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Performance shortfalls and financialization of non-financial enterprises in China 中国非金融企业的绩效短缺与金融化
IF 2.2 4区 管理学 Q3 MANAGEMENT Pub Date : 2022-11-28 DOI: 10.1108/cms-11-2021-0472
Shanshan Wang
PurposeBased on the theory of performance feedback, this study aims to explore the theoretical relationship between performance shortfalls and the financialization of non-financial enterprises. It further analyzes the moderating effect of economic policy uncertainty (EPU) and organizational redundant resources.Design/methodology/approachMultiple regression analysis is used on 16,555 initial samples of 2,658 Chinese A-share issuing enterprises from 2007 to 2019 to empirically test the relationship between performance shortfalls and the financialization of non-financial enterprises, and an instrumental variables-generalized moments estimation model is also used to verify the robustness of the results.FindingsThe results reveal that the greater the performance gap below the aspiration level, the higher the degree of enterprise financialization. Moreover, EPU strengthens the relationship between performance shortfalls and financialization, whereas organizational redundant resources weaken the relationship between performance shortfalls and financialization.Practical implicationsDecision-makers should determine the aspirated performance level of enterprises to make investment decisions that are most conducive to the long-term development of enterprises. Each enterprise should establish scientific management evaluation and supervision systems to avoid financial investment behaviors that place too much emphasis on short-term performance.Originality/valueThis study finds that financialization is one of the reactions when performance of enterprises is lower than the aspiration level, thus expanding the functional dimensions of performance feedback and supplementing the research on the influencing factors of enterprise financialization. The results also reveal information about situational factors, helping identify the boundary conditions through which performance below aspirations affects enterprise financialization.
目的基于绩效反馈理论,探讨非金融企业绩效不足与金融化的理论关系。进一步分析了经济政策不确定性和组织冗余资源的调节作用。设计/方法论/方法采用多元回归分析方法对2007年至2019年2658家中国A股发行企业的16555个初始样本进行实证检验,检验了业绩缺口与非金融企业金融化之间的关系,并使用工具变量广义矩估计模型验证了结果的稳健性。研究结果表明,低于期望水平的绩效差距越大,企业金融化程度越高。此外,EPU强化了绩效短缺与金融化之间的关系,而组织冗余资源削弱了绩效短缺和金融化之间关系。实际含义决策者应该确定企业的吸气绩效水平,以做出最有利于企业长期发展的投资决策。各企业应建立科学的管理评价和监督体系,避免过度强调短期业绩的财务投资行为。原创性/价值本研究发现,当企业绩效低于期望水平时,财务化是反应之一,从而拓展了绩效反馈的功能维度,补充了对企业财务化影响因素的研究。研究结果还揭示了有关情境因素的信息,有助于确定低于期望的业绩影响企业金融化的边界条件。
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引用次数: 0
Expanding branding: effects of multiple brand types on organizational attractiveness 拓展品牌:多种品牌类型对组织吸引力的影响
IF 2.2 4区 管理学 Q3 MANAGEMENT Pub Date : 2022-11-28 DOI: 10.1108/cms-07-2022-0246
Lusi Wu, Brian R. Dineen
PurposeThis study aims to examine the relative effects of three organizational brand types (product, employment and corporate social responsibility brands) on organizational attractiveness. The potential differences in the impacts exerted by each brand on organizational attractiveness between the US and Chinese job seekers are also examined.Design/methodology/approachA policy-capturing design was used among both US and Chinese participants to test the hypothesized relationships using multilevel modeling.FindingsResults suggest that each brand type independently contributes to the prediction of attractiveness, with the employment brand a significantly stronger predictor than the other two. Besides, the strength of relationships between brands and organizational attractiveness varies among job seekers from different national contexts.Originality/valueThe findings contribute to the limited understanding of how different types of brands together influence organizational attractiveness among job seekers, and the role national context plays in it.
