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  • LI Xiang, XIAO Jing, LAN Hailin, ZENG Ping
    Chinese Journal of Management. 2026, 23(2): 283.
    Abstract (2171) PDF (51)   Knowledge map   Save
    Based on regulatory focus theory and the behavioral theory of the firm, we empirically examine the impact of top management teams’ environmental regulatory focus on corporate green innovation preferences and its boundary conditions using data from Chinese A-share listed companies from 2012 to 2022. Results show that environmental promotion focus boosts firms’ preference for substantive green innovation, while environmental prevention focus inhibits it. Additionally, positive environmental performance feedback weakens the effect of promotion focus and mitigates the negative impact of prevention focus. Negative feedback, on the other hand, strengthens the positive influence of promotion focus and exacerbates the negative effect of prevention focus. Further analysis reveals that positive feedback has a stronger moderating role in non-heavy-polluting industries, while negative feedback is more influential in heavy-polluting industries.
  • CUI Miao, LI Xin, ZHANG Xinyu, ZHU Fangwei
    Chinese Journal of Management. 2026, 23(2): 199.
    Abstract (233) PDF (225)   Knowledge map   Save
    This paper takes Wafangdian Bearing Group as a case study and adopts a single-case study method to explore how the long-established state-owned enterprises release the potential of digital transformation by digital unlocking. It is found that digital unlocking is the key to the successful digital transformation and “curve overtaking” of the long-established state-owned enterprises lacking resources and capability base. The digital unlocking of long-established state-owned enterprises includes three dimensions, namely, calibrating digital strategy direction, releasing organizational flexibility and activating employees’ motivation. Calibration measures include formulating a digital transformation strategy and aligning with business strategy; release measures include breaking the traditional organizational structure, reconstructing management system and standardizing business processes; activation measures include breaking IT and business barriers, reconstructing employee knowledge system and internalizing employee digital thinking.
  • LI Huiquan,LIN Qingning
    Chinese Journal of Management.
    Abstract (225) PDF (957)   Knowledge map   Save
    Based on corporate behavior and prospect theories, this study conducts an empirical examination of the impact of performance below aspiration level on the digital transformation of Chinese listed companies from 2010 to 2021. The research finds an inverted U-shaped relationship between performance below aspiration level and enterprise digital transformation. Mechanism testing shows that performance below aspiration level affects enterprise digital transformation by influencing the technological innovation and internal control capabilities. Resource redundancy weakens the digital transformation effect under performance below aspiration level, while managers’ macroeconomic cognition strengthens it. Heterogeneity analysis shows that the threshold effect in high-tech and state-owned enterprises is relatively lagged, and their digital transformation response is greater when performance is below the aspiration level.
  • REN Zhiguang, YE Zhuxin
    Chinese Journal of Management.
    Accepted: 2025-12-31
    Abstract (218) PDF (196)   Knowledge map   Save
    Based on the application and funding data for the Business Administration discipline from the National Natural Science Foundation of China (NSFC) during 14th Five-Year Plan period for the years 2021~2025, which includes the General Program; the Young Scientists Fund (Categories A, B, and C); the Fund for Less Developed Regions; the Key Program; and the Major Program, this paper uses bibliometrics and text mining methods to examine development trajectories, applicant profiles, institutional and regional distributions, and thematic foci. The results show: The discipline demonstrates a stable growth trend overall, with a notable increase in the application of the Young Scientists Fund (Category C), indicating a continuous improvement in research activity; Major Programs are aligned with national strategic needs and focus on enterprise entities, focusing on research areas such as industrial chain resilience and digital transformation; The Business Administration discipline has actively embraced a problem-oriented approach and methodological standards, leading to significant progress in paradigm transformation and methodological innovation.
  • YANG Kaijun, HE Tiantian, ZHANG Yang, XU Xixiong
    Chinese Journal of Management. 2026, 23(2): 210.
