实体零售业互联网创新演进机理--基于适应性营销能力的多案例研究

互联网创新已成为数字化时代实体零售业业态演进的主要目标。众多实体企业面临着从传统店铺零售转型为互联网零售方式的转型难题。本研究基于适应性营销能力理论,探讨了实体零售业从互联网转型战略到互联网转型项目实施过程,并构建了实体零售业互联网演进能力迁移的理论框架。研究发现:①适应性营销能力是解释实体零售业演进能力迁移的关键,实体零售企业互联网演进过程可以按照"互联网战略导向→适应性营销能力→组织政治策略→绩效"的关系进行表述;②实体零售业转型的主要战略是互联网市场导向和互联网技术导向,战略选择是基于企业自身资源基础和相对优势的分析;③实体零售业组织在互联网创新的角色具有双面性,即鼓励创新又适当妥协。研究结论进一步丰富了零售业演进理论和适应性营销理论的相关研究,对当前互联网环境下企业如何实施互联网战略转型具有实践指导意义。     

The Role of Dialectical Interrogation in Review Studies: Theorizing from What We See Rather Than What We Have Already Seen

Review-centric works receive increasing attention for generating insightful contributions to management and organization studies. Despite this, the literature on theory building has taken little note of their place in the theorizing process. This deserves attention, however, given the challenges reviews face in theorizing in the absence of new empirical observations. Accordingly, these works run the risk of merely summarizing ‘what we have already seen’, instead of ‘maximizing what we see’. Drawing on the strategies of theorizing from similarities and theorizing from anomalies, we propose dialectical interrogation as a critical step in theorizing through which review scholars imaginatively engage in a back and forth inquiry between the phenomenal world of a given field and existing theory. By analysing selected review studies from top management journals, we reveal that theorizing outcomes occur through two ways of dialectical interrogation (consolidative and disruptive). We contribute by demonstrating that review scholars can enter into powerful theorizing through the consolidative or disruptive interrogation of the review data with extant theory to detect emergence and novelty alongside puzzles, conflicts and paradoxes. Dialectical interrogation can address the shortcomings of current theorizing in review-centric works and bears potential for advancing theories of management and organization studies.     

高质量发展视角下区域创新能力的提升路径 ——以南京市江宁区为例

我国经济已由高速增长阶段转变为高质量发展阶段,实现高质量发展是新时代我国经济发展的根本要求。高质量发展与创新驱动紧密关联,必须多举措协同提升区域创新能力。区域创新能力是指一个地区将知识转化为新产品、新工艺、新服务的能力,代表了创新要素在一定区域内聚集、整合以及推动区域可持续发展的基本能力。为了有效提升区域创新能力,必须强化区域创新的综合保障、构建区域创新综合生态体系、促进创新创业项目孵化与成果转化、强化区域制造业发展相关的创新活动等。以南京市江宁区为例对此进行了分析,该区积极实施战略科技引领计划,不断强化创新工作,通过促进区域创新平台建设、区域创新的服务支撑体系构建、高端创新资源在区域的聚集、区域制造业创新发展及合理布局等,不断增强区域创新能力,有效支撑了区域高质量发展。     

Economic policy uncertainty and mergers and acquisitions: Evidence from China

This study examines the relationship between economic policy uncertainty and mergers and acquisitions (M&As) in China. Using all listed Chinese companies on the Shanghai and Shenzhen Stock Exchanges as well as 4188 ​M&A deals from the period of 2001–2018, we show that Chinese firms are more likely to make acquisitions during periods of high economic policy uncertainty, which contradicts the behavior of US firms. We further show that state-owned enterprises (SOEs) are less likely than non-SOEs to make acquisitions during periods of high economic policy uncertainty. SOEs are less likely to use only cash for their acquisitions during periods of high economic policy uncertainty. These results indicate the prudence of SOEs regarding acquisitions relative to non-SOEs during periods of high economic policy uncertainty. Moreover, acquisitions during periods of high economic policy uncertainty are associated with an increase in shareholder wealth for acquirers, and this wealth effect is more pronounced for SOEs.     

Considering the nuclear option: Hidden benefits and social costs of nuclear power in the U.S. since 1970

Although burning fossil fuels has environmental consequences, many countries have switched away from nuclear power in favor of fossil-fuel fired electricity production after incidents at Three Mile Island, Chernobyl, and Fukushima. This study estimates the substitution between nuclear and fossil-fuel fired electricity generation in the United States. Using an event-study framework, we leverage nuclear plant openings from 1970 to 1995 and forced nuclear plant outages from 1999 to 2014. Plant openings (nuclear outages) reduce (increase) monthly net coal-fired generation by approximately 200 GWh, implying a considerable reduction (increase) in emissions. We find that the substitution between nuclear and coal is not one-to-one, as has been assumed in prior literature. After establishing these stylized facts, we explore the potential underlying forces driving the observed substitution between coal and nuclear.     