目的本研究旨在检验三种组织品牌类型(产品、就业和企业社会责任品牌)对组织吸引力的相对影响。研究还考察了每个品牌对美国和中国求职者组织吸引力影响的潜在差异。设计/方法/方法在美国和中国参与者中使用政策捕获设计,使用多层次建模来测试假设的关系。研究结果表明,每种品牌类型对吸引力的预测都有独立的贡献,就业品牌比其他两种品牌具有更强的预测力。此外,来自不同国家背景的求职者在品牌和组织吸引力之间的关系强度各不相同。原创性/价值研究结果有助于对不同类型的品牌如何共同影响求职者的组织吸引力,以及国家背景在其中所起的作用进行有限的理解。
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引用次数: 0
Do CSR awards enhance firms’ market value? Evidence from China 企业社会责任奖能提高企业的市场价值吗?来自中国的证据
IF 2.2 4区 管理学 Q3 MANAGEMENT Pub Date : 2022-11-25 DOI: 10.1108/cms-07-2022-0234
M. Zhang, Ruixi Long, Qingmei Tan, Keke Wei
PurposeThis study aims to examine the impact of corporate social responsibility (CSR) awards on firms’ market value considering these awards as a signal and proxy for the effectiveness of CSR practice.Design/methodology/approachThere are 342 announcements of CSR awards in China from 2006 to 2017 screened and analyzed using the event study methodology.FindingsThe stock market reacts significantly negatively to CSR award announcements in the short term. Firms that are state-owned, belong to the manufacturing industry, outside east China, repeatedly win awards and are listed in the Chinese H-share market, experience a stronger stock market reaction. Interestingly, the long-term stock returns of award winners are significantly positive for multiyear holding periods.Practical implicationsThe findings offer stakeholders clear guidelines on how to manage communications in the market to extract enhanced financial performance from CSR award announcements.Originality/valueThis study chooses CSR awards as a proxy for the effectiveness of excellent CSR practice. This study also contributes to the CSR literature by analyzing how investors use the award information to make investment decisions.
目的本研究旨在考察企业社会责任奖励对企业市场价值的影响,将这些奖励视为企业社会责任实践有效性的信号和代表。设计/方法论/方法2006年至2017年,中国共有342项企业社会责任奖公告,采用事件研究方法进行筛选和分析。发现短期内,股票市场对CSR获奖公告的反应明显负面。中国东部以外的国有企业,属于制造业,多次获奖并在中国H股市场上市,经历了更强烈的股市反应。有趣的是,获奖者的长期股票回报率在多年持有期内显著为正。实际意义研究结果为利益相关者提供了如何管理市场沟通的明确指导,以从企业社会责任奖公告中获得更好的财务业绩。独创性/价值本研究选择企业社会责任奖作为优秀企业社会责任实践有效性的代表。本研究还通过分析投资者如何利用奖励信息做出投资决策,为企业社会责任文献做出贡献。
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引用次数: 0
Firm age and Chinese firms’ OFDI in developing and developed countries: the moderating roles of industry munificence and state ownership 企业年龄与中国企业在发展中国家和发达国家的对外直接投资:产业慷慨和国有制的调节作用
IF 2.2 4区 管理学 Q3 MANAGEMENT Pub Date : 2022-11-10 DOI: 10.1108/cms-04-2022-0155
Qunyong Xie
PurposeApplying the internationalization process model (IPM) and the strategic fit perspective, this research aims to test the effects of firm age on Chinese firms’ outward foreign direct investment (OFDI) in developing and developed countries.Design/methodology/approachUsing data on some Chinese firms, this study applied the zero-inflated negative binomial model and Heckman two-stage model to do the analyses.FindingsThis research found that firm age has different effects on Chinese firms’ OFDI in developed and developing countries. State ownership and industry munificence independently and jointly can moderate these effects.Originality/valueThis study contributes to the IPM and solves the theoretical conflict about the firm age–OFDI relationship.
