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.

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.

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.

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.

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.

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.

Based on social information processing theory, this study explores the mediating role of employees’ intention to use artificial intelligence between HRM system strength, work autonomy, and innovative behavior through a two-stage survey of 311 employees from 2 companies. The results show that employees’ intention to use artificial intelligence positively influences their innovative behavior. Both HRM system strength and work autonomy positively affect employees’ intention to use artificial intelligence. Employees’ intention to use artificial intelligence mediates the relationship between HRM system strength, work autonomy, and innovative behavior. In addition, work autonomy not only positively moderates the relationship between HRM system strength and employees’ intention to use artificial intelligence, but also strengthens the mediating effect of employees’ intention to use artificial intelligence in the relationship between HRM system strength and innovative behavior.

Taking HIKVISION as the research object, this study adopts exploratory vertical single-case study method to analyze the mechanism and path of innovation evolution of local manufacturing enterprises from the perspective of organizational resilience upgrade. The findings are as follows: ①The upgrade of organizational resilience is the driving force of innovation evolution, which changes the interaction mode between the organization and the external environment and prompts variations in the contents of innovation at different stages. The upgrade of organizational resilience drives the innovation evolution along the path of “internal innovation-boundary-spanning innovation-ecological innovation”. ②The upgrade of organizational resilience enhances the agility of situational cognition and the flexibility of resource action. Situational cognition realizes an breakthrough of “passive respons-proactive prediction-active guidance”; Resource action achieves an stride of “resource construction-resource integration-resource governance”. ③Based on the upgrade of organizational resilience, windows of opportunity can be endogenized through “identifying-mining-creating”.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

Taking non-financial Shanghai and Shenzhen A-share listed companies from 2009 to 2020 as samples, this study empirically investigates the impact of big data applications on financial market stability, with the risk of stock price crashes as an entry point. The results reveal that big data applications can reduce the risk of stock price crashes, thereby enhancing financial market stability. Moreover, this relationship becomes more pronounced when companies hire executives with an information technology background and are located in big data comprehensive pilot zones. Mechanism studies reveal that big data applications primarily mitigate crash risks through two paths: increasing regulatory intensity and optimizing decision-making efficiency. Besides, this study dynamically analyzes the crash risk suppression effect of big data applications based on the enterprise life cycle. It finds that the suppression effect is most pronounced in the mature stage, followed by the growth stage, and absent in the decline stage.

Based on social cognitive theory and policy process theory, this study investigates the determinants and mechanisms influencing enterprises’ willingness to apply for holistic enterprise-benefiting policies. The first study established the preliminary dimensions of the enterprise-benefiting policy application willingness scale through critical incident methodology. Subsequent exploratory and confirmatory factor analyses yielded four core factors comprising 8 dimensions and 25 measurement items. Building upon this framework, The second study employed hierarchical regression modeling to examine the mechanism through which policy affordance impacts application willingness. The results show that policy affordance positively predicts application willingness, policy awareness mediates the affordance-willingness relationship, policy accessibility and communication efficacy moderate the association between policy affordance and awareness.

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.

Based on the social identity theory, this paper employs a longitudinal survey to explore the effects, mechanisms and boundary conditions of inclusive human resource management influencing the older employees’ work engagement. The results reveal the follow foundlings. Inclusive human resource management has a significant positive impact on the older employees’ work engagement. Perceived age similarity plays a mediating role between inclusive human resource management and the older employees’ work engagement. Aging essentialism belief negatively regulates the direct impact of inclusive human resource management on perceived age similarity of the older employees. At the same time, aging essentialism belief negatively regulates the indirect effect of inclusive human resource management on the older employees’ work engagement through perceived age similarity.

Based on panel data of Chinese A-share listed companies from 2008 to 2020, this study explores the impact of carbon emissions trading system on corporate earnings sustainability by constructing a difference-in-differences model. It is found that the carbon emissions trading system can significantly improve the sustainability of corporate earnings. The mechanism study finds that carbon emissions trading system exerts a signal transmission effect, alleviates financing constraints for enterprises to obtain green investor support, and improves the sustainability of corporate earnings. At the same time, the carbon emissions trading system plays a governance role, increasing corporate earnings sustainability by promoting corporate green innovation and reducing corporate green agency costs. Heterogeneity study finds that in areas with strong public awareness of environmental protection, high-marketization areas, low-carbon emission industries and state-owned enterprises, the carbon emissions trading system exerts a more significant promoting effect on corporate earnings sustainability.

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.

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.

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.

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.

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.

