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The mechanism analysis uncovers that this system enhances the green innovation of enterprises by strengthening the environmental regulatory pressure of the government and the environmental compliance pressure of enterprises, reflecting both regulatory and deterrent effects. The results of the extended analysis indicate that the promotion effect of the environmental supervision system on green innovation in enterprises through random sampling is more evident in the state-owned enterprises and the enterprises located in the areas with less financing constraints, lower agency costs, and stronger intellectual property protection. In addition, the random inspection of the environmental supervision system not only significantly improves the environmental performance of enterprises and demonstrates their environmental effectiveness, but also significantly improves their economic performance and demonstrates their economic effectiveness. Therefore, it is necessary for the government departments to actively carry out the random inspection of the environmental supervision system, strengthen intellectual property protection and take measures to alleviate the financing constraints faced by enterprises during the process of green innovation. Meanwhile, enterprises should further improve the corporate governance mechanism and reduce agency costs, so as to promote the level of corporate green innovation. Reference | Related Articles | Metrics | Comments（0） Select Industry Intellectualization and Employee Incentive System Design: Evidence from Employee Stock Ownership Plan BAI Yu-fan, QIAO Hui-ying, LUO Hong, LIU Bao-hua Contemporary Finance & Economics    2024, 0 (10): 100-112.   Abstract （23）            Knowledge map    Save With the widespread application of industrial robots, the Chinese labor market is undergoing a profound transformation. Faced with this challenge, how enterprises can respond to this change and promote high-quality development through effective employee incentive strategies has become a question that decision-makers must seriously consider. The empirical analyses from the perspective of employee equity incentives show that, with the deepening application of industrial robots, firms are inclined to implement employee stock ownership plan, which has a higher employee shareholding ratio, longer lock-in period and wider coverage of employees. The motivation test reveals that the introduction of industrial robots has enhanced the willingness of enterprises to accumulate high-quality human capital through employee stock ownership plans, and helps alleviate employees’ concerns about potential opportunistic behaviors in the enterprise, thereby prompting employees to make proprietary investments. Further analysis reveals that in the context of industrial intelligence, to implement employee share ownership plans can significantly promote corporate innovative capabilities. This provides important insights for enterprises to effectively respond to the challenges brought by industrial intelligence through institutional design, thereby achieving high-quality development. Reference | Related Articles | Metrics | Comments（0） Select Unfair Treatment in the Workplace and Employee Voice Behavior: An Adjusted Mediation Model MAO Chang-guo, GUO Lei Contemporary Finance & Economics    2024, 0 (9): 85-97.   Abstract （30）            Knowledge map    Save In daily work environments, unfair treatment with low-intensity frequently occurs and causes significant chronic damages. However, due to its relatively hidden manifestations, it is often overlooked by organizational managers. Using a multi-level linear analysis model, this study explores the impact mechanism and boundary of the two types of low-intensity workplace injustice, i.e., psychological contract breach and uncivilized behaviors, on employee voice behaviors. The analysis based on the survey data of 415 full-time employees from 42 teams shows that both of the two types of unfair treatment can significantly reduce employees' organizational identification, thereby inhibiting their voice behavior. In addition, this indirect effect is moderated by employees' proactive personality and leaders' benevolent style. Specifically, employees' proactive personality will exacerbate the negative impact of psychological contract breach and uncivilized behavior on organizational identification, while leaders' benevolent style will enhance the positive impact of organizational identification on employees' voice behavior. Based on the above research conclusions, managers should pay attention to low-intensity workplace injustice and deeply understand their impact mechanisms under different leadership styles and employee characteristics. By means of institutional design, cultural training, and management incentives, they should adopt targeted preventive measures and intervention strategies, so as to create a harmonious and healthy organizational environment. Reference | Related Articles | Metrics | Comments（0） Select The Value of Brand: Brand Capital and Corporate Earnings Management XU Ye-kun, ZHENG Xiu-feng Contemporary Finance & Economics    2024, 0 (9): 98-110.   