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
Upper echelon theory holds that men and women are distinguished by personality. Female leaders are generally risk averse, having more other-regarding preferences and less taste for competition. However, this assumption fails to acknowledge that culture is a predominant factor in shaping personality. On the basis of upper echelon theory, this paper studies the impact of gender role on the preference of women investors. It constructs gender equality index based on data set at both micro and macro levels. The conclusions are as follows: (1) in general sense, enterprises with female owners are less likely to innovate, more likely to train employees and pursue diversified strategies than enterprises with male owners only; (2) the above differences, however, are moderated by cultural factors. In the context of lower levels of gender equality, women do not have more other-regarding preferences and less taste for competition compared with male counterparts; and (3) gender equality is a multi-dimensional concept. Both family environment as well as institutional environment exerts impact on gender roles; women under traditional gender roles need to overcome more prejudices and obstacles. The conclusion of this study complements the upper echelon theory and provides guidance on improving business performance.
According to traditional theories, the inward internationalization caused by the collaboration between emerging market firms with foreign multinational corporations (MNCs) in home countries before entering overseas markets is beneficial to emerging market firms’ following international expansion. However, researchers gradually realize that it is not always the case. Although the collaboration with foreign MNCs contributes to the accumulation of international experience and knowledge for emerging market firms, emerging market firms can also suffer from liabilities in the cooperation process, which in turn will affect their outward internationalization process. In view of this, by adding the dimensions of time and space, this paper tries to extend the theory of liabilities of foreignness, and put forward the concept of pre-entry perceived foreignness (PEPF), which happens in the process of inward internationalization before small and medium-sized private enterprises (private SMEs) in the emerging market enter overseas markets. This paper then investigates the impact relationship between inward international experience and PEPF and that between PEPF and entry mode, as well as explores the mediating effects of PEPF on inward international experience and entry mode. By conducting empirical examination on 144 China’s private SMEs and the robustness test, it is concluded that: first, collaborative time has positive effects on firm’s perception on PEPF; second, the longer the collaboration time is, the low-control entry mode like export and setting representative office firms tend to choose; and third, PEPF wholly mediates the relationship between collaboration time and entry mode. This paper therefore emphasizes the ignored problems of PEPF in inward internationalization and provides a new perspective for the relationship between inward and outward internationalization. The results will not only help Chinese firms better understand the PEPF and its occurrence mechanisms so as to take earlier steps to reduce the unnecessary and negative liabilities, but also have management significance for improving the outward internationalization level. Also, it possesses practical implication for China’s government to formulate supporting policies for the improvement of the inward collaboration level of Chinese firms and to strengthen international confidence.
The financialization of commodities has generated a series of changes in commodity prices and inventories. Neither traditional inventory theory nor numerous classic explanatory theories of American commodity financialization can play a role in explaining the formation of commodity financialization in China. For this purpose, the inventory factors and commodities being used as collateral for arbitrage are separately introduced into the utility function and budget constraint of economic entities. Subsequently, the theoretical framework of commodity inventory is established based on the dynamic general equilibrium method. This theoretical framework is also a combination of micro-foundation and macro-vision. Through the parameter calibration and system impulse response analysis, it can be found that under the positive influence of permanent Monetary shocks, the long-term equilibrium price of commodities may climb; if the price steadily declines with the market interest rate, the long-term equilibrium inventory of commodities can move upwards. In addition, once commodities being used as collateral for arbitrage is triggered, it can exert a negative effect on the spot price but can have a positive effect on the spot inventory, thus exacerbating market fluctuations. According to this study, macro monetary factors are the main drivers for China’s commodity financialization, while commodities being used as collateral for arbitrage is a unique model of it.
This study intends to seek the answer of the question “How do late-comer multinational firms make integration strategy choice when confronting with liability of origin?” Focusing on the organizational level, this study explores the micro-function mechanism of liability of origin from the perspective of organizational identity, puts forward the concept of“ organizational asymmetry,” and explores in depth how the late-comer companies’ cross-border M&A will choose the integration strategy to deal with problems like the organizational identity asymmetry, “autonomy-coordination” dilemmas arising from M&A motives, and “isolation-integration” dilemmas in dual identity management. It comes to the conclusions that liability of origin has organizational heterogeneity, and the“net liability”will finally be epitomized in identity asymmetry between the acquiring and the acquired firms. Furthermore, identity asymmetry will lead to a lack of partnership legitimacy in the headquarter-subsidiary relationship, exerting burdens and pressure on the process of coordination and organizational learning. In order to respond to these burdens, late-comer multinational firms will adopt various integration strategies and design different coordination mechanisms to deal with the dual-identity issue, so as to meet the challenges and satisfy the motivation of M&A. Therefore, this study summarized the logical relationship between the liability of origin and organizational identity asymmetry, and the relationship between the organizational identity asymmetry, the motivation of M&A, and the choice of integration strategy, resulting in an integrated framework.
