This study examines the impact of emotional factors and knowledge spillover on the behavioral tendencies of firms, universities, and research institutions within dynamic collaborative innovation environments. Drawing on Rank-Dependent Expected Utility (RDEU) theory with integrated emotional functions, we develop a collaborative innovation model to investigate how knowledge spillovers and emotions shape cooperative dynamics. The results show that players' emotional states exert a nonlinear influence on strategic decisions, with outcomes determined not by optimism or pessimism alone, but by the intensity of emotions and mutual expectations. Furthermore, knowledge spillovers condition these dynamics by weakening cooperative incentives among optimistic players, while strengthening the willingness of more cautious players to sustain collaboration, with cooperative stability evolving across different stages of interaction. These findings provide new insights into the strategic processes of collaborative innovation from both emotional and knowledge spillover perspectives, offering governance implications for enhancing cooperation among industry, universities, and research institutions.

While foreignness has traditionally been viewed as a liability, recent scholarship increasingly argues that it can also serve as a potential asset. Drawing on research on locational dependencies, this study explores the host-country institutional context as a driver of the asset of foreignness, emphasizing how heterogeneity in foreign dependencies across host locations shapes the advantages that foreign firms can derive. Using a unique sample of intellectual property (IP) lawsuits in Chinese courts, we find that, in general, firms with higher levels of foreign ownership are more likely to win IP lawsuits. We elucidate the underlying mechanism by showing that the effects of the asset of foreignness are amplified when host markets are more economically and technologically dependent on foreign investment. Our additional analyses further suggest the coexistence of the liability and asset of foreignness, indicating that not all firms benefit equally from foreignness. This study advances research on international business and locational dependencies by highlighting the context-contingent nature of foreignness.

Government Public Data Openness (GPDO) has become a critical component of digital infrastructure, yet its role in fostering firms’ digital-green transformation synergy remains underexplored. Unlike prior studies that examine digitalization or environmental policies in isolation, this study investigates whether and how GPDO promotes the coordination of digital capabilities and green objectives at the firm level. Using panel data of Chinese A-share listed firms from 2007 to 2024, we exploit the staggered rollout of municipal open data platforms as a quasi-natural experiment and apply a multi-period difference-in-differences model to estimate the causal impact. The results show that GPDO is positively associated with firms’ digital-green transformation synergy based on quasi-natural experiment evidence, and findings remain robust to parallel trend tests, placebo checks, propensity score matching, and instrumental variable approaches. Mechanism-related evidence is consistent with a synergy-formation framework: GPDO reduces information asymmetry and strengthens external evaluation, facilitates supply-chain digitalization as a collaborative application scenario, and enhances firms’ adaptive integration capability. Further analyses reveal heterogeneous effects across institutional contexts, significant positive industry spillovers, negative spatial spillovers to neighboring regions, and nonlinear threshold effects related to regional digital infrastructure and firm-level digitalization. This study highlights GPDO as a novel institutional driver of digital-green transformation synergy and provides actionable insights for promoting sustainable transformation in the digital economy.

This study examines the impact of foreign ownership on a firm's litigation risk. Drawing on corporate governance and signaling perspectives, we propose that foreign ownership functions as a monitoring mechanism, enhancing corporate governance, while also signaling to potential litigants that the focal firm may be more costly and challenging to litigate against. Therefore, foreign ownership helps mitigate litigation risk. Importantly, we emphasize the heterogeneity of foreign ownership by distinguishing between foreign institutional and corporate ownership, as well as considering the country of origin of foreign investors. Additionally, we find that a firm's analyst coverage and outward internationalization can substitute for the impact of foreign ownership. These findings contribute to international business and corporate litigation literature by unpacking the deterrent effect of foreign ownership on litigation risk.

Institutional environment is a very important factor in studying cross-border mergers and acquisitions (M&As). However, the role of the institutional environment in influencing cross-border M&A premiums is understudied. This gap is important because it is a common but an under-recognised phenomenon that emerging economies, such as China, often overpay in acquiring foreign targets. To fill this gap, we study the role of institutional environment in affecting the size of acquisition premium. Based on cross-border M&A data of Chinese multinational firms, we find a positive relationship between institutional distance and premiums. The larger the institutional distance between home and host countries, the larger premium paid for the target firm. Furthermore, to better understand the nature of the institutional environment, we study the distinctive characteristics of the host country which is often referred to as institutional quality. Results show that a good institutional quality of the host country reduces the premium. In addition, when the acquiring and target firms are in related industries, the effect of institutional distance on the acquisition premiums is mitigated. Furthermore, the acquiring firm's cross-border M&A experience is unhelpful in reducing the premiums.