Abstract （41）            Knowledge map    Save Brand capital, as a vital intangible asset, has a profound influence on firms' financial decision-makings. Utilizing The National Tax Survey data from 2010 to 2016, and on the basis of estimating enterprise brand capital with perpetual inventory method, this paper empirically examines the impact of brand capital on corporate earnings management and its mechanisms. The findings indicate that corporate brand capital can suppress the earnings management behavior of corporate management. The analysis of the mechanism of action shows that brand capital has financial effects, reputation effects, and supervisory effects, thus brand capital can suppress management's earnings manipulation behaviors. Further analysis reveals that this inhibitory effect of brand capital on earnings management is more pronounced in enterprises with higher complexity and those belonging to the consumer goods industry. The analysis of economic consequences indicates that the inhibitory effect of brand capital on earnings management can enhance the value of the enterprise. Therefore, the relevant government departments should support enterprises to implement brand strategy, constantly improve the policies and supporting measures related to corporate brand strategy, thus promote the high-quality development of enterprises. Reference | Related Articles | Metrics | Comments（0） Select Harmony is Precious and Beautiful: Digital Transformation and Corporate Cooperation Culture CHEN Xiao-shan Contemporary Finance & Economics    2024, 0 (8): 85-99.   Abstract （78）            Knowledge map    Save While empowering traditional technological innovation and reshaping enterprise resources and capabilities, can digital transformation promote the changes in corporate culture and organization? Combining the traditional Chinese virtue of“harmony is precious and beautiful”, this paper conducts an empirical research based on data from the A-share listed companies from 2010 to 2022. The findings shows that digital transformation can help to enhance corporate cooperation culture, mainly through the two paths of alleviating information asymmetry and improving corporate ESG performance. The heterogeneity analysis reveals that the positive effect of digital transformation on corporate cooperation culture is more pronounced in the enterprises of large-scale, non-capital-intensive, or with higher proportion of institutional investor shareholding, and the positive media coverage can strengthen the relationship between the two. The analysis of economic consequences shows that digital transformation can help promote corporate innovation by enhancing their collaborative culture. Based on the above research conclusions, it is recommended that enterprises should seize the opportunity of digital transformation in a timely manner, actively cultivate a corporate culture of keeping promises and pursuing win-win cooperation. Government departments should promote long-term assistance policies for digital transformation tailored to enterprises and establish sound cooperation and communication platforms between enterprises. Reference | Related Articles | Metrics | Comments（0） Select How Does Pro-Clean Government-Business Relationship Affect Corporate ESG Performance WANG Fan-lin, GUO Yu-hang, LI Shao-qing Contemporary Finance & Economics    2024, 0 (8): 100-111.   Abstract （51）            Knowledge map    Save The performance of enterprises in environmental, social, and governance (ESG) aspects cannot be separated from the support and guarantee of the institutional environment. Taking A-share listed companies in Shanghai and Shenzhen stock exchanges from 2017 to 2021 as samples, this study explores how pro-clean government-business relationship affects corporate ESG performance. The findings show that pro-clean government-business relationship can significantly improve corporate ESG performance. The mechanism analysis reveals that the pro-clean government-business relationship mainly enhances corporate ESG performance through the two channels: improving the external financing environment and suppressing the short-sighted behaviors of corporate management. Further analysis reveals that the“clean”dimension of the government-business relation plays a major role; and in enterprises registered in provincial capitals or municipalities, belonging to non-heavily-polluting industries, with a high degree of digital transformation, and with a higher proportion of institutional investors holding shares, the pro-clean government-business relation can significantly improve corporate ESG performance. Based on the above research conclusions, it is recommended that local governments should actively build pro-clean government-business relationship to optimize financing channels. Meanwhile, enterprises should overcome short-term profit seeking behaviors, so as to achieve long-term sustainable development. Reference | Related Articles | Metrics | Comments（0） Select Registration System Reform, Supply Chain Relations, and IPO Pricing Efficiency WANG Sheng-nian, ZHANG Nan Contemporary Finance & Economics    2024, 0 (7): 88-103.   