Sponsor(s): Industrial economy research institute
12 issues per year
Current Issue: Issue 05, 2018
Journal official website:http://www.jjgl.cass.cn/CommonBlock/GetSiteDescribeDetail/1242?channelID=1242
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.
Associate Editors in Chief
Business Management Journal,2018,Vol 40,No. 05
“Stranglehold” or “discretion” is a different direction of managerial discretion adjustment. Managerial discretion adjustment is widely used in discussing how managers operate in modern management activities. New institutional theory, human ecology theory and upper echelons theory respectively offer different perspectives to explain this process. But none of them achieve any agreement. Specifically, based on the perspective of economics and finance, new institutional theory and human ecology theory believe that the role of managers is quite limited because of the similar environment and inertia factors. However, based on the perspective of management, upper echelons theory holds that senior managers can influence organizational behavior and have a significant impact on the results of organizational activities. To reconcile such differences, Hambrick and Finkelstein put forward the concept of managerial discretion, which measures the actual work of managers. Managerial discretion refers to the autonomy that managers have in the process of formulating and implementing the enterprise strategies, which is the core variable that influences the process and result of management strategy selection. This study firstly reviews the concept of managerial discretion and its practical implications. Secondly, we build theoretical foundation from three angles: the essence, the development and the effects of managerial discretion adjustment. Thirdly, the study concludes the achievements of managerial discretion adjustment’s measures, factors and influential effects. Moreover, from the perspective of enterprise strategic decision, we examine the issue of managerial discretion adjustment as a whole. It considers that the management model of “stranglehold” or “discretion” realized through the managerial discretion adjustment is closely related to the strategic activities and strategic actions of enterprises. Finally, we draw the conclusions and offer some future directions. Based on the literature review, this study reviews the latest research progress on the managerial discretion adjustment. The role conversion of “stranglehold” or “discretion” for enterprise managers is no longer a kind of mutually exclusive scheme that which is better, and requires to combine specific circumstances within and outside the enterprise, especially based on the strategic decision perspective to make a comprehensive trade-off decision of managerial discretion adjustment. Strategic decision perspective can be carried out from three aspects: selection of strategic type, strategic change and other strategies. In this regard, we believe that the management mode of stranglehold is more suitable for using defender strategy, the management mode of not stranglehold is more suitable for prospector strategy, while the management mode between them is more suitable for analyzer strategy. Presently, many scholars directly examine the impact of managerial discretion adjustment on strategic change for enterprises, and mainly confirm the negative effect. Furthermore, the current study results also show that the commitment of natural environmental protection, fulfilment of social responsibilities, information disclosure and other strategies, are closely related to the different types of management mode, which requires management discretion to make corresponding adjustment. Generally speaking, this study provides a new idea of how to implement the important strategic arrangements for “streamlining administration and delegating power to the lower levels.” In the 2017 Government Work Report, Premier Li Keqiang pointed out the transformation of government function in terms of deepening the reform of important fields and crucial links, reducing the government’s discretion and giving more power to markets and enterprises. Therefore, reviewing the research achievements of managerial discretion adjustment carefully has a certain practical guiding significance. Meanwhile, in the future, we can have a further exploration from the factors of managers, external heterogeneity of environment, dynamic perspective, double effect and internal connection with regulation. We believe that through our efforts, we will continuously enrich the theory and practice research results of managerial discretion adjustment.
