This paper adopts an embedded case study design, taking Kingfa Technology Incubator as the research object. From the boundary-spanning perspective, it analyzes the process through which specialized incubator lead two types of entrepreneurial ecosystems including “specialized” and “sophisticated” to achieve cross-boundary value co-creation, and accordingly constructs an integrated process model. The specific research conclusions are as follows:①for the specialized SMEs’ entrepreneurial ecosystem, professional incubators identify market segmentation barriers, implement horizontal spanning of market domain boundaries, and realize scale-expansion-oriented cross-boundary value co-creation;②for the sophisticated SMEs’ entrepreneurial ecosystem, professional incubators identify technological discontinuity barriers, implement vertical spanning of technology domain boundaries, and achieve technology-breakthrough-oriented cross-boundary value co-creation;③for the SMEs’ entrepreneurial ecosystem with the collaborative evolution of specialized and sophisticated attributes, professional incubators identify ecosystem misalignment barriers, implement cross-spanning of ecological domain boundaries, and accomplish ecological integration-oriented cross-boundary value co-creation.

Based on a sample of high-tech listed firms in China from 2014 to 2022, this study analyzes the spillover effects of the U.S. Entity List sanctions on the technology originality of non-sanctioned firms within the industry. The research finds that the Entity List sanctions increase the technological risks faced by non-sanctioned firms, prompting them to enhance their technology originality. The novelty, disruption, and criticality of the Entity List sanctions strengthen their direct impact on the technology originality. Specifically, the earlier the Entity List sanction event occurred and the higher the technological dependence of non-sanctioned firms on the sanctioned firms and the U.S., the stronger the positive impact of the sanctions on the technology originality. Further analysis reveals that the higher the firm’s R&D intensity and the greater the number of subsidiaries in NATO region, the stronger the positive impact of the sanctions on technology originality.

This study explores the impact of data factor allocation on firms’ new quality productivity from the perspective of the composition-based view. Using a sample of China’s A-share listed firms from 2011 to 2022, the research employs the establishment of National Big Data Comprehensive Pilot Zones as a quasi-natural experiment scenario. The results show that the data factor allocation significantly enhances firms’ new quality productivity. Mechanism research reveals that the level of data capitalization plays a significant mediating role between data factor allocation and firms’ new quality productivity. The moderating effect test shows that the composition capabilities positively moderate the relationship between data factor allocation and firms’ new quality productivity, and positively moderates the mediating effect of data capitalization level. Heterogeneity analysis shows that data factor allocation has a more significant enhancing effect on the new quality productivity of state-owned firms and high-tech firms.

This paper evaluates the innovation effects and heterogeneity of the“Made in China 2025”policy using data from Chinese A-share listed manufacturing firms from 2009~2022 and using propensity score matching, difference-in-differences, and triple-differences methods. Our findings indicate that the policy significantly enhanced firm’s innovation input, output, and quality. Critically, it exhibits a “pro-weakness and quality-enhancing” characteristic by providing stronger marginal incentives to technology followers. We identify resource support and R&D efficiency as key transmission mechanisms. We further uncover significant boundary conditions for the policy’s effectiveness: at the firm level, its effect varies with firm size and absorptive capacity; at the industry level, it is most potent in technology-intensive sectors but may crowd out followers in capital-intensive ones; and at the regional level, it is amplified by a favorable innovation environment. These results hold after robustness checks. Despite its initial success in narrowing the technology gap, the policy’s long-term impact is challenged by a potential rebound in innovation quality divergence.