Abstract （25）            Knowledge map    Save The important goal of comprehensively implementing the registration system reform is to improve the pricing efficiency of the capital market. Taking A-share IPO companies from 2010 to 2022 as research samples, this study explores the impact of supply chain relationships on IPO pricing efficiency and its mechanism. The empirical results indicate that supply chain concentration has reduced the efficiency of IPO pricing, which is manifested as the risk effect of supply chain relationships on IPO companies, while the registration system reform has effectively alleviated the negative relationship between the two. The mechanism test reveals that supply chain concentration can reduce IPO pricing efficiency by affecting the business prospects and information environment of IPO companies. Further research has found that the industry reputation of suppliers/customers and their geographical proximity can alleviate the negative relationship between the two. The low reputation underwriters and their participation in follow-up investment have intensified the negative relationship between the two. The intensification of supply chain concentration has led to an oversupply of IPO funds, suppressing the first day IPO burst. Therefore, the regulatory authorities should improve the supporting system for the registration system reform, strengthen the auditing inquiry of enterprises with higher supply chain concentration, improve IPO pricing efficiency, and ensure that the market plays a key role in resource allocation. Reference | Related Articles | Metrics | Comments（0） Select How Flexible Human Resource Management Drives Employee Self-Leadership: From the Perspective of Dynamic Status GAO Feng, LUO Wen-hao, WANG Man-yi Contemporary Finance & Economics    2024, 0 (7): 104-115.   Abstract （30）            Knowledge map    Save In today’s increasingly complex and volatile business environment, employee self-leadership plays an important role in the survival and development of an organization. However, how to promote employee self-leadership through effective management practices still needs to be further explored. Based on the dynamic status theory, this paper analyzes the affecting mechanism of flexible human resource management on employee self-leadership, especially the mediating role of the status seeking motivation of the employees between the two and the moderating role of universal concept of leadership. The analysis of the data of 439 longitudinal employee questionnaire at three different time points shows that flexible human resource management is positively correlated with employee self leadership, and that status pursuit motivation plays a mediating role in the relationship between the two. When the general concept of leadership among employees is lower, flexible human resource management has a stronger positive relationship to affect employee self-leadership through status seeking motivation. Based on the above conclusion, in the new environment of human-machine coexistence, managers should attach importance to establishing flexible human resource management, pay attention to the cognitive characteristics and motivational factors of employees, and transmit signals of variable status to employees, thereby stimulating their status pursuit motivation and self-leadership behaviors. Reference | Related Articles | Metrics | Comments（0） Select Multiple Large Shareholders and Corporate ESG Performance TAN Lin, LIU Jiang-tao Contemporary Finance & Economics    2024, 0 (6): 84-97.   Abstract （95）            Knowledge map    Save The question of whether good stakeholder relationships can solve a wider range of ESG issues has attracted much attention. As the most direct stakeholders of a company, the major shareholders usually have a significant impact on the formulation and implementation of corporate strategy. Taking A-share listed companies from 2009 to 2021 as samples, this study examines the impact and mechanism of multiple large shareholders on corporate ESG performance. The results indicate that the multiple large shareholders can improve corporate ESG performance. This incentive effect is more significant when there are more major shareholders and a higher proportion of shareholding relative to the controlling shareholder. Furthermore, multiple large shareholders promotes corporate ESG strategic adjustments mainly by alleviating the financing constraints faced by the enterprise and monitoring the opportunistic behavior of the controlling shareholders. In addition, the participation of institutional investors, news media, and external auditors as three external information intermediaries can form a synergistic governance effect with multiple major shareholders, thereby having a positive impact on the relationship between multiple large shareholders and corporate ESG performance. Therefore, policy makers should encourage and support the diversification of corporate equity, fully guide the external stakeholders to play a supervisory and governance role, and promote enterprises to actively practice sustainable concepts. Reference | Related Articles | Metrics | Comments（0） Select Workplace Prestige Syndrome: Scale Development and Validation CAO Yuan-kun, ZHANG Qiong, LUO Yuan-da Contemporary Finance & Economics    2024, 0 (6): 98-110.   