What are the sources of performance advantages of family enterprises? An exploration based on perseverance of long-term orientation
Business Management Journal,2018,Vol 40,No. 05
For listed enterprises, family enterprises are often considered to be less efficient and less profitable, but based on the empirical study of listed manufacturing industry, we find that the performance of family enterprises is better than that of non-family enterprises. At present, while scholars have mainly adopted agency theory to explain the reason why family enterprises have performance advantages, they have ignored the “time lens.” In recent years, some scholars have believed that the long-term orientation perspective may be more conducive to explain the performance advantage of family enterprises: under the guidance of long-term orientation, controlling family maximize the long-term values as the corporate goal, avoid management myopia, and obtain better performance of family enterprises. However, some problems still exist. First, the explanation mentioned above is too general to reveal the mechanism of how long-term orientation contributes to the performance advantage of family enterprises. Second, it lacks empirical evidence. Therefore, how long-term orientation promotes the performance advantage of family enterprises is still not very clear for the academia. This paper aims to answer this question to a certain degree. Long-term orientation is defined as the tendency to prioritize the long-range implications of decisions and actions that come to fruition after an extended time period. As a multidimensional construct, long-term orientation is composed of three dimensions, including futurity, continuity and perseverance. Our theoretical analysis suggests that compared with the other two dimensions of long-term orientation, perseverance is more likely to result in the performance advantage of family enterprises, because family enterprises are believed to have higher perseverance. Such enterprises have stronger self-discipline and self-control ability, are more patient with the future returns, and their behaviors are not easily affected by changes in the external environment, which is more conducive for family enterprises to foster core competencies and create competitive advantages and further performance advantages. By examining the data of 1177 listed manufacturing enterprises from 2003 to 2014, our empirical findings show that family enterprises have higher perseverance of long-term orientation than non-family enterprises. Concerning the relationship between perseverance and enterpris performance, this paper utilizes the long-term investment smoothness to measure perseverance of long-term orientation, and finds that while perseverance has a negative effect on enterprises’ short-term performance, it has a positive effect on their long-term performance, and this influence can be magnified as time goes by. In addition, through the method of Bootstrapping, this paper further finds that perseverance has a significant driving effect on the formation of performance advantages of family enterprises. Therefore, we believe that long-term orientation can constitute an important source for the performance advantages of family enterprises. This article makes three contributions to the literature. First, it opens a new perspective to the literature on study of family enterprise, namely long-term orientation, for the study of performance comparison between family and non-family enterprises. Second, it promotes the legitimacy of long-term orientation in extant research. Third, this paper introduces perseverance into empirical research of long-term orientation through the indicator of long-term investment smoothness. Our findings also have important practical implications for other forms of enterprises. After carefully examining various investment opportunities, once the entrepreneurs decide to carry out long-term investment, it is necessary to implement the investment in a more stable way, so as to foster enterprises’ core capabilities and competitive advantages.
The influential mechanism of employees’ job crafting on creative performance: a moderated double-mediation model
Business Management Journal,2018,Vol 40,No. 05
Work has important implications for people’s life and psychological health as work can provide resources for survival, access to relational connections, and the experience of control over one’s life. Work that is experienced as motivating and meaningful by employees is found to not only contribute to individuals’ well-being, but also contribute to organization’s efficiency. As the complexity and uncertainty of the organization and working environment are intensified, the difficulty for organization to design reasonable and desirable jobs for employees is greatly increased. Changes in the way work is structured and performed nowadays call for workers to form their jobs and change their own job characteristics. This process of employees initiating to craft their job content, working procedures and relationship with others has been referred to as job crafting. Job crafting can exist next to top-down approaches to improve jobs in order to overcome the inadequacies of job redesign approaches, to respond to the complexity of contemporary jobs, and to deal with the needs of the current workforce. Because of this, job crafting has got a lot of attention, and theoretical research on job crafting has got a huge increase especially in recent five years. However, there are several research questions that deserve attention. Based on the theoretical literature and managerially practical implication, this study proposes the following research questions: how is employees’ job crafting related to their creative performance? What is the mediating and moderating mechanism in it? Is the positive result for organization brought by job crafting partly from the benefits brought by job crafting for person? This study explores the mediating effects and boundary condition of employees’ job crafting on their creative performance to explore the questions by collecting and analyzing the sample from 250 employees in seven high-tech companies in Beijing with multi-sources and time-lagged techniques in two points. The results in this study show the following findings: (1) after control over the demographic variables, employee’s job crafting positively indicates their positive emotion, meaningful work and creative performance; (2) positive emotion and meaningful work have a multiple-mediating role in the relationship between employee’s job crafting and creative performance; (3) the inclusive leadership positively moderates the mediating effects of positive emotion and meaningful work between employee’s job crafting and their creative performance. Finally, this paper discusses the conclusion of the study, summarizes the theoretical and practical contributions, and proposes the limitations in this study and several prospects about research in the future. Overall, the results of the study not only deepen the perception of the academic field about the effect of job crafting on creative performance, and confirm that the inclusive leadership is one of the most important situational factors during the effect processing of employee’s job crafting, but also further reveal how job crafting brings win-win outcomes for individuals and organizations. This study enriches the literature on job crafting and inclusive leadership effectiveness. At the same time, this study also provides an important reference for managers’ management practice about how to improve the mental health and creative performance of employees from the perspective of leading the staff to craft their jobs.
