Sponsor(s): Industrial economy research institute
12 issues per year
Current Issue: Issue 12, 2019
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
“Couple partner” governance and R&D investment of family firms: perspectives based on the socioemotional wealth theory
Business Management Journal,2019,Vol 41,No. 12
Based on a sample consisting of Chinese listed family firms during 2011 and 2017, and taking husband and wife both taking positions on board of director and (or) top management teams as proxy for “couple partner” governance, the article attempted to investigate the relationship between “couple partner” governance and R&D investment of family firms and its moderating factors by drawing on the socioemotional wealth theory. The theoretical and empirical results show that, firstly, there is significantly negative correlation between “couple partner” governance and R&D investment of family firm, and family firms governed by “couple partner” invest less in R&D; secondly, uncertainty of economic policy has a positive moderating effect on the negative relationship between “couple partner” governance and R&D investment of family firm. Our research enriches the literature on heterogeneity of family firms and its economic effect; under the background that the Chinese central government puts forth the call of mass entrepreneurship and innovation, it is of significant realistic value to understand the factors affecting R&D investment of family firms, and our conclusions have enlightenment on the government’s innovation support policy.
Business Management Journal,2019,Vol 41,No. 12
In recent years, household consumption is playing a more and more important role in the Chinese economy and has become the main engine for economic growth. Against the background of high-quality economic development, the potential of consumption to drive economic growth has not been fully released, and there is still room for further improvement in the quantity and quality of household consumption. However, it is noteworthy that China currently faces a divergence between a rise in the growth rate of consumer debts and a fall in the growth rate of household consumption. As an important tool of smoothing inter-period consumption decisions, does debt facilitate or hinder household consumption? While the relationship between household debt and consumption has already been discussed in previous literature, no consensus has been reached so far. This paper attempts to further investigate the relationship between household debt and consumption in China. Considering that housing debt and general debt present significant differences in terms of loan size, repayment period and consumption orientation, this paper will distinguish between debt types and compare their impacts on households’ consumption. The dataset of China Family Panel Studies is employed to empirically investigate the relationship between household debt and consumption. The results of the fixed-effect model analysis show that the average consumption level of indebted households is higher than in non-debt households, which proves the existence of a debt-financed consumption phenomenon in China. Then, based on the indebted households’ data, we adopt the debt-to-asset ratio as the index of the scale of household debts and divide the debts into housing debts and general debts for discussing their different influences on consumption. The empirical results suggest that the general debts have a significantly positive influence on household consumption, while housing debts present a significantly negative effect. Therefore, a conclusion can be drawn that general debt is used as the main approach to smooth inter-period consumption as it has no specific consumption direction, while housing mortgages may hinder consumption through the house slave effect due to its liquidity constraint and consumption target. This paper also discusses the relationship between household debts and consumption structure. The results show that housing debt will squeeze the development and enjoyment consumption, while general debts can optimize consumption structure. In addition, we find that the impact of debts on consumption varies according to household characteristics and urban-rural areas. As for middle income, low debt pressure and rural households, the house slave effect has statistical significance. For low income, medium debt pressure and urban household, general debt shows a greater impact on consumption. This paper contributes to the existing literature in the following aspects. Firstly, this paper distinguishes between housing debt and general debt and then tests the differences in their impacts on consumption, which will expand the existing literature about the relationship between household debt and consumption. Secondly, taking the indebted household as the research object, this paper further explores the relationship between debt and household consumption structure and focuses on the difference between debt types as well. Based on the empirical findings, this paper proposes policy implications from the perspective of expanding domestic demand and boosting consumption, and provides inspiring ideas for balancing consumption promotion and risk prevention in the context of supply-side structural reform. First of all, in order to stimulate household consumption, it may be helpful to moderately reduce the household housing leverage and increase the general debt leverage. Secondly, the government should encourage and promote consumer finance innovation, and build a systematic policy system to support consumer finance. Thirdly, it is necessary to establish and strengthen a risk prevention mechanism, monitoring the household sector debt and early warning through the establishment of scientific indicators.
Gender differences in the effect of one spouse starting a business on happiness: based on empirical analysis of social norms
Business Management Journal,2019,Vol 41,No. 12
Since the financial crisis, in order to stimulate the economy and promote employment, the government has put forward the slogan of mass entrepreneurship and innovation. Obviously, the government’s encouragement has led to a wave of entrepreneurship in society, and the number of start-ups has increased significantly. According to the types, entrepreneurship can be divided into opportunity entrepreneurship and self-employed entrepreneurship. As a special way to participate in the labor market, self-employed entrepreneurship is an important channel for individuals to achieve employment and career development, and has an important impact on individuals, families and social welfare. Considering that happiness is one of the best measures of personal well-being, based on data of Chinese General Social Survey (CGSS), this paper empirically investigated the influence of self-employed entrepreneurship on the happiness. Unlike the existing literature which only considers the interviewees, the innovation of this paper lies in taking the family as the object of analysis, and investigating the happiness of husbands or wives and their influence on their spouses. In particular, the study found that the husband’s self-employed entrepreneurship reduced his own happiness, but significantly increased his wife’s happiness. On the contrary, the wife’s self-employed entrepreneurship helped to increase her happiness, but significantly reduced her husband’s happiness. The findings reveal a confusing situation in which a business started by one member of the family is either bad for the person or for the spouse, and does not seem to lead to a win-win outcome. In order to explain these phenomena, a series of tests were conducted in this study. Further analysis shows that the traditional social norms of “male breadwinner, female homemaker” and “wife should not earn more than husband” are the main reasons for the differences in spousal happiness, and the social norms are more likely to be violated by the wife starting her own business. When a woman starts a business, her chances of earning more than her husband increase dramatically, which can easily challenge this social norm and lead to a decrease in her husband’s happiness. On the contrary, a husband’s entrepreneurship reduces the possibility of his wife violating this social norm. Obviously, this kind of gender norm has seriously undermined women’s enthusiasm for work and entrepreneurship. Generally speaking, social norms are complementary to formal systems. When the formal system is relatively perfect, the influence of social norms is relatively small, and the restriction on people’s behavior is relatively weak. Therefore, this paper also found that in areas with high marketization degree and good institutional environment, people are less affected by gender identity norms, and the negative impact of the wife’s entrepreneurship on her husband’s happiness no longer exists. In conclusion, from the perspective of entrepreneurial happiness, the research of this paper shows that it is of vital importance to eliminate the influence of non-institutional traditional feudal concepts, if people, especially women, want to stimulate their entrepreneurial vitality and cultivate entrepreneurship. On this basis, this paper further puts forward some policy recommendations to promote employment and happiness. First, the government should vigorously promote modern social norms of equality, introduce policies to promote gender equality, and reduce the impact of feudal traditional ideas on people. The second is to further create a good business environment, reduce the cost and uncertainty of entrepreneurship, and to enhance people’s expectations for the future. Thirdly, with the liberalization of the two-child policy, the government should further strengthen the social security construction in the areas of pension and childcare, and alleviate the worries of women’s entrepreneurship.