    Abstract (196) PDF (123)   Knowledge map   Save
    Based on the coupled framework of the Eclectic Paradigm (OLI) and dynamic capability theory, this paper takes the internationalization of BYD New Energy Vehicles as an example to explore the evolutionary mechanism of dynamic capabilities of advanced manufacturing enterprises with full industrial chains and their driving role in competitive advantages. The study finds that: ①Dynamic capabilities and OLI advantages co-evolve: resource-driven reconstruction of ownership advantages, institution-driven acquisition of locational legitimacy, and value-driven upgrading of internalization advantages. ②The full industrial chain structure is the core medium for the coordination between dynamic capabilities and OLI, and its hierarchical evolution of “vertical integration-module adaptation-ecological openness” supports enterprises’ transition from technological control to ecological dominance.③Dynamic capabilities evolve in stages through the path of “resource-driven—institution-driven—value-driven”: focusing on core technology integration and market strategy formulation in the resource-driven stage; strengthening compliance breakthroughs and localization practices in the institution-driven stage; and achieving standard output through ecological empowerment in the value-driven stage.
  • JIA Lijun,HE Dahao,XU Rui,DENG Hanyue
    Chinese Journal of Management.
    Abstract (189) PDF (1996)   Knowledge map   Save
    Based on the systems theory perspective of traditional Chinese Five Elements philosophy, this study employs case study method to analyze Pang Dong Lai’s systematic institutional entrepreneurship practice in depth. The findings reveal that Pang Dong Lai, with the Five Elements system as its internal mechanism, constructed a systematic institutional entrepreneurship process from peripheral individual to central field actor through spiral evolution across five stages: Water, Wood, Fire, Earth, and Metal. The research shows that Pang Dong Lai’s systematic institutional entrepreneurship demonstrates three key characteristics: in the process dimension, it achieved a leap from individual norms to field formation; in the mechanism dimension, it formed a double helix structure based on mutual generation and restriction; in the institutional logic dimension, it established an innovation system driven by moral core values.
  • YE Huili,ZHANG Pengcheng,WANG Yunru,ZHAO Xuhong
    Chinese Journal of Management.
    Abstract (189) PDF (1358)   Knowledge map   Save
    Drawing on social information processing theory, this study examines the daily influence of employees’ perceptions of AI creativity on their innovative behavior using the experience sampling method. Data were collected from 103 participants over five consecutive workdays, and a robustness test was conducted using a two-wave, supervisor-subordinate matched survey involving 385 paired responses. The findings reveal that daily perceptions of AI creativity positively predicted employees’ creative self-efficacy, which in turn enhanced their next-day innovative behavior. However, such perceptions also triggered technological anxiety, which in turn attenuated employees’ innovative behavior the next day. Furthermore, AI learning goal orientation moderated these relationships, shaping the effects of daily AI creativity perception on their innovative behavior.
  • YANG Yingyao,GU Yinhua,LI Yanping
    Chinese Journal of Management.
    Abstract (172) PDF (680)   Knowledge map   Save
    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.
  • ZHENG Shanshan,LIU Lulu,WANG Hui
    Chinese Journal of Management.
    Abstract (171) PDF (848)   Knowledge map   Save
    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.
  • ZHOU Shengshi, SU Xin
    Chinese Journal of Management. 2026, 23(2): 242.
    Abstract (165) PDF (97)   Knowledge map   Save
    Based on the technological-economic paradigm theory framework, this study constructs a relational model between artificial intelligence (AI) and the “lock-in effect”in enterprise suppliers, and explores the mechanisms from the perspective of advantages of the information and competition. On this basis, an empirical test is conducted using samples of non-financial A-share listed companies in China from 2007 to 2023. The results show that AI can effectively mitigate the “lock-in effect”of enterprise supplier. After fully considering the issues of endogeneity and robustness, the results remain valid. AI alleviates the supplier “lock-in effect” by enhancing firms’ information and competitive advantages. Further heterogeneity analysis reveals that the relationship between AI and the supplier “lock-in effect” is influenced by national policies and local tax burdens, and is significant only among manufacturing firms.
  • ZHANG Honghui, WANG Zongjun
    Chinese Journal of Management. 2026, 23(2): 378.