Moving markets? Government bond investors and microeconomic policy changes

Do sovereign bond markets react systematically to microeconomic policy reforms? Some observers suggest that investors are very attentive to supply‐side policies such as those related to labor markets, corporate taxation, and product standards. They argue that, along with macroeconomic outcomes and broad financial market conditions, such reforms affect sovereign bond premiums, for developed as well as emerging economies. In contrast, we predict few systematic effects of supply‐side policy reforms on sovereign bond market outcomes. Our theory draws on a standard three‐equation model of the economy, widely accepted among economic and finance professionals. That model makes few clear predictions regarding the anticipated effects of microeconomic policy changes; as a result, we expect that such reforms will not generate systematic market reactions. Our analyses, based on daily data from 37 countries from 2004 to 2012, indeed reveal little evidence of a systematic bond market reaction to the 47 most significant reforms to corporate taxation and labor market regulation. These results call into question the notion that “bond market vigilantes” play a central role in compelling governments to enact specific microeconomic policy changes.     

Market Reactions to Corporate Governance Ranking Announcements: Evidence from Taiwan

This study examines whether market participants react to the announcements of corporate governance ranking exercises. As a regulatory innovation, the Financial Supervisory Commission in Taiwan initiated and administered two ranking exercises, one in 2015 and the other in 2016, on all publicly listed companies. Adopting anchoring-and-adjustment theory, the study predicts that market participants will react strongly to the second announcement if the ranking obtained in the second exercise turns out to be better than the ranking in the first round. Employing an event study methodology, the study shows that market participants react positively and significantly to firms ranked in the top 50% in the second corporate governance exercise. Their reactions to the announcement are even stronger among those that did not list in the top 20% in the first exercise, but made it into the top 50% in the second one. Overall, our analyses support that anchoring-and-adjustment theory effectively explains market participants’ behaviour. Since the monitoring of the board of directors and investors may not effectively mitigate the potential moral hazard committed by family owners/executives, our empirical evidence demonstrates that a ranking exercise probably can be employed to supplement routine corporate governance disclosures made in annual reports, in order to strengthen the check-and-balance mechanism and reduce the risk of principal–principal conflicts. In conclusion, we discuss the implications of the research findings and propose directions for future studies.     

The impact of forced divestments on parent company stock prices: Buy on the rumor,sell on the news?

We measure how warnings of expropriation and forced divestments of private property affect the stock prices of parent companies. We use a unique database of 116 events in 12 countries from 2005 to 2013. Our results show that different types of warnings have significant negative effects on stock prices, and the largest effect is from a warning that takes the form of a transitory permit revocation. In the case of forced divestments, we find a significant negative impact when a permit is permanently revoked. However, nationalizations are associated with a positive market reaction.     

The impacts of COVID-19 on the global airline industry: An event study approach

This study examines the short-term impact of the 2019 novel coronavirus (COVID-19) outbreak on 52 listed airline companies around the world by using event study methodology. The results demonstrate that airline stock returns decline more significantly than the market returns after three major COVID-19 announcements were made. Overall, investors react differently during the three selected events. The strongest overreaction is noted in the post-event period of the World Health Organization's and President Trump's official announcements. Moreover, the findings confirm that traders in Western countries are more responsive to recent information than the rest of the world. The findings call for immediate policy designs in order to alleviate the impact of the pandemic in the airline industry around the globe.     

Consumer relationship fading

This paper explores the phenomenon of consumer relationship fading with a series of three adjacent studies. Analyzing two longitudinal behavioral datasets, Study 1 shows that about one-third of the relationships could be described as fading. Drawing on prior work in the marriage disaffection literature, Study 2 defines relationship fading for the consumer marketing context as a process of gradual decline in consumers' intention to continue their relationship with a brand, generally manifested in negative feelings toward the brand, diminishing frequency and/or volume of transactions with it, and initiation of switching intentions. It further identifies disillusion, disaffection, and crossroads as three distinct fading stages, and outlines boundary conditions. Study 3 observes relationship fading through a diary study approach and finds attitude movement in both positive and negative directions between the stages. Further, while positive attitudes generally decline over the course of the fading trajectory, negative emotions peak at the penultimate fading stage and then level off at the final, crossroads stage. By defining and analyzing consumer relationship fading, we improve understanding of an under-researched, large segment of consumers.