目的运用国际化过程模型(IPM)和战略契合视角,考察企业年龄对中国企业在发展中国家和发达国家对外直接投资(OFDI)的影响。设计/方法/方法本研究采用零膨胀负二项模型和Heckman两阶段模型对部分中国企业的数据进行分析。研究发现企业年龄对中国企业在发达国家和发展中国家的对外直接投资有不同的影响。国家所有权和工业慷慨可以单独或共同调节这些影响。原创性/价值本研究为IPM理论做出了贡献,解决了企业与对外直接投资关系的理论冲突。
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引用次数: 1
Flexible human resource management systems and employee innovation performance in China – based on the moderated mediation effect 柔性人力资源管理制度与中国员工创新绩效——基于有调节的中介效应
IF 2.2 4区 管理学 Q3 MANAGEMENT Pub Date : 2022-11-10 DOI: 10.1108/cms-11-2021-0495
Yan Xu, Han Qian, M. Zhang, Feng Tian, Lulu Zhou, Shuming Zhao
PurposeThis paper aims to explore the impact of flexible human resource management system (FHRMS) on employee innovation performance in Chinese context. The boundary conditions of employability and organizational identity are also discussed.Design/methodology/approachThis study is based on 322 questionnaire survey from employees in China. The questionnaires were collected at two time points. This study used the method of multi-level linear model analysis for empirical test.FindingsThis study has three conclusions. First, FHRMS have a significant positive impact on employee innovation performance, with employability playing a mediating role. Second, organizational identity plays a moderating role between employability and employee innovation performance. Third, organizational identity moderates the mediating effect of a human source management systems on employee innovation performance through employability.Originality/valueThe results are helpful to open the “black box” of the influence of FHRMS on employees’ individual innovation performance. This study provides a reference for enterprises to establish flexible human source management system to improve employee innovation performance.
目的探讨中国背景下柔性人力资源管理系统(FHRMS)对员工创新绩效的影响。还讨论了就业能力和组织认同的边界条件。设计/方法/方法本研究基于322份来自中国员工的问卷调查。问卷是在两个时间点收集的。本研究采用多层次线性模型分析的方法进行实证检验。研究结果本研究共有三个结论。首先,FHRMS对员工创新绩效有显著的正向影响,就业能力起中介作用。第二,组织认同在就业能力和员工创新绩效之间起着调节作用。第三,组织认同通过雇佣能力调节人力资源管理系统对员工创新绩效的中介作用。创新性/价值研究结果有助于打开FHRMS对员工个人创新绩效影响的“黑匣子”。本研究为企业建立灵活的人力资源管理体系,提高员工创新绩效提供了参考。
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引用次数: 1
Balancing work and family in the context of the COVID-19 pandemic: the role of work conditions and family-friendly policy 2019冠状病毒病大流行背景下平衡工作和家庭:工作条件和家庭友好政策的作用
IF 2.2 4区 管理学 Q3 MANAGEMENT Pub Date : 2022-10-31 DOI: 10.1108/cms-11-2021-0505
Yangyang Fan, Erbolat Tulepbayev, Hyun Jung Lee, Xiaojun Lyu
PurposeWork from home has become as regular as the traditional commuting system after the outbreak of the COVID-19 pandemic. Previous studies have discussed the influence of working at home on the work–family interface. However, there is limited understanding of how diverse workforces manage their work–family issues with various family-friendly policies. This study aims to bridge this research gap by examining the collective influence of work conditions and family-friendly policies on work–family balance.Design/methodology/approachA survey experiment featuring two working conditions (work from home or commuting) × four family-friendly policies (household subsidy, family-friendly supervisor, financial profit, paid leave vs no policy) was approached based on 703 valid responses in China.FindingsThe results indicate that family-friendly policies are more effective under the work-from-home condition than the commuting condition, household subsidies and financial profits are considered more helpful for work–family balance under the work-from-home condition and employees’ policy preferences depend on personal identity and work conditions, which help them maintain work and family issues concurrently.Originality/valueThis study explores the joint impact of work conditions and family-friendly policies from a situational perspective. This study indicated that professional organizations need to perform delicacy management considering policy preferences. Moreover, changing working arrangements help employees facilitate their work–family balance.