    Abstract (165) PDF (37)   Knowledge map   Save
    This paper uses the difference-in-differences method to analyze the impact of the merger of national and local taxes on the non-local investment of enterprises. The study found that the consolidation of national and local taxes can reduce the number of non-local subsidiaries. The mechanism analysis shows that regional tax administration and space for profit transfer are the related mechanisms. Further analysis shows that the merger of national and local taxes can effectively differentiate different types of enterprises, which increases the actual tax burden of non-local investment enterprises in the tax avoidance category, but has no significant impact on the tax burden of real non-local investment enterprises. The impact of the merger of national and local taxes is obviously heterogeneous, and its governance effect is more significant in the strong government intervention, poor legal environment and private enterprises in the regions where the non-local subsidiaries are located.
  • GOU Xunjie,XU Xinru,XU Zeshui
    Chinese Journal of Management.
    Abstract (164) PDF (3235)   Knowledge map   Save
    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.
  • WANG Xuecheng,DUAN Qiushuang,TAO Xiaobo
    Chinese Journal of Management.
    Abstract (162) PDF (2829)   Knowledge map   Save
    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.
  • HU Siyuan,GONG Hong,ZHAO Danxiao
    Chinese Journal of Management.
    Abstract (157) PDF (503)   Knowledge map   Save
    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.
  • ZHU Zhenbing,XIAO Suping,DENG Yuanyuan,ZHANG Fan
    Chinese Journal of Management.
    Abstract (143) PDF (182)   Knowledge map   Save
    Drawing on the cognitive appraisal theory of stress, through the analysis of three-stage questionnaire data from 350 samples, this study examines the mechanisms and boundary conditions through which knowledge distance influences older employees’ knowledge seeking from younger colleagues. The results show that knowledge distance inhibits older employees’ knowledge seeking from younger colleagues through hindrance appraisal, while it facilitates such knowledge seeking through challenge appraisal. Moreover, age-inclusive human resources practices negatively moderate the relationship between knowledge distance and hindrance appraisal, thereby weakening the negative mediating effect of hindrance appraisal. In addition, age-inclusive human resources practices positively moderate the link between knowledge distance and challenge appraisal, thereby strengthening the positive indirect effect via challenge appraisal.
  • BA Wenhao,WANG Junqiu,LIU Chen
    Chinese Journal of Management.
    Abstract (143) PDF (63)   Knowledge map   Save
    Based on deterrence theory and supply chain risk contagion, this study empirically examines the impact of customer environmental administrative penalties on corporate ESG performance using a sample of A-share listed companies in Shanghai and Shenzhen from 2009 to 2022. The findings reveal that customer environmental administrative penalties have a supply chain contagion effect and can significantly enhance a company’s ESG performance. Mechanism analysis shows that customer environmental administrative penalties have improved their ESG performance through three aspects: forcing companies to undergo green transformation and upgrading, improving social responsibility and efficiency, and optimizing supervision and governance. Heterogeneity analysis shows that in the context of high public environmental attention, fierce industry competition, and close supply chain relationships, customer environmental administrative penalties have a more significant promoting effect on corporate ESG performance. Further research has found that fulfilling corporate ESG responsibilities under customer environmental administrative penalties is a substantive behavior rather than a strategic tool.
  • ZHANG Fenglin,JI Qingkai,HU Xiangpei,WANG Xiaohui
    Chinese Journal of Management.
    Abstract (142) PDF (304)   Knowledge map   Save
    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.
  • HUO Honghong, MIN Qingfei
    Chinese Journal of Management. 2026, 23(1): 127.
    Abstract (142) PDF (52)   Knowledge map   Save
    This study focuses on the context of AI-generated content (AIGC) advertising, aiming to investigate how two typical disclosure strategies—technical disclosure and relational disclosure—influence user trust through the mediating roles of informational authenticity and expressive authenticity, while further examining the moderating effects of AI appreciation and advertising appeals. Through multiple scenario-based experiments, a moderated dual-mediation model was developed and validated. The results showed that technical disclosure primarily built trust by enhancing informational authenticity, with this effect being more pronounced among users with high AI appreciation and in the context of informational advertising appeals. In contrast, relational disclosure fostered trust mainly by strengthening expressive authenticity, proving more effective for users with low AI appreciation and in the context of emotional advertising appeals.
  • MA Yanyan,SHAO Zhen,KANG Yixuan,TANG Liqing,WANG Tienan
    Chinese Journal of Management.
    Abstract (140) PDF (414)   Knowledge map   Save
    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.