Using a sample of non-financial state-owned enterprises(SOEs)listed in China’s A-share market from 2013 to 2023,this study employs a staggered difference-in-differences model to examine the impact of the transfer of state-owned capital on executive pay-performance sensitivity in SOEs. The findings show that the transfer of state-owned capital significantly increases executive pay-performance sensitivity in SOEs by alleviating agency conflicts，thereby constraining managerial opportunistic behavior and by improving accounting information quality，thereby facilitating more effective compensation contracts. This effect is more pronounced in competitive SOEs, in firms where management does not hold equity stakes, and in SOEs located in regions with lower levels of marketization. Moreover, the governance effects of the three state-owned equity management models that emerge after the transfer, namely the social security fund model, the finance department model, and the state-owned assets supervision authority model, decrease successively in enhancing executive pay-performance sensitivity in SOEs. Notably, the transfer of state-owned capital exhibits a compensation-performance reference-point effect. When executive compensation and operating performance fall below their respective reference points, its strengthening effect on executive pay-performance sensitivity in SOEs becomes more pronounced. In addition, the transfer of state-owned capital curbs excessive perquisite consumption by executives in SOEs and increases dividend payouts in SOEs.

Based on the data of A-share listed advanced manufacturing companies in Shanghai and Shenzhen from 2014 to 2023, this study explores the impact effects and mechanism of the establishment of national manufacturing innovation centers on the breakthrough of key core technologies. The research findings are as follows: the implementation of national manufacturing innovation centers has significantly promoted the key core technological innovation of advanced manufacturing enterprises. This conclusion remains valid under various robustness tests. The mediating effect indicates that the efficiency of innovation factor allocation, innovation chain collaboration, and computing infrastructure construction serve as important mediating role in the process where national manufacturing innovation centers influence the breakthrough of key core technologies of advanced manufacturing enterprises. Heterogeneity analysis reveals that the policy effect shows significant differentiation in terms of enterprise type and urban level. The manufacturing innovation centers exhibit stronger innovation impact effects in non-state-owned enterprises, enterprises with higher innovation emphasis, and first-tier and new first-tier cities.

Based on the perspective of person-supervisor fit, this study examines how leader-follower optimism fit affects proactive customer service performance among frontline service employees through cognition-based trust and affective commitment, as well as the moderating role of leader-follower age fit in this relationship. By analyzing three-wave matched survey data from 213 dyads of leaders and followers, the results of polynomial regression and response surface analysis show that leader-follower optimism fit promotes proactive customer service performance among frontline service employees. In case of optimism fit, proactive customer service performance is higher when the leader and follower are both highly optimistic than when they are both low in optimism. Cognition-based trust and affective commitment play a mediating role between leader-follower optimism fit and proactive customer service performance. Besides, age fit moderates these relationships. Compared with cases in which the leader is younger than or the same age as the follower, when the leader is older, the mediating role of cognition-based trust is stronger; compared with cases involving a large age gap between the leader and the follower, the mediating role of affective commitment is stronger.

Drawing on regulatory focus theory, this study examines the mechanisms and boundary conditions linking STARA awareness to employees’affiliative and challenging organizational citizenship behaviors. Using data from a two-wave survey of 442 employees and a scenario-based experiment of 439 employees, the results show that STARA awareness activates both employees’ prevention and promotion foci. Prevention focus mediates the positive relationship between STARA awareness and affiliative organizational citizenship behavior, whereas promotion focus mediates the positive relationship between STARA awareness and challenging organizational citizenship behavior. Moreover, need for cognition positively moderates the effects of STARA awareness on both prevention and promotion foci, thereby further moderating the two indirect effects.

Using in-depth interviews, grounded theory, exploratory and confirmatory factor analyses, and structural equation modeling, this study examines the structure, scale, and mechanism of team resilience in overseas engineering projects. Interview data from 47 practitioners were used to generate items; 472 questionnaires were used to test the scale; and 358 questionnaires were used to examine the mechanism. The results show that team resilience consists of persistent and adaptive team resilience. Persistent team resilience includes long-term and short-term goal persistence; adaptive team resilience includes external behavioral adaptation and internal strategic adaptation. The 22-item scale has good reliability and validity. Both dimensions positively affect project success: the former mainly through prevention-focused team job crafting and the latter mainly through promotion-focused team job crafting.