目的新型冠状病毒肺炎疫情发生后,居家办公已经像传统通勤方式一样成为常态。以往的研究已经讨论了在家工作对工作家庭界面的影响。然而,对于不同的劳动力如何通过各种家庭友好政策来管理他们的工作家庭问题,人们的理解有限。本研究旨在通过研究工作条件和家庭友好政策对工作家庭平衡的集体影响来弥合这一研究空白。设计/方法/方法基于703份中国有效回复,采用两种工作条件(在家工作或通勤)×四种家庭友好政策(家庭补贴、家庭友好主管、经济利润、带薪休假与无政策)的调查实验。结果表明:家庭友好型政策在在家工作条件下比通勤条件下更有效;家庭补贴和经济利益被认为更有助于在家工作条件下的工作家庭平衡;员工的政策偏好取决于个人身份和工作条件,有助于他们兼顾工作和家庭问题。独创性/价值本研究从情境角度探讨工作条件和家庭友好政策的共同影响。本研究表明,专业机构需要考虑政策偏好进行精细化管理。此外,改变工作安排有助于员工促进工作与家庭的平衡。
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引用次数: 1
Bibliometric approach to inclusive entrepreneurship: what has been written in scientific academia? 包容性创业的文献计量方法:科学学术界写了什么?
IF 2.2 4区 管理学 Q3 MANAGEMENT Pub Date : 2022-10-31 DOI: 10.1108/cms-01-2022-0028
M. Rodrigues, Rui Silva, Mário Franco, Cidália Oliveira
PurposeThe year 2020 was heavily marked by an unprecedented pandemic affecting society as a whole. However, under-represented groups may have seen their financial and social situation affected differently from other groups. Thus, it was found that in the literature, the term inclusive entrepreneurship, which addresses these issues, was fragmented in view of its similarity and association with social entrepreneurship, inclusive business and sustainability. In this sense, this paper aims to map the scientific knowledge on this topic.Design/methodology/approachTo fulfil this aim, a systematic literature review was supported by bibliometrics (performance analysis and scientific mapping) and by the use of the software Bibliometrix R and VoSviewer.FindingsThe results obtained show that in the Web of Science, there are 121 documents related to this topic whose content analysis revealed that they are distributed between sustainability, entrepreneurship and inclusive entrepreneurship in the close triple association.Practical implicationsThe main contributions of this study are the connection established between the three concepts and the emergence of continuing to develop research on inclusive entrepreneurship, given its binary function: employment generation for disadvantaged groups and inclusive business creation.Originality/valueThe relevance of this bibliometric analysis stands out, providing the positioning of academics on the importance of leveraging emerging research on this topic, not only in poor countries but also in others.
2020年,一场前所未有的流行病严重影响了整个社会。然而,代表性不足的群体可能看到他们的财务和社会状况受到的影响与其他群体不同。因此,我们发现,在文献中,解决这些问题的包容性创业一词,鉴于其与社会创业、包容性商业和可持续性的相似性和联系,是碎片化的。从这个意义上说,本文旨在绘制关于这一主题的科学知识。设计/方法/方法为了实现这一目标,系统的文献综述采用文献计量学(性能分析和科学制图),并使用Bibliometrix R和VoSviewer软件。结果表明,在Web of Science中,与该主题相关的文献有121篇,其内容分析显示,它们分布在可持续性、企业家精神和包容性企业家精神之间,呈密切的三重关联。本研究的主要贡献在于建立了这三个概念之间的联系,并考虑到包容性创业的二元功能:为弱势群体创造就业机会和包容性创业。独创性/价值这一文献计量分析的相关性非常突出,它为学术界提供了定位,说明利用这一主题的新兴研究的重要性,不仅在贫穷国家,而且在其他国家。
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引用次数: 0
Entrepreneurship and innovation efficiency: the moderating role of absorptive capacity 创业与创新效率:吸收能力的调节作用
IF 2.2 4区 管理学 Q3 MANAGEMENT Pub Date : 2022-10-25 DOI: 10.1108/cms-12-2020-0530
Furong Qian, Jin Hong, Nana Yang, Xiaoyong Yuan
PurposeThis study aims to investigate the relationship between entrepreneurship and innovation efficiency (IE), as well as the moderating role of absorptive capacity.Design/methodology/approachThis study uses a sample of industrial enterprises from Chinese provinces from 2005 to 2016, and it tests the research questions using the method of stochastic frontier analysis.FindingsThe results of this study indicate that entrepreneurship promotes IE, and that absorptive capacity plays a positive moderating role. In addition, the effect of entrepreneurship on IE differs between the central and eastern regions and the western region.Originality/valueThis research provides direct policy implications by demonstrating the role of entrepreneurship and absorptive capacity in IE, thereby guiding corporate management practices and the formulation of government innovation and entrepreneurship policies.