Abstract （50）            Knowledge map    Save Talents with high performance and high potential are crucial to the development of an organization. However, the recognition and expectation given by the organization may make them burdened by reputation and bring negative effects to the organization. Therefore, workplace prestige syndrome has important research value and practical significance as an important psychological explanation mechanism to solve the dilemma of“talent curse”faced by organizations. However, there are some limitations in the existing researches on the conceptual connotation and measurement tools of the workplace prestige syndrome, which hinders the development and application of the related researches. Following the standardized procedures, this paper develops the Workplace Prestige Syndrome Scale and works out a structured measurement tool that includes the three dimensions: evaluating, achieving, and working with the prestige. The predictive validity test of this scale indicates that workplace prestige syndrome has a positive impact on emotional exhaustion and work stress. Based on the above research results, organizations should pay close attention to the workplace prestige syndrome, evaluate the effectiveness of talent incentive measures based on the three-dimensional measurement table, and effectively respond to the three different types of reputation difficulties by improving interpersonal communication, ensuring organizational fairness, and enhancing the matching degree between talents and work. Reference | Related Articles | Metrics | Comments（0） Select Humor Advertisement and Consumer Ambivalent Attitude LI Xue-xin, LIAN Yi-zhen, LI Lin Contemporary Finance & Economics    2024, 0 (5): 86-100.   Abstract （86）            Knowledge map    Save Humor advertisement is a common type of advertisements, which is playing an important role in improving consumer product attitudes and promoting the development of the advertising industry. Based on the SOR theory and the elaboration likelihood model, this paper explores the impact, mechanism, and boundary conditions of humor advertisement on consumer subjective and objective ambivalent attitudes with three experiments. The results indicate that, firstly, compared to non-humor advertisement, humor advertisement could significantly exert negative impact on consumers' subjective and objective ambivalent attitudes. Secondly, there are differences in the mechanism of the impact of humor advertisement on consumers' subjective and objective ambivalent attitudes, which could alleviate the subjective ambivalent attitudes from the positive emotion through the peripheral paths, while produce a negative impact on the objective ambivalent attitudes both from the perceived AD credibility through the cognitive path and from the positive emotion through the peripheral path. Thirdly, by enhancing the“distraction effect”and by leveraging the“vampire effect”, the feasibility AD appeals and the desirability AD appeals could respectively moderate the impact of humor advertisement on consumers' subjective and objective ambivalent attitudes significantly. Based on the above research findings, it is suggested that enterprises can use humor advertisements to affect consumers by enhancing their trust in the advertising content, their positive cognitive understanding of the product, and their positive emotions when watching the advertisements. And by changing the means of expression of humor advertisements, enterprises can also achieve the targeted exertion of differentiated effects on the ambivalent attitudes of consumers. Reference | Related Articles | Metrics | Comments（0） Select Digital Transformation and Allocation of Decision-Making Power: Empirical Evidence from Enterprise Groups XU Wen-shuai, PENG Jian-fei, WU Yun-lang Contemporary Finance & Economics    2024, 0 (5): 101-113.   Abstract （59）            Knowledge map    Save Little attention in the existing literature is paid to the impact of digital transformation on the allocation of decision-making power within enterprise groups. By making use of the data of A-share listed companies from 2007-2020, this paper analyzes the relationship between digital transformation and the allocation of decision-making power in enterprise groups. The results show that digital transformation has significantly reduced the the concentration of decision-making power allocation in enterprise groups, and that the down movement of decision-making power can contribute to the better integration between the expertise and decision-making for the subsidiaries, which ultimately increases their innovation output. This conclusion remains robust after controlling the possible endogenous issues. The mechanism analysis shows that digital transformation facilitates decentralized management in enterprise groups mainly by reducing the agency costs of the subsidiaries. It is found through distinguishing the types of digital transformation that both the underlying technology and practical applications of digital transformation contribute to reducing the concentration of corporate decision-making power allocation. The results of the test based on the enterprise characteristics and the compatibility of digital transformation between parent and subsidiary companies show that digital transformation has a more significant impact on the decentralization of decision-making power allocation in non-state-owned and high-tech enterprise groups. The high digitalization of parent companies and subsidiaries is more conducive to the formation of a decentralized governance model in enterprise groups. Therefore, the government authorities should further accelerate the pace of digital transformation to optimize the allocation of decision-making power within enterprise groups, thereby promote the construction of a strong and innovative country. Reference | Related Articles | Metrics | Comments（0） Select “To Have the Source of Flowing Water”: A Study of the Innovation Spillover Effect of Suppliers WEI Qing-fang, WEI Xia-hai Contemporary Finance & Economics    2024, 0 (4): 85-98.   