This study investigates how the motivations of firms to expand internationally via exporting in rather different contexts can be explained through either the more traditional “ability to export” as held in the resource-based view of the firm or with a behavioral theory perspective. In a riskier context with numerous roadblocks to international trade and investment, this study found support for the behavioral perspective, showing that under- and over-performing firms in that challenging context tended to export more as a result of problemistic search and slack search, while the firms performing around their aspiration levels tended to export less. And this effect proved stronger for smaller firms and non-state enterprises. In contrast, when the conditions for international expansion turned less risky, due to reduced trade barriers, clearer rules and adjudication, the better-performing, larger, and state-owned firms with more resources tended to engage in more exporting activities than others, supporting the resource-based explanations for taking fairly bold strategic action. Based on data from China’s pharmaceutical firms in a time of major institutional change during the pre- and post-WTO periods, this study revealed that firms’ incentives and propensity for undertaking exports change, with changes in the context and the relevant risks. This underscores the importance of selecting and applying theories judiciously when examining firms' international expansion behaviors, particularly given significant contextual change.

This study develops a comprehensive four-factor model to analyze the factors that influence knowledge agglomeration. To test the model empirically, we use a dataset from firms in China’s digital industry and employ the structural equation model and RM-DEMATEL method to determine the relationship between these factors and their impact on knowledge agglomeration. We find that effectiveness, coupling, and talent synergy have significant positive impact on knowledge agglomeration. Instead, knowledge concentration has an inverted U-shaped relationship with knowledge agglomeration. In addition, knowledge concentration moderates the relationship between knowledge effectiveness, coupling, talent synergy, and knowledge agglomeration. Based on these findings, we construct a multi-dimensional indicator system that allows us to assess more extensively the roles of those factors, we find that knowledge concentration is a fundamental factor in this system. The density and speed of concentration and knowledge causality also play important roles. Our findings offer a theoretical framework for firms in developing their knowledge management strategies.

This study establishes the link between multi-dimensional interaction of knowledge transfer paths and digital innovation capability from both macro-global (native, cross-border) and micro-knowledge type (auxiliary and complementary) perspectives. Using the data of Chinese firms, we find that the matching of the "supply" of native knowledge network and auxiliary knowledge "demand" is more conducive to the improvement of digital innovation capability than matching of the "demand" of complementary knowledge. The matching of the "supply" of cross-border knowledge network and the "demand" of complementary knowledge are more conducive to the improvement of digital innovation capability than matching with the "demand" of auxiliary knowledge. Digital environment scanning capability and knowledge flow coupling moderates the relationship between complementary and auxiliary knowledge transfer and digital innovation capability. Our findings have important implications for the construction of digital innovation network systems.

随着世界各国对节能减碳关注度的不断提升,绿色创新作为企业可持续发展的重要实践,能否提升中国企业跨国并购成功率,进而实现高质量走出去值得关注.文章从合法性视角出发,基于中国上市企业跨国并购数据,讨论了绿色创新对企业跨国并购实现的影响.研究发现,绿色创新作为一种合法性获取策略,改变了东道国对于中国企业并购行为的推理,缓解了东道国对并购交易的合法性担忧,提升了跨国并购的成功率.机制分析发现,绿色创新通过提升企业社会责任绩效,进而促进跨国并购交易顺利完成.当企业承受的合法性压力不同时,绿色创新作为合法性获取策略的实施效果也有所不同.具体地,当东道国为发达国家,并购方为重污染行业,并购方未通过质量认证或分析师关注度较低时,绿色创新对跨国并购成功率的正向影响增强.文章的研究结论不仅丰富了绿色创新与跨国并购的相关研究,深化了对合法性理论的理解,而且为中国企业应对国际绿色规则和确立绿色竞争优势提供了理论指导.