Using a quasi-natural experiment on local open government data, this study applies a multi-period DID model to assess how partner cities’open government data affect firms’cross-regional cooperative innovation and its mechanisms. The findings suggest that partner cities’ open government data significantly promotes firms’cross-regional cooperative innovation. Mechanism analysis indicates that this occurs by reducing search and matching costs, thereby facilitating cross-regional cooperative innovation. Heterogeneity analysis reveals that higher data quality and better platform construction in partner cities lead to greater levels of cross-regional cooperative innovation. Additionally, the positive effect is more pronounced for private firms, non-high-tech firms, and eastern-region firms. Further analyses show that open government data improves both the quantity and quality of cross-regional cooperative innovation, and prompts firms to substitute intra-regional with cross-regional cooperation.

Based on the categorization-elaboration model, this study examines the differential impacts, mechanisms, and boundary conditions of how cognitive integration match of entrepreneurial teams affects entrepreneurial performance by introducing resource-capability collaboration and improvisation ability. Using polynomial regression and response surface analysis on data from 497 members of 78 entrepreneurial teams, the results show the following. Firstly, higher degree of cognitive integration matching leads to better entrepreneurial performance. Secondly, “high-high” cognitive integration match improves entrepreneurial performance more than “low-low” match, while “high-low” cognitive integration mismatch more negatively affects entrepreneurial performance than “low-high” mismatch. Thirdly, resource-capability collaboration mediates this relationship. Finally, environmental dynamism moderates the effect of improvisation ability on entrepreneurial performance, and the more dynamic the environment, the stronger this effect.

Using Chinese A-share listed companies from 2011 to 2023 as the sample, this paper examines the effect of customer digital technology innovation on supplier firms’human capital upgrading from a supply chain perspective. The results show that digital technology innovation has a contagion effect across supply chains, and customer digital technology innovation promotes supplier human capital upgrading. Further analysis reveals that enhancing the innovation of supplier enterprises and improving supplier debt financing are the key mechanisms through which customer digital technology innovation facilitates supplier human capital upgrading. Heterogeneity tests indicate that the positive effect of customer digital technology innovation on supplier human capital upgrading is more pronounced when the customer’s importance to the supplier increases (e.g., high supplier dependence on the customer, intensified industry competition), the supplier operates in a high-tech industry, or is located in eastern China. Additionally, there is a substitution effect between common institutional investors in the supply chain and customer digital technology innovation in promoting supplier human capital upgrading.

Regarding the issue of online retailers’live streaming mode selection considering online reviews, by constructing Stackelberg game models under the no-live streaming mode, the merchant live streaming mode and the influencer live streaming mode, this study analyzes the introduction decisions of live streaming channels and the live streaming mode selection strategies of online retailers. The results show that, as online review information tends to be negative, online retailers are more inclined to introduce live streaming channels. If the live streaming channel is introduced, the selection of the live streaming mode is jointly influenced by online review information and the streamer’s commission rate. If the online review information is less negative or positive, the merchant live streaming mode (the influencer lives streaming mode) should be chosen when the streamers’ commission rate is low(high). If the online review information is highly negative, the influencer live streaming mode should be chosen. As online review information tends to be positive, retailers are more likely to choose the merchant live streaming mode when introducing the live streaming channel.

Based on the narrative transmission theory，four behavioral experiments were conducted to reveal the influence mechanism and boundary conditions of inspirational brand stories on the consumer perception of brand status. The results show that：①Inspirational brand stories reduce the consumer perception of brand status；②Reference group association mediates the negative effect of inspirational brand stories on brand status perception；③Brand type moderates the relationship between inspirational brand stories and brand status perception, as well as the mediating effect of reference group association. When the brand type is hedonic (compared to functional brands)，the negative effect of inspirational brand stories on brand status perception and the mediating effect of reference group association are more significant； ④Brand philanthropic behavior can attenuate or offset the negative effect of inspirational brand stories on the consumer perception of brand status.