Abstract （74）            Knowledge map    Save Building a supply chain with strong innovation capabilities is a crucial strategic task for China during the “14th Five-Year Plan” period and beyond. Based on the data of supply chain innovation from listed companies, this study delves into the impact of supplier innovation on downstream customer innovation from both theories and experiences. The main findings are as follows: Firstly, suppliers have a certain leading advantage in innovation ability compared to downstream customers, which is reflected in the fact that their invention patent application time is generally earlier than that of downstream customers, and they have a higher number of invention patents in industries highly dependent on innovation driven development. Secondly, supplier innovation demonstrates significant spillover effects, significantly increasing the innovation output of downstream customers. After a series of endogeneity tests and other robustness tests, this conclusion still holds. Thirdly, supplier innovation contributes to promoting knowledge spillover, increasing cooperated innovation and enhancing the R&D efficiency of downstream customers, thereby increasing their innovation output. Fourthly, supplier innovation yields significant economic benefits, boosting the corporate value and growth prospects of the downstream customers. The above findings contribute to a deeper understanding of corporate innovation and supply chain collaboration, at the same time, offering new policy insights to promote the integration of supply chains and enhance innovation capabilities in China. Reference | Related Articles | Metrics | Comments（0） Select The Influencing Mechanism of Internet Celebrity Endorsement on Brand Value in the New Media Environment: The Mediating Role of Fans’ Engagement NIE Xuan, SHEN Peng-yi, XU Ji-nan Contemporary Finance & Economics    2024, 0 (4): 99-112.   Abstract （152）            Knowledge map    Save The rapid development of new media platforms such as Weibo, Bilibili, and Xiaohongshu has spawned a new type of celebrity -- internet celebrity. Hiring internet celebrities as their brand endorsers to attract fans has also become an important brand marketing strategy for companies. However, in the new media environment, the research on how internet celebrity endorsement enhance brand value remains to be further studied. Based on the social influence theory and the relationship strength theory, this paper tries to explore the influencing mechanism and the functional boundary of internet celebrity endorsement on brand value in the new media environment through three experiments. The results show that, compared with the traditional celebrity endorsements, internet celebrity endorsements can significantly enhance brand value.Internet celebrity endorsements can strengthen fans’ engagement and further enhance brand value. When the relationship between brand and endorsers is relatively strong, the positive effect of internet celebrity endorsement on enhancing brand value is more significant than that of traditional celebrity endorsement. When a brand’s endorsement advertisement released on a new media platform contains multiple endorsers, compared with the traditional celebrity endorsement, the positive influence of internet celebrity endorsement on fans’ engagement and the mediating role of fans’ engagement will be weakened. The above conclusion has enriched the relevant researches on the influence of internet celebrity endorsement and fans’ engagement, which has guiding significance for enterprises to implement internet celebrity endorsement strategies in brand marketing. Reference | Related Articles | Metrics | Comments（0） Select Government Demand-Induced Innovation: Empirical Evidences from China’s Green Public Procurement Policy DENG Ke-bin, LI Jia-qi Contemporary Finance & Economics    2024, 0 (3): 83-96.   Abstract （72）            Knowledge map    Save The market-guided green transformation of industrial enterprises is considered a crucial approach to achieving sustainable economic development. Based on China’s green public procurement policy, this paper examines the role of government demands in guiding the green innovations of enterprises by using a multi-period double-difference approach. The result reveals that the government public procurement is the important source of demands in the environment protection products markets, and that the green procurement policy has effectively stimulated the development of green innovations in Chinese industrial enterprises. In this process, the increase in product market competition and the reduction of green R&D risks are the key mechanisms, and the demand pull effect is mainly reflected in the sample of enterprises sensitive to market competition and innovation risks. As an environmental policy