目的探讨企业家精神与创新效率之间的关系,以及吸收能力的调节作用。设计/方法/方法本研究以2005 - 2016年中国各省工业企业为样本,采用随机前沿分析方法对研究问题进行检验。研究结果表明企业家精神对企业创新有促进作用,吸收能力对企业创新有正向调节作用。此外,创业对IE的影响在中东部地区和西部地区存在差异。独创性/价值本研究通过展示企业家精神和吸收能力在企业创新中的作用,提供了直接的政策启示,从而指导企业管理实践和政府创新创业政策的制定。
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引用次数: 0
How corporate social responsibility moderates the relationship between distributive unfairness and organizational revenge: a deontic justice perspective 企业社会责任如何调节分配不公平与组织报复之间的关系:道义正义的视角
IF 2.2 4区 管理学 Q3 MANAGEMENT Pub Date : 2022-10-21 DOI: 10.1108/cms-09-2021-0400
Wei-Na Deng, Ming Jia, Zhe Zhang
PurposeThis paper aims to investigate the differential moderating effects of two types (internal/external) of corporate social responsibility (CSR) on the relationship between distributive injustice and organization-directed revenge through the mediating role of negative emotions.Design/methodology/approachThis paper conducts two studies. Study 1 was a vignette study based on a sample of 501 part-time master of business administration students in China aimed at testing the moderating effects of different levels of internal (external) CSR. Study 2 involved a laboratory experiment in which 108 postgraduate students were recruited to scrutinize the contrasting moderating effects of different types of CSR (internal vs external) and test the underlying mechanisms of negative emotions. The latest facial expression analysis technology (FaceReader 5.0 software) was used to detect participants’ emotional state.FindingsStudy 1 demonstrates that internal CSR buffers the relationship between distributive injustice and organizational revenge behavior through negative emotions. However, the moderating effect of external CSR is not significant. Study 2 reveals that compared with external CSR, distributive injustice induces fewer negative emotions in the presence of internal CSR and the mediating role of negative emotions detected by the facial expression analysis software is also verified.Practical implicationsThe authors hope that the findings of this paper can provide theoretical references for enterprise managers to enhance their employee governance, develop more effective intervention policies and formulate corresponding coping mechanisms to prevent and mitigate workplace revenge behaviors.Originality/valueFirst, this paper enriches the literature on the relationship between injustice and organization revenge by introducing CSR as an employee governance tool. Second, this paper reconciles prior inconsistent findings about employee response to CSR in the occurrence of negative events by distinguishing between external and internal CSR and examining the differential moderating effects of two types of CSR. Such distinction is derived from the heterogeneous justice perceptions arising from different CSR actions. In addition, the authors measure participants’ negative emotions through a multi-method approach integrating the latest technology for facial expression analysis and the PANAS scale, which represents a method advancement and provides implications for measuring emotions.
