang, MENG Fanchen
    Chinese Journal of Management. 2026, 23(4): 704.
    Abstract ( ) Download PDF ( )   Knowledge map   Save
    Drawing on institutional theory, this paper innovatively develops national-level ESG regulatory variables and employs a threshold panel model to empirically examine the synergistic mechanism through which corporate ESG performance and host-country institutional environments affect MNEs’ international performance. The findings indicate that the positive impact of ESG performance on internationalization performance exhibits a significant institutional threshold effect. The degree of synergistic alignment between the ESG performance of multinational enterprises in their home countries and the ESG regulatory stringency of the host countries jointly determines whether enterprises can effectively convert ESG performance into competitive advantages, thereby enhancing their internationalization performance. Heterogeneity analysis demonstrate that while most ESG dimensions positively impact international performance, the corporate social responsibility dimension shows insignificant effects on overseas subsidiary performance; non-state-owned enterprises and firms in non-high-pollution industries display a stronger positive relationship between ESG performance and international outcomes ; ESG advantages translate more effectively into performance improvements in countries with a surplus of formal ESG institutions and in host countries of the Belt and Road Initiative.
  • Research on the Impact of Green Supply Chain Management of Core Enterprises on Upstream and Downstream Environmental Performance
    GONG Jia, WU Zhenlei
    Chinese Journal of Management. 2026, 23(4): 714.
    Abstract ( ) Download PDF ( )   Knowledge map   Save
    Taking the A-share listed companies in Shanghai and Shenzhen from 2009 to 2023 as samples, this paper empirically tests the impact of green supply chain management of core enterprises on the environmental performance of chain enterprises. It is found that the green supply chain management of core enterprises can significantly improve the environmental performance of upstream and downstream enterprises. That is, its impact mechanism on the environmental performance of upstream and downstream enterprises has the heterogeneous characteristics of “upward rigidity and downward flexibility”, and it can enhance the environmental performance of upstream enterprises by forcing green innovation and environmental information disclosure, and enhance the environmental performance of downstream enterprises by strengthening innovation cooperation and encouraging environmental protection investment. At the same time, its financial support for upstream enterprises comes from the capital spillover within the supply chain, and its financial support for downstream enterprises comes from the financing appeal in the market. The nature of enterprise property rights, the degree of industry pollution and the degree of industry competition all have heterogeneous effects on the environmental effects of green supply chain management in upstream and downstream enterprises. Further analysis shows that the green supply chain management of core enterprises has significantly improved the economic performance of upstream and downstream enterprises and achieved a win-win situation for economy and environment.
  • The Impact of Risk-Free Oriented Regulation on Creditors’ Pricing Decisions
    LIU Jinyang, CHEN Shilai, YANG Limei
    Chinese Journal of Management. 2026, 23(4): 725.
    Abstract ( ) Download PDF ( )   Knowledge map   Save
    Using the random inspection system implemented by CSRC, this paper examines the impact of risk-free oriented regulation on creditors’pricing decisions. The results show that creditors demand higher risk premiums after listed companies are randomly inspected, supporting the risk disclosing effect. Mechanism analysis finds that random inspections will uncover companies’ illegal and irregular problems, which will lead auditors, exchanges, and the media continuously reveal negative information about the company, and the listed companies themselves also increase the disclosure level of negative information, therefore increase creditors’ risk perception and risk premiums. Cross-sectional analysis finds that the positive effect of random inspection on creditors’ pricing decisions is more pronounced for firms with higher information content in the CSRC’s penalty announcements, lower information transparency, or weaker asset mortgage capacity. Meanwhile, after listed companies are randomly inspected, not only creditors but also suppliers will reduce their credit scale. In addition, creditors do not raise the risk premium after a listed company is subjected to a follow-up random inspection.
  • Peer Effect in Corporate Data Factor Investment Decisions
    YANG Lixiong, ZHAO Boya, LI Qingnan
    Chinese Journal of Management. 2026, 23(4): 734.
    Abstract ( ) Download PDF ( )   Knowledge map   Save
    Based on the perspective of data factor value creation and using a sample of A-share listed firms from 2012 to 2022, this study investigates the existence, formation mechanisms， and heterogeneity of peer effect in corporate data factor investment. The results show that there is a peer effect in corporate data factor investment, and imitations based on learning and competition is a key motive for the formation of the peer effect in corporate data factor investment. The heterogeneity study finds that the strategic orientation of government data factor investment and the value synergy between technology factor and data factor can strengthen the peer effect. Further research finds that this peer effect is more obvious in non-eastern regions and non-SOEs. Extended analysis reveals that the peer effect in corporate data factor investment facilitates focal firms’ core technological innovation, enhances their total factor productivity, and fosters new quality productive forces.
  • Research on the Influence of Institutional Investor Network Centrality on Firms’ ESG Performance
    HU Ridong, WANG Wennanxiang, JIANG Daoping
    Chinese Journal of Management. 2026, 23(4): 745.