focused on demand, the stronger the government’s purchasing power, the clearer the demand for green technology, and the shorter the distance to the final demand, the stronger the guiding role of the green procurement in green innovations. Further study reveals that although the effectiveness of the green procurement policies is significantly better than the similar environmental regulations, which can promote the overall green transformation of the industry, it mainly stimulates the diffusion of environmental technologies rather than breakthroughs. The above findings reveal the incentivizing role and the pathway of government green public procurement on corporate green innovations, indicating that the driving effect of government demand on market demand is an important reason why green procurement has become a powerful tool to stimulate innovations. Reference | Related Articles | Metrics | Comments（0） Select Analyst Attention, Employee Social Comparison, and Corporate Charitable Donations WU Wei, GE Jian-hua Contemporary Finance & Economics    2024, 0 (3): 97-110.   Abstract （60）            Knowledge map    Save The existing researches generally emphasize the role of stakeholders in promoting corporate social responsibility practices, while ignoring the potential conflicts among different stakeholders regarding corporate social responsibilities. When the external stakeholders (analysts) and the internal stakeholders (employees) of a company hold conflicting attitudes towards corporate donations, what changes do corporate charitable donations make? The empirical analysis of Chinese listed companies from 2006 to 2018 shows that although the analyst community is increasingly concerned about and anticipating the charitable performance of enterprises, when the internal employees find that their income is“treated harshly”through social comparison, they will develop a resistance attitude towards corporate donations. In this situation, enterprises will balance the internal and external interest demands to adjust donation amounts. The income gap between employees and corporate executive teams, as well as the income gap with the peers (the employees in the same industry and region), will both significantly weaken the positive impact of analyst attention on corporate donations. The above research conclusions reveal the potential conflicts in corporate social responsibility attitudes among different stakeholders and the triggering mechanisms of employee social comparison, which is beneficial for promoting the researches on corporate social responsibilities under the influence of heterogeneous stakeholder interactions. Reference | Related Articles | Metrics | Comments（0） Select Managerial Power Delegation and Efficiency Loss of Executive Compensation Incentives XU Jia-qian, SHI Ke, XU Li-ping, XIN Yu Contemporary Finance & Economics    2024, 0 (1): 86-99.   Abstract （73）            Knowledge map    Save Based on the manually collected and organized data on the changes in management power in the amendment announcements of the charters of listed companies from 2010 to 2019, this paper adopts a double difference method to test the impact of management power sinking based on the autonomy of the company’s charter on the executive compensation. The findings show that after the management power sinking, both the executive compensation and the excess compensation are significantly increased. Specifically, when the management power sinks, the increase in executive compensation and excess compensation is mainly reflected in a significant increase in scale compensation (rather than performance-based compensation), while the sensitivity of the company’s compensation performance significantly decreases. These empirical evidences support the management power theory. When the management power sinks, the company’s on-the-job consumption increases and the internal and external salary gap widens, but the company’s future business performance and market value have not significantly improved. Therefore, the decentralization of management power according to the autonomy of the company’s charter may lead to efficiency losses in the executive compensation incentives. The internal and external supervision mechanisms of the company, as well as the shareholding of the management, have a restraining effect on the positive correlation between the sinking of the management power and the executive compensation. Based on the above research conclusions, when companies modify their charters to authorize the management, they should pay attention to the potential rent-seeking behaviors of the executives, and achieve appropriate authorization and effective supervision. Reference | Related Articles | Metrics | Comments（0） Select Research on the Trigger Mechanism of Corporate Breaking-Through Green Innovation under the“Dual Carbon”Goal ZENG Jing-wei, LI Xiao-hong, SONG Peng Contemporary Finance & Economics    2024, 0 (1): 100-111.   