Abstract Bifurcation bias, the preferential treatment in favour of family managers over non‐family managers, is prevalent in family firms, yet research on its performance implications remains inconclusive. We argue that this inconclusiveness reflects insufficient attention to the normative contexts that shape how non‐family managers interpret differential treatment. Drawing on justice and entitlement theories, we argue that non‐family managers' fairness judgments hinge on whether family membership is perceived as a legitimate basis for entitlement. Using longitudinal data on publicly listed Chinese family firms, we find that bifurcation bias in cash‐based compensation undermines performance, but that this relationship is contingent on normative context. Specifically, the negative effect is attenuated in regions with stronger traditional values and in firms with greater family involvement in management, whereas it is amplified in highly competitive industries. By demonstrating that entitlement judgments are socially embedded, this study offers a contingency‐based resolution to the debate over whether bifurcation bias harms family firm performance and provides practical guidance for family firms seeking to balance fairness with family‐centred goals.

Prior research on technology entrepreneurship has been grounded almost exclusively in capitalist frameworks developed in the Global North. We argue that context matters, and that scholars should examine technology entrepreneurship in the roughly half of the world where socialism provides the economic foundation. As a step in this direction, we investigate how the principle of common prosperity shapes technology entrepreneurship in socialist contexts. Focusing first on China - a global technological leader and one of the world's largest generators of patents - we show through two cases that concern for the poor is not incidental but integral to technology entrepreneurship under socialism. We then extend the analysis to a second socialist context outside China, demonstrating the broader relevance of common prosperity for understanding the relationship between technology entrepreneurship and poverty alleviation. Taken together, these cases suggest that research on technology entrepreneurship should move beyond Global North capitalist assumptions and instead account for societal context, particularly the socialist emphasis on common prosperity. Incorporating such perspectives invites scholars to reconsider the role of technology and entrepreneurship in advancing the common good and reducing poverty. (sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic),(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic).(sic)(sic)(sic)(sic)(sic)(sic)(sic), (sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic), (sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic).(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic), (sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic),(sic)(sic)(sic)(sic)(sic)(sic).(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic), (sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic).(sic)(sic),(sic)(sic)(sic)(sic),(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic), (sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic).(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic).

This study examines the impact of faultline size in top management teams on firm performance in family firms. We propose that top management teams in family firms are typically asymmetric factional groups, in which there is a priori, pre-established faultline between two subgroups (family members versus non-family members) with distinct power and status. We further argue that large demographic faultlines in such groups would benefit firm performance, and these benefits are contingent on bifurcation bias shown by the controlling family toward non-family members and the level of development of intermediate institutions. We test our model using data from Chinese-listed family firms. Results provide strong support for our propositions. This study contributes to the corporate governance literature by highlighting that the inter-subgroup dynamics in top management teams or boards of directors in family firms can differ from those in nonfamily firms.

Although the existing literature generally acknowledges that dynamic capabilities (DCs) can promote product innovation in emerging industries, the effectiveness of sensing capabilities remains contested. This study deconstructs sensing capabilities into technology-sensing and market-sensing capabilities, examines and compares their impacts on startups’ product innovation in emerging industries. We also investigate the moderating roles of digital technology and the market-related knowledge base. Through a combination of quantitative and qualitative research, we found that: a) startups’ market-sensing and technology-sensing capabilities have distinct and interaction effects on product innovation; b) startups’ knowledge depth and breadth moderate the effects of these two capabilities; and c) digital technology amplifies the effects of these capabilities. Thus, this study advances the dynamic capabilities theory in emerging industries, mitigates the heterogeneity in existing research, and deepens our understanding of the distinct roles of sensing capabilities.

The development of science and technology and economy has pushed the world into a new era of digital economy. As a key factor of production, data flows frequently in the field of international investment because of its property attributes and investment value, which indicates the trend of transnational investment in the future. For multinational investors who intend to invest in data assets, the first issue to be considered is whether data assets can become eligible investment and be protected by existing international investment entity rules and procedural rules. However, there is still ambiguity in the identification of data investment eligibility in existing investment treaties and practices. As a big country of data resources, China should actively embrace the new era of digital economy and support digital economy enterprises to make rational use of international investment arbitration system to safeguard their rights and interests when dealing with investment disputes. At the same time, we should seize the opportunity of rule-making, promote the revision of the definition of investment in bilateral investment agreements while improving domestic investment and digital legislation, and provide legal protection for accelerating China’s digital economy foreign investment cooperation.