    Abstract ( ) Download PDF ( )   Knowledge map   Save
    Grounded in social network theory, this study examines how institutional investors’network centrality shapes firms’ ESG performance using data from China’s A-share listed companies between 2009 and 2022. The empirical results show that a higher level of network centrality among institutional investors significantly improves firms’ ESG performance. Mechanism analysis indicates that this positive effect operates through three main channels: alleviating information asymmetry, amplifying external public pressure, and enhancing managerial risk awareness. Further analysis reveals that even non-shareholding institutional investors can also indirectly foster firms’ ESG improvement through information networks. Furthermore, the positive influence of institutional investors’ network centrality exhibits spillover effects across connected firms within the same network, collectively promoting higher ESG standards.
  • A Study on the Mechanisms of Content Recognition in Q&A Communities from the Perspective of Intrinsic and Extrinsic Characteristics
    SHAN Wei, SHI Renbo, XU Tailai, YANG Gengming
    Chinese Journal of Management. 2026, 23(4): 754.
    Abstract ( ) Download PDF ( )   Knowledge map   Save
    This study using text mining techniques is based on the Zhihu platform’s 2022 Annual Hundred Questions dataset to explore the impact mechanisms of user-generated content recognition in Q&A communities, focusing on the intrinsic and extrinsic characteristics of the answers. The research finds that both the internal characteristics-information quality and source credibility-and the external characteristic-content uniqueness-significantly influence the content recognition. The time interval has a significant negative effect on content recognition. Additionally, the time interval exhibits significant moderating effects on both the internal and external characteristics of the answers. Specifically, it produces negative moderating effects on the relationship between information quality, source credibility, and content recognition, while having positive moderating effects on the relationship between content uniqueness and content recognition.
  • Language Strategy of Digital Content Monetization
    YANG Xueping, CHEN Jinran
    Chinese Journal of Management. 2026, 23(4): 764.
    Abstract ( ) Download PDF ( )   Knowledge map   Save
    Employing a mixed-methods approach, including secondary data analysis and randomized controlled experiments, we explore the impact of linguistic characteristics of question descriptions on content monetization and their underlying mechanisms. The results reveal that: question readability and emotional negativity have positive effects on the answer revenue; there is an inverted U-shaped relationship between question elaborateness and answer revenue; question elaborateness moderates the relationship between readability (and emotional negativity) and answer revenue; and perceived processing fluency, emotional contagion, and information richness mediate the effect of question linguistic characteristics on users’ willingness to pay to view the answer. This research provides valuable insights and recommendations from the perspectives of semantic analysis and user psychology for optimizing digital content production and enhancing the digital content ecosystem.
  • Trade-in Strategy for Dual-Channel Closed-Loop Supply Chain Considering Blockchain Empowerment
    YAO Fengmin, LI Shaoying, HOU Meilin, DANG Jiajun
    Chinese Journal of Management. 2026, 23(4): 772.
    Abstract ( ) Download PDF ( )   Knowledge map   Save
    Blockchains hold significant potential value in the implementation of trade-in policies, before and after adopting blockchain technology, four game models of dual-channel closed-loop supply chain were constructed considering two modes, where the manufacturer entrusts offline retailer to trade-in and directly trade-in through online channels and entrusts both online and offline retailers to trade-in simultaneously. The difference in motivations for manufacturer to adopt blockchains was explored. It shows that regardless of whether the blockchain is used or not, the manufacturer tends to trade-in directly through online channels. Meanwhile, the offline and online retailers tend to prefer the manufacturer to entrust them to trade-in. When consumers’ sensitivity to privacy information leakage is low and their sensitivity to information traceability levels is high, the manufacturer can achieve higher profits by adopting blockchains, and both the offline and online retailers can benefit from “free riding” at the same time.
  • The Charging Strategies Choices of Platform Firms under the Consumers’ Data Utilization and Privacy Protection
    HOU Zemin, ZHOU Ziqi, QI Yong
    Chinese Journal of Management. 2026, 23(4): 783.
    Abstract ( ) Download PDF ( )   Knowledge map   Save
    This paper considers consumers’data with economic value and privacy value in the two-sided market, analyzes the platforms’charging strategies, reveals the underlying mechanism and social welfare impact between data utilization and charging strategy. The results show that platforms always prefer a bilateral charging strategy that charges both consumers and sellers, but the bilateral charging strategy under the “acknowledge and agree” cannot achieve the highest social welfare. The “acknowledge and agree” affects the scale of data of platforms, which yields a higher charge towards sellers, and the social welfare under the unilateral charging strategy and the bilateral charging strategy remains the same. When both the quantity of the high-privacy-concern consumers and the data processing efficiency of platforms are high, the “acknowledge and agree” achieves the best or the second best of social welfare.
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