Based on the samples of A-share listed companies in Shanghai and Shenzhen from 2014 to 2022, this study investigates the impact of ESOP on the stability of corporate customers. The results show that companies with ESOP have better customer stability. Mechanism testing reveals that ESOP enhances customer stability mainly through improving labor productivity, reducing operational risks, and transmitting positive signals. Further research finds that the characteristics of grassroots employees’ shareholding, high employee participation, and the number of employees’ subscription with their own funds positively moderate the relationship between ESOP and customer stability. From the perspective of supply chain, as the proportion of customers with government backgrounds and the risk of enterprise technology supply interruption increases, ESOP has a stronger promotion effect on customer stability, while supply chain trust weakens this promotion effect.

Based on social learning theory and trickle-down model, this study analyzes matching data collected from 264 front-line service employees at three time points and explores the trickle-down mechanism of leader’s customer-oriented boundary-spanning behavior (COBSB) on employee’s service innovation. The results show that leader’s COBSB has a trickle-down effect on employee’s service innovation through employee’s COBSB. Environmental uncertainty and boundary-spanning self-efficacy positively moderate the first half of the process, and positively moderate the mediating role of employee’s COBSB between leader’s COBSB and employee’s service innovation. Leader’s COBSB, environmental uncertainty and boundary-spanning self-efficacy have significant three-dimensional interactions on employee’s COBSB. Among them, under the condition of high environmental uncertainty and high employee’s boundary-spanning self-efficacy, employee has the strongest imitation effect on leader’s COBSB.

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.

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.

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.

This study takes “opportunity-resource” interaction as a theoretical perspective and uses an exploratory multi-case study method to investigate the process mechanism of digital platform supporting entrepreneurial activities. It is found that digital platform enterprises provide both digital and traditional resources, and they work together to facilitate the development of opportunities; The “opportunity-resource” interaction includes three key stages: resource-driven opportunity development, resource renewal driven by opportunity development and opportunity iteration in the interaction of “opportunity-resource”; The “opportunity-resource” interaction facilitates value creation and the formation of entrepreneurial ecosystems; Digital platform enterprises support entrepreneurial activities by providing digital opportunities and resources and guiding “opportunity-resource” interaction.

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.

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.

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.

Based on the theories such as industrial association, this study explores the impact of digital transformation of chain-owning enterprises on the productivity of upstream and downstream enterprises from the perspective of industry chain relationships, and conduct empirical tests using data of listed companies and upstream and downstream supply chains. The results find that the digital transformation of chain-owning enterprises significantly increase the total factor productivity of upstream and downstream enterprises, indicating that the digital transformation of chain- owning enterprises has a positive spillover effect. Further research shows that the digital transformation of chain-owning enterprises mainly affects the productivity of upstream and downstream enterprises through the synergistic effect, the innovation effect and the effect of promoting the division of labor. Meanwhile, this productivity enhancement effect is more obvious in manufacturing industries and eastern regions.

From the perspective of Yin-Yang harmony philosophy, this study explores and validates the two-way influence mechanism of time-honored brand heritage and innovation on the attitude toward cross-category extension by recruiting 342 participants. The results show that brand heritage enhances consumers’ authenticity perception, thus sparkling consumers’ brand association, which finally improves their attitude toward the brand’s cross-category extension. Conversely, brand innovation reduces consumers’ authenticity perception, thus hindering brand association, which finally decreasing the attitude of cross-category extension. Brand heritage inhibits consumers’ inspiration arousal and inspiration intention, which finally leads negative attitudes of cross-category extension. Conversely, brand innovation stimulates consumers’ inspiration motivation and inspiration intention, which finally increases the positive attitude of cross-category extension. Authenticity perception and brand association play a fully mediating role in the above mechanism, while inspiration motivation and inspiration intention fully mediate the influence mechanism of inspiration.

Based on the relevant data from Chinese A-share listed companies from 2007 to 2021, this study systematically examines the impact and mechanism of digital transformation on customer relationship stability. Research has found that digital transformation of enterprises can significantly improve customer relationship stability. The mechanism analysis found that alleviating information asymmetry, enhancing product competitive advantage, and reducing business risks are key factors in improving customer relationship stability in enterprise digital transformation. Heterogeneity analysis found that the above effects are more prominent in private enterprises, smaller enterprises, enterprises with higher cross regional distribution of customers, enterprises with higher levels of customer digital transformation, and enterprises with greater customer dependence. Further research shows that in addition to stabilizing customer relationships, enterprise digital transformation can also enhance the stability of supplier relationships and significantly improve the level of collaborative innovation, sales revenue, and production efficiency of enterprise supply chains.