Management World is supervised by Development Research Center of The State Council, and sponsored by Development Research Center of The State Council. It aims to reflect the multi-field and multi-disciplinary research on China’s economic and social management issues, and to provide services for China’s economic reform and development. Its scope covers fiscal and financial research, rural economics, macroeconomic management, public management, business management, industrial and regional development. The journal, included in CSSCI and JST, has been in the top list in the field of economic management for many years, and achieved a very high reputation from readers all over the world.
Editor-in-Chief Li Kemu
Deputy Editor-in-Chief Tian Yuan,He Shaohua, Lu Jian, Jiang Dongsheng
Editorial Board Ma Xiaogang, Qiao Renyi, Li Jiping, Li Menggang, Li Peiyu, Zhang Xinmmin, Shen Bainian, Chen Dongsheng, Cheng Quansheng, Zhao Jie,Tuo Zhen
The fanatical consumption behavior of brand fans is a phenomenon worthy of attention in recent years. By using the grounded theory with online posts as a source of data collection of fans of four brand products, such as Harley-Davidson, Apple, Xiaomi and Nike, this paper builds a function mechanism model of brand fans. Studies have shown that fans create value (functional value, hedonic value, and spiritual value) via interacting with information, products, events and fans. In addition, through creating functional and hedonic value, fans can obtain self-identity, through creating spiritual value, they can obtain super self-identity. Hence, spiritually, they have a sense of belonging to certain brands. This study redefines the connotation of the relationship between fans and brands, puts forward the new concept of brands and fans relations, brand conversion, and sums up the four dimensions of brand conversion: extraordinary buying behavior, exclusive brand loyalty, irrational brand belief and the willingness to join the brand’s company. Finally, the paper discusses the value and management significance of the theory constructed by this research, and further explores the direction for future research.
This article mainly studies the impact of trade liberalization on the enterprise’s markup and focuses on the role of processing trade within. Combining data from China’s manufacturing enterprises and the customs data, we set three tariff indices at the enterprise level to measure trade liberalization comprehensively, including foreign tariffs, domestic tariffs on finished products and on inputs. After controlling the self-selection bias of the processing trade and the potential endogenous tariffs, we find that the decline in foreign tariffs and input would lead to an increase in corporate markup, while a decline in domestic tariffs on finished products will bring a decrease. However, with the share of processing trade expanding, the markup effect brought by tariffs weakens. Averagely, from 2000 to 2006, decline in the three tariffs contributes to the increase of markups of China’s manufacturing and trade enterprises by about 2.14%.
As a bridge between listed companies and the outside stakeholders, board secretaries play their most important roles in information disclosure and investor relations management of listed companies. This paper empirically tested whether or not the financial experience of board secretary can reduce information asymmetry between the inside and the outside of an enterprise and improve corporate informativeness of earnings. The results show that when a board secretary has financial experience, the corporate informativeness of earnings is higher; even with the endogenous influence, our conclusion remains effective; meanwhile, the board secretaries with financial experience play a larger role with higher professionalism and education. Accordingly, this paper tested the functioning mechanism. The empirical results show that the board secretaries with financial experience attract more analysts following, increase analyst forecast accuracy, lower analyst forecast bias, and improve information disclosure quality. Finally, this paper also found that the board secretaries with financial experience can help lower corporate financing costs and then provide grounds for the research conclusion that the financial experience of board secretary influences corporate informativeness of earnings. The research findings of this paper enriched the Upper Echelons Theory and Capital Market Efficiency Theory.
How does the entry of multinational corporations (MNC entry) influence the markups of the indigenous enterprises? From the perspectives of horizontal spillovers and industrial linkages, this paper, by referring to the microeconomic data of the Chinese industrial enterprises during 2000 to 2007, found that: (1) MNC entry lowered the markups of the indigenous enterprises through the channel of horizontal spillovers, while significantly improving them through the channel of vertical spillovers (including forward and backward spillovers), that is, MNC entry generally helped improve the markup pricing of the indigenous enterprises. (2) MNC entry from the OECD counties significantly raised the markups of the indigenous enterprises, while that from China’s Hong Kong, Macao and Taiwan had relatively weak positive effects. In addition, the enhancing effects of the export-oriented MNC entry on the markups of the indigenous enterprises were generally greater than that of the domestic market-oriented MNC entry. (3) MNC entry had a more enhancing effect on the markups of the indigenous enterprises in a region with better institutional environment. (4) MNC entry significantly lowered the markup dispersion, which helped improve the efficiency of industrial resource allocation. The further test on the influencing mechanism showed that MNC entry drived the indigenous enterprises, especially the private enterprises, to catch up with the markups of the foreign-funded enterprises on one hand; and lowered the industrial markup dispersion by driving the indigenous enterprises with low markups to exit from the market on the other hand. This paper provided the micro evidence from a transforming developing country for the objective assessment of the effects of MNC entry on the economy of the host country, which also had important implications for the adjustment of China’s foreign capital policy in future.
Grateful behavior is the ubiquitous rule for interaction which is generally recognized in daily organizational life. However, it is ignored by most organization theories. When an emergency occurs, the grateful behavior can help organization members quickly collect potential resources to shape organizational strategizing. Through qualitative analysis of rural stories from Around China-Homesickness, the study finds that while feeling others in trouble though daily communication, organizational members will give their help immediately, especially those who have ever accepted some help from others. Meanwhile, the specific content and pattern of grateful behavior is determined by the favor-giver’s situational feelings. The grateful behavior can not only mobilize the instrumental resources for solving transactional problems in order to activate and maintain the communal feeling state, but also generate affective resources for caring others, which improves one’s relational identity and social prestige and may bring good social resources. Our findings suggest that once members who meet troubles, collective strength will be organized by following zhi’en-tubao in relating, which shapes the strategizing of daily organizational life.
Most prior literature shows that the better implementation of corporate social responsibility results in the lower degree of tax avoidance. However, using the sample of Chinese private listed enterprises, we find that corporate philanthropy is significantly positively related to corporate tax avoidance. We refer this phenomenon as “the puzzle of Chinese private enterprise’s corporate social responsibility departure” and put forward the hypothesis of “corporate philanthropy, rent seeking and tax avoidance” to explain it. We provide robust empirical evidence to support this hypothesis. Further research shows that: first, in areas with better legal environment, there is stronger positive correlation between the degree of philanthropy and corporate tax avoidance; second, compared with enterprises without political connections, private enterprises with political connections have stronger tax avoidance effect of corporate philanthropy. Our study reveals the relationship between corporate philanthropy and tax avoidance, which expands the research fields of corporate philanthropy and tax avoidance.
The fluctuations of prices of assets have great influence on both household property income and wealth accumulation. During the phase of a rapid rise in the prices of assets such as real estate and stocks, households participating in these capital markets could achieve fast increase of wealth, especially those households that make full use of financial leverage means such as home mortgages and financing. This is likely to further expand the household wealth inequality. This paper includes both theoretical analysis and empirical research on household financial leverage and introduces an indicator similar to firm operation efficiency into the field of household finance. According to the results, households with more total assets enjoy higher rates of return on capital and lower costs of debts. In addition, the financial leverage brings rich families higher household wealth growth rates and enlarges the household wealth inequality. Finally, this paper gives some suggestions on corresponding policies from the perspective of household financial leverage.