The characteristics of knowledge components and their effect on inventors’ knowledge combination behavior: from the perspective of knowledge network
Business Management Journal,2018,Vol 40,No. 05
As one of the most important research areas of technological innovation, the process and performance of inventions have been widely discussed in the innovation research area. According to knowledge combination theory, an invention can be regarded as a set of reciprocally connected knowledge components, and the generation of invention is the process of combining previously unconnected knowledge components or recombining connected knowledge components in different ways. Inventors, who are the actors of inventive activities, have been widely discussed in literature. Extant research has mainly discussed the impact of demographic characteristics of inventors and the external environment on their behavior or performance. For example, some research has examined the relationship between inventors’ education background and their explorative innovation performance. However, one assumption is implied in the research that different inventive activities conducted by one person are homogeneous, and the dependent variable is measured according to all inventive activities at certain time window. Furthermore, some scholars explained the difference in inventors’ performance from the perspective of social network. Social network analysis actually explores the impact of external environment where one embedded behaviors and performance. Two types of network have been discussed, that is, the network consisting of individuals and the network consisting of collectives of individuals (such as teams, organizational subunits, organizations, or even nation-states). In fact, a network in which the nodes represent knowledge components is substantial in shaping inventors’ knowledge combination behavior but has been neglected. The nodes of knowledge network are knowledge components and the lines reflect the linkage or co-list relation between them. Inventors need to search necessary knowledge elements from the knowledge network, and then combine or recombine them to create inventions. If the searched knowledge components have been connected before, the inventors have no choice but to recombine them in different ways, for example, adding new components into the existed combination. In other words, the characteristics of knowledge components which are shaped by the knowledge networks at time t − 1 constrain the potential of further combination. Thus, it is deduced that the characteristics of knowledge components shaped by knowledge network may be used to explain the varied performance of different activities conducted by the same person. With reference to the knowledge combination theory and the social network theory, two independent variables, knowledge diversity and network embeddedness of knowledge components, were identified in this research. Knowledge diversity measures the technological variety of a set of knowledge components which are to be combined. The mechanism through which knowledge diversity impacts inventors’ knowledge combination behavior is that knowledge diversity provides the potential of novel combination. Network embeddedness influences the ease of further combination and realization of potential. It is proposed that these two independent variables separately and jointly affect inventors’ creative knowledge combination. A single combination activity was the unit of analysis and patent data in nanotechnology filed were collected to examine the theoretical model. Probit estimation was employed and the empirical results indicated that knowledge diversity was positively related to inventors’ creative knowledge combination, and embeddedness had nonlinear (Inverted-U shaped) effect on inventors’creative knowledge combination. Furthermore, the interaction between knowledge diversity and network embeddedness had positive but non-significant effect on the dependent variable. This research opened the black box of the process of invention at the micro-level and made great contribution to extant innovation theory. The results have important implications for inventors or organizations. Inventors can predict the value of possible combinations by analyzing the characteristics of knowledge components, which can reduce the risk and uncertainty of invention process. Organizations can also manage their research and development activities by adopting the same method.