This study examines the impact of CEO organizational identification on strategic change. While strategic change can enhance firm performance and align with highly identified CEOs' desire for self-esteem and reputational gains, such CEOs may hesitate to pursue change due to two primary concerns: (a) the fear that unfavorable outcomes could damage their self-esteem and (b) the risk that change could destabilize the organization's existing identity, undermining their need for continuity. We theorize that the effect of CEO organizational identification on strategic change is contingent on three factors: CEOs' awareness (A) of the risks associated with change, their motivation (M) to enhance self-esteem and reputation through change, and their firms' capability (C) to implement change successfully. Using a unique dataset that integrates archival data with primary survey responses from a large sample of CEOs at publicly listed firms, we find empirical support for our theoretical framework. This study contributes to the literature on organizational identification by demonstrating how awareness, motivation, and capability (AMC) jointly shape the relationship between CEO identification and strategic change..

Drawing on self-determination theory, we propose that newly appointed later-generation successors in family firms are motivated by (a) intrinsic desires to secure and legitimize their leadership roles and (b) identified or integrated forms of extrinsic motivation to uphold the continuity of the family dynasty. In evaluating various strategic options, these successors are particularly inclined to adopt corporate venture capital (CVC) as a preferred vehicle. CVC investments facilitate leadership consolidation by easing the transition from outgoing family leaders and gaining acceptance among subordinate executives, but also serve the long-term goal of sustaining the family firm across generations. Using a sample of Chinese family firms and a difference-in-differences empirical design, we find that transgenerational succession is associated with a significant increase in CVC activity. Further analyses show that this effect is especially pronounced when successors exhibit strong motivation to assert leadership and preserve dynastic continuity.

We propose that in a context where corporate ownership is concentrated, the controlling shareholder of a firm tends to symbolically comply to regulatory requirements that aim to protect minority shareholders; yet the presence of multiple large shareholders can serve as an internal monitoring mechanism that can reduce symbolic compliance. We test this argument through examining firm responses to a regulatory requirement regarding independent accounting director appointments in China. Using data on China's listed non-state-owned enterprises, we find that the presence of multiple large shareholders decreases the likelihood of symbolic compliance, and this negative effect is stronger when noncontrolling large shareholders have low incentives to collude with the controlling shareholder. We also find that a firm engaging in symbolic compliance tends to have a greater level of tunnelling (by the largest shareholder) and earnings management. Our study contributes to the literature on symbolic management in an institutional setting where ownership is concentrated.

Firms regulate their adaptive risk taking based on performance evaluations. Problemistic search model embedded in the behavioral theory of firm predicts that performance below aspirations induce subsequent risk-taking actions. However, there exists empirical inconsistency as to whether underperformance drives increased risk taking. We reconciled the conflicting empirical findings by relaxing the assumption that firms automatically respond to performance feedback, which is prevalent in extant problemistic search studies. We incorporate managerial agency into problemistic search studies, and examine the moderating role of CEO Big-Five personality traits. Our empirical results demonstrated that the relationship between performance shortfalls and risk taking was more positive for CEOs with high levels of openness, but low levels of conscientiousness and neuroticism. Implications for theory and practice are discussed.

税收激励是否促进了企业创新,一直是研究者们关注的话题.然而,关于管理者整体职业经验对于税收激励影响创新效果的研究尚未涉及.本文基于2008—2016年中国上市高新技术企业数据,采用面板固定效应和负二项回归,实证检验CEO通用能力对税收激励促进企业创新效应的调节作用.研究结果表明:税收激励显著提升了获得资格认定高新技术企业的研发投入强度、研发产出专利申请数量及质量;在熵值法下以CEO职业经历的工种数、省份数和行业数为指标测算的CEO通用能力显著正向调节该促进作用.异质性检验显示:CEO通用能力显著正向调节了处于成熟期企业以及大规模企业的税收激励与研发投入和发明专利申请量之间关系,也显著正向调节了成长期企业税收激励与研发投入的关系.稳健性和内生性检验进一步证实了税收激励提升企业创新的作用.本文基于CEO通用能力这一新的研究视角,拓展了税收激励与企业创新相关研究文献,也为高新技术企业如何提升创新绩效提供理论借鉴.

