Economic Management Journal is supervised by Chinese Academy of Social Sciences, and sponsored by Institute of Industrial Economics, Chinese Academy of Social Sciences. It aims to report the economics-based management research, which is an indispensable reference for the management of scientific research. Its scope covers macro-economic management, industrial and regional economic management, business management, management science and engineering, public administration and management reviews. The Journal is included in CSSCI.
Editor-in-Chief Huang Qunhui
Associate Editors in Chief Huang Sujian Zhou Wenbin
According to the 2016 World Happiness Report, a landmark survey of the state of global well-being, China ranked 83rd out of 157 countries, Chinese people are in relatively low level of well-being. Previous studies show that individuals’ well-being affects not only their health, life quality and interpersonal relationship, but also affects their creativity, job performance, turnover intention and so on. Therefore, to improve employees’ well-being is of practical importance to organization development. In order to improve employees’ well-being, quite a few organizations try to adopt new work styles, such as flexible work schedule and virtual work, because these new work styles could change the employees’ work and nonwork boundary permeability, help them to maintain the balance between work and home life, so to increase their well-being. However, these existing studies have shown that increasing work and nonwork boundary permeability does not necessarily have positive influence on employees ’well-being, and even some studies find out contradictory results. Some scholars tried to search for the causes and related papers were published, most of them focused on researching certain specific contextual factors, so they can’t give general suggestions on the design and management of work and nonwork boundary. We suspect that focusing on the characteristics of work and nonwork boundary permeability may be more helpful to organization management. Actually, work and nonwork boundary permeability has the characteristics of directionality and asymmetry, while different characteristics have different impacts on employees’ psychological and behavioral performance. Existing studies take work and nonwork boundary permeability as an integral variable, while ignoring different characteristics may have significant differences to the inconsistent conclusions of studies. This study attempts to explore the influence of different characteristics of work and nonwork boundary permeability on the employees’ well-being, and proposes the following hypotheses: Hypothesis 1: Employees’ well-being is higher when work-nonwork boundary permeability is less than nonwork-work boundary permeability, employees’ well-being is lower when work-nonwork boundary permeability is more than nonwork-work boundary permeability; 2: When work-nonwork boundary permeability is equal to nonwork-work boundary permeability, employees’ well-being will increase as work and nonwork boundary permeability increases. This study investigates 299 employees in a wide variety of occupations and organizations and analyzes the data by the polynomial regression and response surface methodology. The results show that Hypothesis 1 is supported. This article further concludes that well-being will increase as work-nonwork boundary permeability increases toward nonwork-work boundary permeability, and will decrease as work-nonwork boundary permeability exceeds nonwork-work boundary permeability, namely asymmetrical permeability of work and nonwork boundary is destructive to well-being of employees. Hypothesis 2 is not supported. The most probable reason is that symmetrical permeability of work and nonwork boundary is in an equilibrium state, no matter permeability is high or low, employees in the equilibrium state can better handle the relationship between work and nonwork and both work and nonwork affairs can be treated effectively, so this situation does not affect the employees’ well-being. At the end, according to the findings, this particle provides some suggestions for work and nonwork boundary management and discusses the limitations of this study and future research.
In the era of competition among network relationships, interlocking directorate networks, embedded in social, cultural and institutional backgrounds, has the characteristic of nepotism governance, and are an important factor affecting the competitiveness of enterprises. Based on the new perspective of competition field, the authors study the microstructure, characteristics and patterns of interlocking directorate networks, analyzing their dynamic evolution mechanism and rules, and formulating the theory on the competition field of an interlocking directorate network. The following findings are obtained. (1) In the competition field of an interlocking directorate network, a “core-marginal” structure is formed by nodes, relationships and resources, where the core enterprises dominate the association model and interest structure of the interlocking directorate network, and is able to control the flows of value, information and resource. (2) Based on different microstructural features and the interaction between elements, the competition field of an interlocking directorate network shows typical “wave-particle duality.” (3) Interlocking directorate networks are a kind of hyper market contract, which plays a role of coordination and control through information diffusion and exchange, trans-organizational cooperation and connection rules between enterprises in order to achieve the functions of resource access, risk aversion and supervision and control. (4) The competition field of an interlocking directorate network will undergo dynamic evolution of contraction, turbulence, consolidation and expansion, and the resources and market opportunities are gathered in core enterprise through the polarization effect. This study not only contributes to deepening the understanding of the interlocking directorate network structure, but also helps enterprises to establish more effective related strategy to promote competitiveness.