Abstract （67）            Knowledge map    Save The“dual carbon”goals put forward new requirements for enterprise to conduct green innovations. The break-through green innovation plays an important role in promoting the achievement of the“dual carbon”goals, as it faces the breakthroughs in green technology and the crossing of green technology tracks. However, current studies have not fully focused on how to trigger breakthrough green innovations in enterprises in the context of the“dual carbon”goals. To this end, by adopting the stimulus-organism-response (SOR) theoretical framework and making use of the questionnaire survey data from 287 manufacturing enterprises, this paper explores the impact mechanism of “dual carbon”goals focus - enterprise dual perception - enterprise radical green innovation, and analyzes the moderating role of knowledge power in it. The empirical results show that the “dual carbon”goal focus has a positive impact on enterprise radical green innovation, and the enterprise green innovation mission and market green pressure perception play a mediating role between the two. Knowledge power exhibits a differentiated regulatory effect, positively regulating the relationship between the focus on“dual carbon”goals and the sense of green innovation mission, while negatively regulating the relationship between the focus on“dual carbon”goals and the perception of market green pressure. The above research conclusion opens the black box of the impact mechanism of the “dual carbon”goal focus on enterprise radical green innovation, and provides an important reference for the triggering of enterprise radical green innovation under the“dual carbon”goals. Reference | Related Articles | Metrics | Comments（0） Select Research on the Enhancement Mechanism of Digital Capability on the Innovative Ecosystem Resilience of Platform E-Commerce Enterprises WU Qun, HAN Tian-ran Contemporary Finance & Economics    2023, 0 (12): 81-93.   Abstract （76）            Knowledge map    Save The in-depth promotion of the digital economy has accelerated the complex and changeable market ecology. In the face of the dynamic environment of high-frequency innovation and fierce competition, how to leverage digitalization to improve the resilience of the innovative ecosystem has become an important issue for platform e-commerce enterprises to achieve high-quality development. This paper explores the impact of digital capability on the resilience of the innovative ecosystem of the platform e-commerce enterprises. The results of the empirical test based on 608 questionnaires collected from platform e-commerce enterprises show that digital capability can exert a significant positive impact on the innovation ecosystem resilience of the platform e-commerce enterprises, that the supply chain collaboration plays a mediating effect between digital capability and the innovative ecosystem resilience of the platform e-commerce enterprises, and that the value co-creation willingness can positively regulate the relationship between the digital capability, the supply chain collaboration and the resilience of the innovative ecosystem of the platform e-commerce enterprises. The above conclusions indicate that cultivating digital capability can enhance the shock resistance capability of platform e-commerce enterprises, and enhance the adaptability and learning ability of platform e-commerce enterprises by building a supply chain collaboration platform and improving the value co-creation willingness of innovation subjects, so as to enhance the resilience of the innovative ecosystem of platform e-commerce enterprises. Reference | Related Articles | Metrics | Comments（0） Select Research on the Legitimacy Acquisition and Asset Divestment of Newly Appointed CEOs WU Jiong, LI Han Contemporary Finance & Economics    2023, 0 (12): 94-106.   Abstract （72）            Knowledge map    Save In recent years, the asset divestment behavior of newly appointed CEOs has become increasingly common. Based on the data from A-share listed companies in Shanghai and Shenzhen Stock Exchanges from 2010 to 2021, this study empirically tests the relationship between CEO succession sources and asset divestitures. The findings show that the succeeded CEO from external tends to divest assets. The analysis of the impact mechanism reveals that due to being faced with the more stringent internal and external legitimacy pressures, the succeeded CEO from external needs to adopt the strategies of transmitting signals to the outside and maintaining the internal relationships to establish legitimacy. Therefore, the succeeded CEO from external will divest assets to meet the funding needs for implementing the strategic actions. The results of the heterogeneity analysis reveal that the higher the CEO’s personal risk goals and the higher the company’s economic benefits, the more likely the external successors of CEO is to engage in asset divestment. The new CEOs from non family members or from the external other than family members are more inclined to divest assets. The results of the economic consequence analysis reveal that the asset divestment behavior of the external successors of CEO can improve the short-term performance of the enterprises. To this end, the newly appointed CEO should actively establish legitimacy, make reasonable choices for the company’s resources allocation during asset divestment; the enterprises should promote the coordination and integration between the new CEOs and other executive members; and the external stakeholders need to strengthen their understanding and supervision of the new CEOs and the operation of the enterprises. Reference | Related Articles | Metrics | Comments（0）