目的通过负面情绪的中介作用,探讨两种类型(内部/外部)的企业社会责任对分配不公正与组织导向报复之间关系的差异调节效应。本文进行了两项研究。研究1是一项基于501名在职中国工商管理硕士学生样本的小短文研究,旨在测试不同水平的内部(外部)企业社会责任的调节作用。研究2采用实验室实验方法,招募108名研究生,考察不同类型的社会责任(内部和外部)对消极情绪的调节作用,并测试消极情绪的潜在机制。采用最新的面部表情分析技术(FaceReader 5.0软件)检测被试的情绪状态。研究1表明,企业社会责任内部通过负面情绪缓冲分配不公与组织报复行为之间的关系。然而,外部企业社会责任的调节作用并不显著。研究2表明,与外部社会责任相比,内部社会责任存在时,分配不公引发的负面情绪较少,面部表情分析软件检测到的负面情绪的中介作用也得到了验证。实践意义希望本文的研究结果能够为企业管理者加强员工治理,制定更有效的干预政策,制定相应的应对机制,预防和缓解职场报复行为提供理论参考。首先,本文通过引入企业社会责任作为一种员工治理工具,丰富了关于不公正与组织报复之间关系的文献。其次,本文通过区分外部社会责任和内部社会责任,并检验两种类型的社会责任的不同调节作用,调和了之前关于员工对负面事件的社会责任反应的不一致的研究结果。这种区别源于不同的企业社会责任行为所产生的不同的正义观念。此外,本研究结合最新的面部表情分析技术和PANAS量表,采用多方法测量被试的负面情绪,这是一种方法上的进步,为情绪测量提供了启示。
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引用次数: 0
The curvilinear relationship between hindrance stressors and bootlegging: the moderate role of state ownership 障碍压力源与私酒走私的曲线关系:国家所有权的适度作用
IF 2.2 4区 管理学 Q3 MANAGEMENT Pub Date : 2022-09-26 DOI: 10.1108/cms-12-2020-0552
Mengsang Chen, Xiaohui Wang, Haibo Wu, Aiqiong You
PurposeThe purpose of this study is to provide insights into bootleg innovation by investigating whether perceived hindrance stressors play an important role in bootlegging and how different organizational ownership types (state-owned enterprises (SOEs) vs non-SOEs) affect this relationship.Design/methodology/approachThe study samples comprised 3,967 employees from 674 knowledge-intensive companies in southern China. Multilevel structural equation modeling was used to test the hypotheses.FindingsDrawing on the conservation of resources (COR) theory, the results show that hindrance stressors have a curvilinear (U-shaped) influence on bootleg innovation, and that the curve relationship between the hindrance stressors and bootlegging is more pronounced among employees in non-SOEs.Practical implicationsThe findings indicate that either a low or high level of hindrance stressors can activate a high level of bootlegging activities among employees. These results suggest that managers need to be vigilant in detecting the level of hindrance because different motivations predominate at different stressor levels.Originality/valueBased on the COR theory, the findings cast perceived hindrance stressors as an antecedent of bootlegging at the individual level. The inquiry into state ownership types further provides a comprehensive understanding of the non-linear relationship between hindrance stressors and bootlegging.
目的本研究的目的是通过调查感知的阻碍压力源是否在盗版中发挥重要作用,以及不同的组织所有权类型(国有企业和非国有企业)如何影响这种关系,为盗版创新提供见解。设计/方法/方法研究样本包括来自中国南方674家知识密集型公司的3967名员工。采用多层次结构方程模型对假设进行检验。研究结果表明,利用资源守恒理论,阻碍性压力源对盗版创新具有曲线型(U型)影响,并且阻碍性压力因素与盗版之间的曲线关系在非国有企业员工中更为明显。实际含义研究结果表明,低水平或高水平的阻碍压力源都会激活员工中高水平的私酒活动。这些结果表明,管理者在检测阻碍程度时需要保持警惕,因为不同的动机在不同的压力源水平下占主导地位。独创性/价值基于COR理论,研究结果将感知到的阻碍压力源视为个人层面私酒的前因。对国有企业类型的调查进一步提供了对阻碍压力源和私酒之间非线性关系的全面理解。
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引用次数: 0
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Chinese Management Studies
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