Government seat relocation is a government action that changes the spatial layout of the jurisdiction. Whether it can affect the allocation of regional resources has not yet been revealed. Upon collecting the approval time of municipal government seat relocation and combining with the China Industry Business Performance Data, this paper studies the effect of government seat relocation on resource allocation. The study finds that the government seat relocation is conducive to reducing the dispersion of TFP in the jurisdiction and alleviating the resources misallocation. Given the endogeneity, this effect still remains significant. Overall, the effect of government seat relocation on resource allocation is more obvious in large and medium-sized cities, and is positively correlated with the relocation distance. The study also finds that the move-in of government seat relocation will increase the misallocation of resources in the district (county) while the move-out has the opposite effect. The above conclusions provide not a reference for the management of government seat relocation, but also a new perspective for understanding the role of government in the process of regional resource allocation.
Entrepreneurship activities of established enterprises can be easily found during China’s transition period, which has received the attention from more and more researchers. In a fast-changing environment, how can enterprises achieve the upgrading of core competencies through opportunity exploration to avoid “business crash,” while preventing the rapid loss of core competencies? No rigorous academic analysis has been made in the existing research. In this paper, it is found through the longitudinal case study of Guangdong Highsun Group Co., Ltd that those enterprises operating in a fast-changing environment can achieve the discontinuous equilibrium between the entrepreneurial causation and effectuation, and take into account the exploration of market opportunities and the maintenance and upgrade of core competencies at the same time. In this process, the entrepreneurial effectuation embraces the logic of effectuation identification-development-expansion while the causation follows the logic of focus-application-control of causation. In addition, entrepreneurial enterprises can do a good job in resource identification, transformation and combination through the mutual embedding of the relation network and the technical network, which can contribute to the realization of the discontinuous equilibrium between the two entrepreneurial logics. Through the case study, this paper not only clearly presents the entrepreneurial process of established enterprises under a rapidly changing environment, clarifies the discontinuous equilibrium mechanism between entrepreneurial causation and effectuation in the corporate entrepreneurship, and extends the study on corporate entrepreneurship into the corporate entrepreneurship research under a fast-changing environment. Furthermore, it gives a good answer to the important question how the enterprises with the rapid loss of core competencies can succeed in reshaping their core competencies through entrepreneurship.
In order to analysis the multiplier effect of government consumption and investment under different exchange rate system, we build a two-sector DSGE model including trade sector and non-trade sector. Meanwhile, input and output network is taken into consideration for depicting the linkage of sectors elaborately. Through parameter calibration and simulation, we get some results worth noted. First, introducing input and output network would lead to sector co-movement and fiscal expansion acceleration which would make government multiplier larger than one. Second, under fix exchange rate, government spending multiplier will be larger. Third, the multiplier effect of non-trade sector is much larger than trade sector. Fourth, the multiplier effect of government investment is more obvious and endurable than government consumption.
Cooperation is common in human society, and distributing cooperation returns is a common problem. Cooperative game is one of the important theoretical methods to solve such problems. Many cooperative game solutions have been proposed by prestigious economists since the 1940s to solve the distribution problem of return in cooperation. However, these solutions either do not satisfy individual rationality (e.g. Shapley value) or may not exist (e.g. core, stable set, etc.); other solutions are too complex to solve when the number of players increases in a game (such as kernels). The “clique solution” proposed in this paper is a new solution for cooperative games. On the basis of the average coalition value proposed by Selten and the equal split-off set proposed by Branzei et al., the “clique solution” is further subdivided into the “maximum average value of the coalition among players.” Based on the scale game, the concept of “clique” is proposed, thus distinguishing valid coalitions from invalid ones in cooperative games. Through the Pareto improvement of the valid coalition, the cooperative game solutions satisfying the “collective rationality” and “individual rationality” of the cooperative game are identified. The clique solution includes the clique core and the clique value solution. It exists in any transferable payment cooperative game and its calculation is straightforward and concise. The clique solution makes up for the deficiency of core and Shapley values and theoretically solves the problem of distributing earnings in social cooperation. In reality, it provides a practical method of reward distribution for public management, group management, and regional cooperation.