This study analyzes the impact of audit firms’digital intelligence development on the information content of key audit matters. Taking Chinese A-share listed companies from 2016 to 2022 as the research sample, and using data on digital intelligence investments by audit firms, this study finds that digital intelligence development of audit firms significantly increases the information content of key audit matters, and this impact is mainly realized through improving audit efficiency and auditor competence. This effect is more pronounced when the client firms have a higher degree of digital transformation, is in the environment of stronger external governance, or has lower economic importance to the audit firm, and it can play a positive role in fraud-prone and high-incidence areas, such as revenue recognition, inventory, asset impairment, and goodwill. The enhanced information content of key audit matters resulting from audit firms’ digitalization and intelligence construction contributes to reducing client firms’ stock price synchronicity and bolstering audit firms’ regional competitiveness.

Using panel data of Chinese multinational enterprises in the mobile communications industry from 2013 to 2022, this study examines the cross-cycle effects of knowledge network scale and efficiency on organizational resilience amid industrial technological change, and tests the moderating role of international experience. The results show that knowledge network scale significantly enhances organizational resilience, although this effect weakens in transition periods relative to stable periods. Knowledge network efficiency also significantly enhances organizational resilience, and this effect remains stable across technology cycles. International experience significantly strengthens the positive effect of knowledge network scale on organizational resilience, but does not significantly moderate the relationship between knowledge network efficiency and organizational resilience.

Based on the data of science-based SMEs listed on China’s National Equities Exchange and Quotations over the period 2011-2023, this study utilizes the exogenous shock of local governments’public data opening to test its impact on corporate financing constraints and the underlying mechanism. It is found that government data opening significantly alleviates the financing constraints of science-based SMEs by reducing information asymmetry and strengthening the monitoring effect, and this alleviation is more significant when the overall quality of government data opening is higher, the data quality is better, the platform function is stronger, and the regulations and policies are better. Heterogeneity analysis shows that the alleviation effect of government data opening on financing constraints is more significant for non-state-owned enterprises, firms with lower collateral abundance, and enterprises located in regions with weaker intellectual property protection. Moreover, government data opening can improve firms’ credit accessibility, extend their financing maturity, and enhance their innovation capabilities.

Based on the sample of China’s Shanghai and Shenzhen A-share non-financial listed companies from 2015 to 2022, this study examines the regulatory spillover effect of annual report inquiry letters on the shadow banking activities of companies connected through common institutional ownership. The research finds that after a listed company receives an annual report inquiry letter, the degree of shadow banking activities among its non-recipient peer companies with common institutional ownership significantly reduces. Mechanism analysis indicates that annual report inquiry letters curb shadow banking by enhancing the monitoring efficiency of connected companies, promoting investment in the real economy. Heterogeneity analysis reveals that this effect is more pronounced when the common institutional investors are long-term oriented, have a larger peer network, the competition among common institutional investors is intense, the company accounts for a significant portfolio weight, or key companies within the portfolio receive inquiry letters. Furthermore, the regulatory spillover effect is stronger on the shadow banking activities related to credit intermediation.

Based on the publicly disclosed information of the top five customers and suppliers of A-share listed companies from 2007 to 2022, this study systematically examines the impact of downstream customers’shadow banking activities on the audit fees of upstream suppliers from the perspective of supply chain risk spillover. The findings reveal that the shadow banking activities of downstream customers lead to an increase in the audit fees of upstream suppliers. Mechanism analysis indicates that such activities exacerbate the operational and informational risks faced by upstream firms, thereby prompting auditors to charge higher risk premiums and in turn raising audit fees. Heterogeneity analysis further demonstrates that the risk transmission effect of downstream customers’ shadow banking activities is more pronounced when the upstream suppliers are state-owned enterprises, exhibit weaker internal governance, operate in regions with weaker legal environments, or employ auditors with a higher level of industry expertise.