This study examines how informal institutions at the home country subnational level drive the foreign direct investment (FDI) of firms from emerging markets, where informal institutions play a salient role because of the underdevelopment of formal institutions. Integrating the institutional escape view and institutional support view, we argue that social trust, as a critical dimension of informal institutions, affects firms’ FDI decisions. Using a sample of publicly listed firms in China, our empirical analysis finds an inverted U-shaped relationship between subnational social trust and the likelihood of firms’ international expansions. Furthermore, this relationship is contingent on firms’ affiliations with business groups.

伴随着中国崛起和中国企业发展,对于中国企业管理的研究受到越来越多的重视.而早在30年前就有一群先行者率先在国际顶级期刊发表研究成果,分析中国企业面对的挑战和取得的成就,把中国情境、中国元素和中国模式介绍给世界管理学界.这些学者的开拓精神和工作对于中国管理学的发展乃至全球管理学的构建奠定了基础.中国企业的快速发展为现代管理学的发展提出了新的问题,对于现有的理论形成了挑战.基于中国企业实践的理论构建是摆在中国管理学者面前的重要任务.

数字技术进步和数字经济发展赋予了企业新的发展空间和能力,同时也带来新挑战.数字化转型的成功将助力企业高质量发展.在此过程中,企业自身的竞争战略选择亦发挥不可或缺的作用.基于此,本文利用沪深两市上市公司2010-2019年数据,运用机器学习与文本分析技术构建了企业数字化转型与竞争战略指标,实证检验了企业数字化转型过程中竞争战略选择如何影响企业全要素生产率.分析结果显示,虽然数字化转型整体提升了企业全要素生产率,但两者之间呈非线性的倒U型关系,适度的数字化转型最有利于企业高质量发展.这一结论在考虑了内生性问题后仍然成立.同时,企业传统的竞争战略和新型数字化业态形式存在协调问题:成本领先战略会抑制数字化转型带来的全要素生产率提升;而差异化战略对数字化转型的积极作用没有影响.进一步研究发现,成本领先战略与数字化转型不适配带来的负面影响在国有企业、行业竞争度较高和所在城市数字普惠金融发展水平较高的企业样本中得到缓解.本文研究结论为企业推进数字化转型、塑造新型战略认知,助力高质量发展提供了明确启示.

引进战略投资者是新时期混合所有制改革的一种重要方式.然而,混合所有制的相关理论发展滞后于实践探索,对于国有股东与战略投资者如何混合,才能实现价值共创的问题仍缺乏系统性阐释.基于对中国联通和云南白药混改实践的深度探索,本文将国有股东与战略投资者的混合分解为权力维度的"混",以及资源与治理维度的"合".通过在数据、文献与理论之间的反复对接和迭代分析,本文尝试构建了国有股东与战略投资者"混"与"合"的理论模型.研究发现,国有股东与战略投资者的混合过程涌现出了两种模式:一是国民共享,即国有主导的权力平衡与"治理优化+资源协同"的战略组合相匹配;二是国民共治,即民营主导的权力平衡与"治理重构+资源重配"的战略组合相匹配.本文为理解国有股东与战略投资者的混合过程提供了系统性理论框架,治理建构差异的发现有助于丰富代理理论,资源整合不同的提出有助于拓展资源基础理论,同时也挑战了混合所有制实践强调"改"而忽视"合"的传统认知.

Emerging digital technology are bringing convenience to the global economy and transforming business organizations.The structural changes brought about by digitalization are particularly significant for enterprises in traditional industries.Starting from the perspective of the debate between structure and agency in sociology,this paper first discusses the necessity of digital transformation of traditional manufacturing enterprises under the background of digital economy,and then explains the drivers and potential obstacles of digital transformation from the perspective of the coexistence of structure regulation and agency initiative.Based on this,this paper further studies the practice of enterprise digital transformation,and proposes a three-stage model of organizational adaptation(EEI model),namely,the experimentation period(partial digitalization),the expansion period(platform digitalization)and the integration period(ecosystem digitalization).Each of these three stages has its own independent characteristics,and is also an indispensable link in the process of enterprise digitalization,which determines the continuity and integrity of its transformation.The three-stage evolution model based on the structure and agency perspective has important theoretical and practical significance for enterprise digital development.