  • ZHAO Mengjie,REN Guangqian,LI Junchao
    Chinese Journal of Management.
    Abstract (138) PDF (399)   Knowledge map   Save
    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.
  • ZHANG Xiuhui, ZHAO Chenhui
    Chinese Journal of Management. 2026, 23(2): 272.
    Abstract (137) PDF (129)   Knowledge map   Save
    Based on regulatory focus theory, this study examines how organizational AI readiness, an organization practice during the early stage of AI transformation, shapes employee job crafting. Using three-wave survey data from 398 manufacturing employees, the results reveal that learning motivation partially mediates the relationship between organizational AI readiness and promotion-focused job crafting, while impression management motivation fully mediates the relationship between organizational AI readiness and prevention-focused job crafting. Moreover, protean career orientation positively moderates the effects of organizational AI readiness on both learning motivation and impression management motivation. It also positively moderates the mediating effect of learning motivation in the relationship between organizational AI readiness and promotion-focused job crafting, as well as the mediating effect of impression management motivation in the relationship between organizational AI readiness and prevention-focused job crafting.
  • YAO Nengzhi,ZHEN Yue,LI Jian
    Chinese Journal of Management.
    Abstract (136) PDF (378)   Knowledge map   Save
    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.
  • HAO Po,MA Yufan,TAN Le
    Chinese Journal of Management.
    Abstract (135) PDF (82)   Knowledge map   Save
    Based on the case data of 9 platform-based enterprises, this paper adopts the multi-case study method to discuss the characteristics and antecedents for constructing multiteam systems, and the mechanisms through which they affect the system outputs in these enterprises. Conclusions show that: the multiteam systems established by platform enterprises present characteristics such as dynamics, difference, internal interconnectivity, external connectivity, and inter-boundary synergy, and they exhibit different inter-team coordination patterns depending on the variations in those characteristics; the reasons why platform enterprises establish the multiteam systems not only include the distal factors, such as fragmented teamwork, customer’s needs, and business ecosystem contingencies, but also include the proximal factors, such as digital platform, product/market/customer driven and compensation/assessment driven, and transparent culture; the mechanisms by which these multiteam systems contribute to system involve contain the inter-team coordination, identification, and leadership, as well as different inter-team processes.
  • DENG Yuxin,JIANG Xueying,ZHANG Qilu,ZHU Wuxiang
    Chinese Journal of Management.
    Abstract (132) PDF (353)   Knowledge map   Save
    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.
  • YANG Jing,FENG Sixian,CHEN Zhibin
    Chinese Journal of Management.
    Abstract (128) PDF (539)   Knowledge map   Save
    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.
  • GU Cheng,ZHANG Shushan,YUAN Tianrong,ZHANG Peiwen
    Chinese Journal of Management.
    Abstract (128) PDF (115)   Knowledge map   Save
    Using data from 2369 A-share listed manufacturing firms from 2007 to 2022, this study empirically examines the impact and mechanism of the opening of high-speed rail (HSR) on the high-quality development (HQD) of firms. The study finds that the opening of HSR significantly contributed to the HQD of firms. The mechanism test found that the opening of HSR can promote the HQD of firms by reducing supply chain dependence, and mainly by reducing downstream customer dependence. Meanwhile, the behavioral tendency of firms to reduce supply chain dependence is more obvious in the scenario of higher environmental uncertainty. Heterogeneity studies show that for non-state-owned firms, high-tech industries, and firms in regions with poor supply chain policy environments and digital policy environments, the opening of the HSR has a more significant effect on the promotion of HQD of firms. Further research finds that firms’ reduction in supply chain dependence is beneficial in promoting firm performance stability and accelerating the efficiency of financial flows along the supply chain, but it is also accompanied by a loss of product flow efficiency.
  • YIN Kui,CHI Zhikang,DONG Niannian,ZHANG Kaili,XU Qian,CAI Haoran
    Chinese Journal of Management.