Purpose - Microfoundations have become an effective approach for capability scholars to explore the heterogeneity of organizational results. Since the early pioneering work of scholars such as Felin and Foss, the microfoundations of strategic organization had not been extensively studied until 2010. The theoretical and empirical literature associated with the microfoundations of dynamic capabilities has developed rapidly. However, the diversity and fragmentation of micro-elements lead to a lack of a relatively consistent understanding of microfoundations, the study purpose is to aggregate the associated scattered terminology into a cohesive discussion.Design/methodology/approach - A systematic literature review was conducted on research papers published between 2000 and 2022 using a hybrid methodology that included bibliometric and content analysis.Findings - The authors suggest that this line of research can be divided into three stages. The study further develop a framework delineating the main components and mechanism involved in the microfoundations of dynamic capabilities, which in turn help us distill research gaps and opportunities for future work.Originality/value - The authors construct a framework that can serve as a coherent research platform for further knowledge development. In the framework, the authors highlight that the research of group constructs, culture and leadership, data-driven topics are valuable for our understanding of the microfoundations of dynamics capabilities.

Family firms tend provide preferential treatment toward family members vis-à-vis nonfamily members. Prior studies defined such practices as bifurcation bias, and suggested that bifurcation bias can trigger nonfamily members’ perceptions of unfairness, and thus is detrimental to family firm performance. Drawing upon a social categorization approach to distributive justice, we extend this line of research by suggesting not all bifurcation bias practices have the same impact on firm performance, given that nonfamily member may perceive some bifurcation bias practices as unfair, whereas view other bifurcation bias practices as just. With data on family firms publicly traded in China, we found that bifurcation bias in salary compensation and bifurcation bias in equity compensation have divergent impacts on family firm performance.

A transgenerational leadership transition is one of the most critical events in the life cycle of family firms. Drawing upon the myopic loss aversion (MLA) perspective, we argue that outgoing leaders and other company stakeholders tend to closely watch the later-generation successors immediately after a transgenerational succession, and thus the successors will focus on short-term developments and invest less in R&D activities. Employing the difference-in-differences approach, we find empirical support for our argument that transgenerational succession decreases R&D intensity. The negative effect of transgenerational succession is more pronounced when the later-generation successors suffer from a higher level of MLA.

在动态、不确定、复杂和模糊的经营环境下,中层管理者作为企业联通战略制定与执行的关键环节,其角色和价值越来越受到学术界和企业界的关注.然而,当前围绕战略过程所开展的中层管理者研究还较为分散,缺乏对中层管理者角色及行为的系统性研究,尤其对中国情境下的中层管理者管理实践认识不足.本文试图对1986—2020年间国内外顶尖期刊发表的103篇中层管理者文献进行分析,提出一个整合的中层管理者概念框架.本文首先对中层管理者的概念内涵及其在战略过程中的角色作用进行系统阐述;接着分别梳理了中层管理者在战略决策和战略执行过程中的作用机理;最后,总结了现有研究的不足并提出在中国制度文化和数字化情境下开展中层管理者研究的建议.本文构建了中层管理者研究的整体概念框架,厘清了中层管理者参与企业战略过程的作用机理,提出了中国情境下未来研究的发展方向,为进一步推动中层管理者研究的发展奠定了基础.

Antioxidant vitamin supplements (AVSs) are widely used among breast cancer survivors. Whether post-diagnosis use of AVSs would impair cancer survival is unclear. To assess the association between breast cancer survival and post-diagnosis AVSs use. We performed a literature search using PubMed, Cochrane Library, and Embase from their inception to October 1, 2020. Studies that investigated the association between breast cancer survival and post-diagnosis AVS use included. The AVSs included 1 or more of the following: vitamin A, C, or E. The meta-analysis included 8 studies with 17,062 patients. There was no significant difference between AVS use or not after diagnosis (HR 0.92, 95% CI 0•82-1•03) or during chemotherapy (HR 1.15, 95% CI 0.78-1.68) in overall survival (OS). Whenever during chemotherapy or after diagnosis, AVS users had a worse prognosis in the later studies. There was no significant inverse association between post-diagnosis vitamin A or E supplements use and OS. Vitamin C intake after breast cancer diagnosis was significantly associated with better OS (HR 0.84, 95% CI 0.76-0.93). Our findings suggest that post-diagnosis AVSs use would not worsen breast cancer survival, while vitamin C use after diagnosis might benefit OS. The discrepancy of survivals associated with post-diagnosis AVS use between earlier and later studies may cast doubt on the recommendation on guidelines. RCTs with large sample sizes are needed.

张燕(2021)在总结近20年来发表于Academy of Management Journal(AMJ)和Strategic Management Journal(SMJ)的战略领导研究的基础上,指出战略领导研究未来仍将是研究热点.本文在此基础上提出在中国企业内战略领导是企业竞争优势的最为重要的影响因素,因而也应该成为中国企业战略管理研究的重点.本文进一步指出针对中国企业战略领导进行研究具备独特的研究机会,但同时面临严峻的挑战.基于此,本文尝试给出进行中国企业战略领导研究的最佳实践建议.