Research Summary What affects organizational units' propensity to learn from each other? Extending the insights of upper echelons theory to the business unit level, we examine the relationship between executive narcissism and inter-unit knowledge transfer. We predict that the narcissism of executives heading business units is negatively related to a unit's receptivity to knowledge emanating from other units. We further theorize that the effect of narcissism is reduced when there is high environmental complexity or dynamism as these challenging situations provide narcissists an excuse for external learning. Conversely, the effect is amplified when high perceived inter-unit competition enhances narcissists' distinctiveness-seeking tendencies. Using a two-wave, multisource survey design and collecting primary data from 118 business units of a headhunting company in China, we find strong support for hypotheses. Managerial Summary Knowledge transfer among business units inside a multi-unit firm is beneficial to firm performance but is never easy. Our research suggests that narcissistic executives are likely to impede inter-unit knowledge transfer, because their sense of superiority may lead them to overestimate the value of internal knowledge and underestimate the value of external knowledge. This tendency is dampened in complex and dynamic environment which give narcissists an excuse for external learning. Conversely, this tendency is amplified by high inter-unit competition which motivates narcissists to seek distinctiveness with other units. Thus, when seeking to promote inter-unit knowledge transfer, firms should be aware of the crucial impact of executive narcissism, and more importantly be careful when undertaking relative performance evaluations or other similar practices which strengthen inter-unit competition.

传统跨国企业的子公司作为企业国际经营的主要载体,在数字经济时代其角色正在发生转变.基于内部化理论的视角,本文首先提出了扩展该理论的必要性,并通过引入准内部化的机制视角,分析了影响数字经济时代跨国企业子公司角色转变的两大因素:一是东道国本地组织基于交易特征的能力,包括当地市场需求、数字技术及数字基础设施;二是东道国的制度系统,包括合法性建立、实体制度及符号规则.前者决定了数字交易优势,后者决定了数字制度优势.基于此,本文运用类型学的分析手段,引入二维概念框架,讨论了数字时代子公司的四种角色,即数字中心、试验田、实践平台、孵化工厂.此外,这一框架还可被应用于跨国企业国际经营中的进入模式选择和跨境知识转移的分析.进一步研究发现,数字交易优势影响公司间的知识转移行为,而数字制度优势则影响跨国企业在东道国的所有权选择.

随着前期国际化进程所带来的国家间经济和政治实力对比的改变,发达国家开始对于原有国际间分工体系、投资贸易体系以及国家政治影响力的分布产生了越来越多的质疑和不满,试图推动国际秩序的调整和重构.深入思考和研究中国企业在国际秩序演化条件下的全球化问题,对形成中国"国内大循环为主体、国内国际双循环"的新发展格局,推动中国企业实现高质量的新型国际化,有着十分重要的意义.本文在自然科学基金委管理科学部"十四五"规划相关领域的前期专家讨论意见的基础上,凝练形成了该领域五个未来研究方向,并就每个方向给出了典型科学问题示例.

基于战略群组理论视角,以中国互联网企业为样本,研究了企业战略特征与App发展策略之间的关系.结果显示,具有不同战略特征的互联网企业,在开发其第一或第二App的侧重选择上应遵循不同甚至相反的策略:对于业务规模较大或业务范围较宽的企业,努力发展第二App更有利于绩效;而对于业务规模较小、范围狭窄的企业,集中发展其第一App更有利;业务规模和范围之间的交互作用还会加强上述结论.研究结果表明,战略特征差异会影响开发App的行为选择及结果;而且,各战略特征不仅是单独发挥各自的影响,它们还会互相作用而产生综合影响.

跨国技术转移在过去 70 年里对于我国经济社会的快速发展起到了至关重要的作用.为了更好地梳理和总结新中国成立以来我国跨国技术转移的政策与实践,本文将 70 年来跨国技术转移的过程划分为五个阶段,对各个阶段发展的时代背景、模式特征、重点政策和主要成就进行回顾,进而讨论 70 年来我国跨国技术转移实践的基本经验和教训.最后探讨了新时代跨国技术转移与知识产权保护、跨国技术转移与自主创新问题.