Based on the theory on core technological competence, the author constructs a theoretical model for the impact of related and unrelated technological diversification on enterprise performance through the mediating variable, core technological competence, and also considers the regulating effects of different values of core technological competence in the process of enhancing an enterprise’s competitiveness. Based on the panel data of 46 listed new energy automobile companies, multiple regression models are constructed. The results show that different degrees of technological diversification have differing impacts on core technological competence. In particular, related technological diversification is positively correlated with core technological competence while unrelated technological diversification has an inverted U-shaped relationship with it; related technological diversification has more significant positive impacts on core technological competence than unrelated technological diversification. When the correlation degree of technological diversification is not considered, an inverted U-shaped relationship exists between technological diversification and performance of a new energy automobile enterprise. Core technological competence has different impacts on the relationship between technological diversification and enterprise performance; high core technological competence can weaken the negative impacts caused by excessive technological diversification. In order to improve the overall competitiveness of China’s new energy automobile industry, enterprises should differentiate different types of technological diversification and enhance related technological diversification and core technological competence when considering technological diversification strategy.
Initial public offering (IPO) is an essential way for companies to obtain external capitals and raise brand awareness. A successful IPO can enable companies to attract suitable investors. In this way, the company finds it easier to raise the necessary capitals and enhance the visibility of the enterprise, the staff’s sense of identity and the enterprise system. But at the same time, improper operation of the IPO will bring more serious negative impact on the companies. In this case, the enterprise cannot raise the needed capitals, and may also be examined and dealt with by China Securities Regulatory Commission and other relevant authorities. IPO underpricing refers that the IPO issue price is lower than the market price of the initial market situation. In the actual process, whether it is the Western developed capital market or the emerging financial markets, the IPO underpricing is widespread. In the case of IPO underpricing, the new shares will receive the excess return. As a phenomenon contrary to the efficient market hypothesis, IPO underpricing means that the actual amount of capital raised by the enterprise is lower than the expected value. So the issuing companies bear the expensive hidden cost. This not only makes the issuing companies fail to hit the expected funding target, but also leads the investors to pursue the excess returns of IPO underpricing. This will lead to the capital mismatch between the primary market and the secondary market, and reduce the operational efficiency of the capital market. High underpricing will lead to insufficient supply of capitals of the secondary market and lower share price. In view of the adverse effects of IPO underpricing and the general degree of IPO underpricing in capital market, the formation mechanism of IPO underpricing phenomenon has been a hot issue in the field of IPO theory. The institutional investors have become an important signal to measure the maturity of the financial market. Compared with individual investors, the institutional investors tend to adhere to the concept of value investment. They focus on the company’s intrinsic value of rational investment rather than speculative profit. And after the success of obtaining IPO shares, they will not be sold in the short term. This behavior is conducive to the long-term stable performance of the company after IPO. In addition, institutional investors have more private information about the market demand for new shares compared with the broker and the issuing company. Brokers use book-building mechanism to get the advantage of institutional investors’ information, so as to improve the effective information content of the stock price, which will promote the success of pricing. Since the second half of 2016, China Securities Regulatory Commission has further strengthened the management of brokers. They pointed out that the brokerage agencies failed to play the role of market gatekeeper during abnormal fluctuations of stock market in 2015. China Securities Regulatory Commission pays more and more attention to the role of brokerage in the securities market. By the specialty of the underwriting business, brokers play an important role in the public release process. Brokers assume the intermediary role of the underwriting, which needs to compile the prospectus and take a road show. The securities firms also need to accurately assess the value of company in order to develop a reasonable issuing price. In order to ensure the success of the IPO, high quality and experienced brokers are widely favored by the issuing company. Reputation can be seen as a signal of brokerage business capabilities. For institutional investors, their private information must be through the broker’s book-building process to be able to get play. The broker with high reputation has excellent ability to control the market demand and the capabilities of information conversion. They are able to more fully extract and analyze the effective information in the hands of institutional investors to adjust and modify the IPO pricing. In this way, the high reputation of brokers can indirectly inhibit the IPO underpricing. Based on the background of Chinese IPO market, using data of A-share listed companies in Shanghai Stock Exchange and Shenzhen Stock Exchangeduring 2003–2015 in China, we investigated the relation among underwriter reputation, institutional shareholdings and IPO underpricing. We also analyzed the time effect of IPO underpricing. In the part of the empirical design, we take the market-adjusted first day stock returns as the proxy variable to measure IPO underpricing. The result showed that the more institutions hold, the lower IPO underpricing is when controlling other factors. Besides, when the key underwriter has higher reputation, the significant impact of institutional shareholdings on IPO underpricing is stronger. We proved the moderator role of underwriter reputation in the relation between institutions and IPO underpricing. Thus, we provided some empirical evidence backing the crucial role of institutions in financial markets as well as some policy suggestions on how to regularize the behavior of institutions after the establishment of registration system for IPOs.
This paper examines the impact of corporate strategy on the risk of stock price crash. By using Chinese listed companies between 2003 and 2013 as samples, this paper finds that corporate strategy has a positive impact on the risk of stock price crash, and that the above effects are significantly stronger for private enterprise than for state-owned enterprises. Furthermore, this paper discusses the internal mechanisms of a corporate strategy’s impact on the risk of stock price crash. It is found that corporate strategy affects the risk of stock price crash through financing needs and management equity incentive. The research of this paper enriches the relevant literature regarding the economic consequences of corporate strategy, and finds new factors affecting stock price crash risk, which has an important reference value for management, investors and regulators.