    Abstract (128) PDF (97)   Knowledge map   Save
    This study conducts a meta-analysis of 40 independent studies (N=16 143) from 39 articles to examine the relationships between talent management practices and employee work attitudes/performance, as well as the moderating role of industry type. Results indicate that exclusive talent management practices show significant positive correlations with job satisfaction, work engagement, organizational commitment, and extra-role performance, as well as a significant negative correlation with turnover intention, while their correlation with in-role performance is positive but non-significant. Inclusive talent management practices demonstrate significant positive correlations with job satisfaction, work engagement, organizational commitment, in-role performance, and extra-role performance, coupled with a significant negative correlation with turnover intention. Compared with exclusive talent management practices, inclusive practices exhibit stronger correlations with organizational commitment and turnover intention. Furthermore, industry type significantly moderates the relationship between talent management practices and turnover intention, with the correlation being stronger in knowledge-intensive industries than in labor-intensive industries.
  • YUAN Tianrong, ZHANG Peiwen, QIN Libin
    Chinese Journal of Management. 2026, 23(2): 221.
    Abstract (127) PDF (65)   Knowledge map   Save
    Using data from Chinese listed platform enterprises between 2008 and 2023, this study employs a multi-period DID (difference-in-differences) approach to assess the impact of platform enterprise mergers and acquisitions (M&As) on labor income share. The results show that platform enterprise M&As significantly reduce labor income share through three channels: enhancing market power, driving technological progress, and fostering the gig economy. Heterogeneity analysis indicates that the negative impact of platform enterprise M&As on labor income share is more pronounced in firms with high financing constraints, in high-tech industries, and in regions with weaker labor protection. Further analysis reveals that platform enterprise M&As increase the labor income share of high-skilled workers while squeezing the labor income share of low-skilled workers. Additionally, the impact of platform enterprise M&As on labor income share is related to the scale of the merger, with larger merger scales significantly reducing the labor income share of firms.
  • YAN Endian,LU Hong
    Chinese Journal of Management.
    Abstract (125) PDF (2762)   Knowledge map   Save
    Using a sample of Shanghai and Shenzhen A-shares’ ECOs during the period of 2008~2022, this study empirically tests the impacts of an ECO on IPO pricing efficiency. The results show that an ECO significantly reduces pricing efficiency, as reflected in the higher IPO underpricing rate. This is mainly due to the low pricing of the issuance in the primary market. Mechanism tests indicate that the higher underpricing in an ECO is attributed to the management practices such as benefit transfer and performance window dressing. In this case, management is more inclined to set a relatively low issue price to avoid the catastrophic consequences of a failed issuance and a broken IPO, thus ensuring that private interests are “realized”. Heterogeneity analysis demonstrates that the negative impact of an ECO on IPO pricing efficiency is more pronounced when company transparency is low and external supervision is insufficient.
  • DONG Niannian,LIU Quanzhi,SHANG Xinsheng,LIU Juan
    Chinese Journal of Management.
    Abstract (124) PDF (693)   Knowledge map   Save
    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.
  • HE Xiang,ZHU Weiwei
    Chinese Journal of Management.
    Abstract (124) PDF (63)   Knowledge map   Save
    To analyze the optimal decisions of platforms, sellers, and creators under both monetary and traffic incentive modes in content marketing, as well as the mechanisms through which key market factors exert their influence, this study develops profit models for sellers under both incentive strategies. By comparing the decisions and profits, we find that: ① The monetary amount and traffic support provided by sellers are negatively correlated with the creators’ basic traffic, the larger the basic traffic is, the lower the monetary incentive amount and traffic incentive quantity offered by sellers are. ② The creators’ effort is affected by the competition among creators, in specific, the optimal effort level of creators decreases as the number of participating creators increases, suggesting that creators should adjust their efforts based on market competition. ③ Sellers should choose an incentive strategy by considering both the number of creators and their own market scale. When the market scale is large and few creators are recruited, traffic incentives are preferred; As the market scale shrinks or the number of creators grows, monetary incentives become more suitable. This study offers theoretical insights and practical guidance for sellers, creators, and UGC platforms in content marketing.
  • XU Peng,LI Tinggang
    Chinese Journal of Management.
    Abstract (123) PDF (360)   Knowledge map   Save
    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.
  • ZHAO Wenzhuo,ZHANG Xinmin,YANG Daoguang
    Chinese Journal of Management.
    Abstract (123) PDF (304)   Knowledge map   Save
    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.
  • SUI Zihong,BI Xinhua,SUN Weiming
    Chinese Journal of Management.
    Abstract (120) PDF (368)   Knowledge map   Save
    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.
  • XING Saipeng,LIU Zhiqiang,ZHAO Chenhui,CHEN Qinxian
    Chinese Journal of Management.
    Abstract (120) PDF (744)   Knowledge map   Save
    Based on self-determination theory, this study explores the influence mechanism that links perceived leadership empowerment behavior to employee creativity by data collected from 58 supervisors and 396 subordinates. The research results show that perceived leadership empowerment behavior positively affects employee creativity through creative process engagement; Creativity-based external rewards not only positively moderate the direct effect of creative process engagement on employee creativity, but also positively moderate the mediating effect of perceived leadership empowerment behavior on employee creativity through creative process engagement.
  • WANG Caiping, ZHANG Jiahao, HUANG Zhihong
    Chinese Journal of Management. 2026, 23(1): 107.
    Abstract (120) PDF (23)   Knowledge map   Save
    Using data from A-share listed companies in Shanghai and Shenzhen from 2012 to 2023, this study employs text analysis techniques to identify and define AI-related M&A events, focusing on their impacts on corporate innovation activities. The study finds that conducting artificial intelligence M&As is beneficial to corporate innovation activities, and the mechanism is that artificial intelligence M&As improve innovation efficiency and reduce innovation costs. Heterogeneity tests based on firm characteristics reveal that private enterprises and high-growth firms benefit more from AI M&As in promoting innovation. Industry- and region-level tests further indicate that the positive effect of AI M&As is more pronounced in industries with higher competition, in non-high-tech sectors, and in regions with stronger intellectual property protection and richer data resources. Extended analysis suggests that AI M&As primarily drives non-AI innovation, implying that AI technologies serve as an enabler of firms’ core business innovation. Compared with non-AI M&As, AI M&As also generates greater market value for firms.
  • LIU Chang’e,LIU Yunfan,CHEN Yahui,LIN Xingyu,LIU Tingting
    Chinese Journal of Management.
    Abstract (118) PDF (4598)   Knowledge map   Save
    Based on the Job Demands-Resources (JD-R) model, the research explores the double-edged sword effect of algorithmic management on employees’ innovative behavior in traditional enterprises through two pathways: Work engagement and work burnout, as well as the moderating role of organizational identification. Through the analysis of 309 contextual experimental (study 1) and 352 multi-wave and multi-source questionnaire data (study 2). The results show that algorithmic management can both enhance employees’ innovative behavior by increasing work engagement and undermine it by inducing work burnout. Organizational identification positively moderates the relationship between algorithmic management and work engagement while negatively moderating the relationship between algorithmic management and work burnout. Furthermore, organizational identification also moderates the mediating roles of work engagement and work burnout in the relationship between algorithmic management and employees’ innovative behavior.
  • GENG Yunjiang,LIU Yan
    Chinese Journal of Management.
    Abstract (117) PDF (467)   Knowledge map   Save
    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.
  • PENG Yi,HAN Liangliang
    Chinese Journal of Management.
    Abstract (116) PDF (288)   Knowledge map   Save
    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.
  • WEI Wei, ZHANG Pengcheng, MA Yongbin, ZHANG Kun, XU Zheqi
    Chinese Journal of Management. 2026, 23(1): 1.
    Abstract (116) PDF (101)   Knowledge map   Save
    This paper proposes the end-to-end paradigm as a new organizational management paradigm driven by artificial intelligence. It aims to address the challenges posed by current AI technologies to the traditional division-of-labor paradigm and promote a deep restructuring of the subjects, units, and operational mechanisms of organizations. Through theoretical construction, this paper introduces the hybrid agent as a new type of actor in the human-machine integrated model, replacing positions with tasks to enable dynamic adjustments of organizational units, and thereby drives the deep integration of management and business activities. Based on this, six core propositions are put forward. Furthermore, by incorporating the practical case of CooCaa Technology Co., Ltd, this paper elaborates on the implementation path and results of this paradigm in real organizational contexts. The findings demonstrate that the end-to-end paradigm is not a marginal improvement of existing organizational theories, but a systematic reconstruction of the fundamental assumptions and core logic of management science, providing a new theoretical perspective for understanding the evolution of organizational forms in the age of AI.