Table of Content

28 March 2025, Volume 34 Issue 2 Previous Issue   

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Investigating the Drivers of Oil Price Volatility by Integrating Multi-Source, Mixed-Frequency Uncertainty Information 2025, 34 (2):  296-311.  doi: 10.3969/j.issn.2097-4558.2025.02.001 Abstract ( )   PDF (2805KB) ( )   This paper examines the impact of various factors on the international crude oil price volatility, considering macroeconomic variables, supply and demand fundamentals, speculative elements and other traditional oil price drivers, alongside uncertainty from economic policy, political instability, and other sources. It utilizes one-factor and two-factor GARCH-MIDAS models to analyze these impacts. The empirical results show that supply and demand factors have significant and heterogeneous impacts on oil price volatility, with traditional variables remaining the main drivers. However, the impact of uncertainty factors on long-term oil price volatility should not be ignored, with rising uncertainty in the global and economic policies of major economies leading to increased volatility in the crude oil market. Moreover, the mixed-frequency data model outperforms the standard GARCH model, demonstrating superior explanatory power for oil price volatility when both traditional variables and uncertainty indicators are considered. These findings offer valuable insights for investors and regulators in the crude oil market, enabling them to take targeted measures to address volatility of crude oil prices driven by different risk factors. Related Articles

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Time-Varying Spillover Effects of Global Risk Aversion, International Financial Markets, and the Chinese Crude Oil Futures Market XIAO Jihong, ZHANG Jingyu, ZHANG Yaojie 2025, 34 (2):  312-324.  doi: 10.3969/j.issn.2097-4558.2025.02.002 Abstract ( )   PDF (5200KB) ( )   The TVP-VAR-DY model is used to investigate the systematic spillover relationships among the Chinese crude oil futures market, international financial markets, and global risk aversion, with the aim of uncovering the time-varying connections between the Chinese crude oil futures market and global financial factors. The empirical results indicate that the information spillover between the Chinese crude oil futures market and global risk aversion, along with four international financial markets (stocks, exchange rates, gold, and crude oil futures), exhibits both asymmetry and time-varying characteristics. Specifically, global risk aversion and international financial markets are the primary drivers of spillovers to the Chinese crude oil futures market, with a notable increase during significant events such as the 2018 China-US trade dispute, the 2020 global COVID-19 pandemic, and the 2022 Russia-Ukraine war. Additionally, while the international crude oil futures market has a significantly stronger net spillover effect on the Chinese crude oil futures market compared to other global financial factors, within the net spillover network, global risk aversion and international stock markets emerge as the primary sources of risk. Related Articles

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Risk Contagion Between China’s Metallurgical Industry Chain and Pan-Energy Market: A Volatility Spillover Network Perspective WANG Binjie, XUE Jianhao, LIU Xinling, DAI Xingyu, SHAN Zhuangyuan, WANG Qunwei 2025, 34 (2):  325-341.  doi: 10.3969/j.issn.2097-4558.2025.02.003 Abstract ( )   PDF (4581KB) ( )   This paper explores the dynamics of volatility spillovers within a market system consisting of 28 market entities across four sectors of China’s metallurgical industry chain and the pan-energy market. Utilizing daily data on industry indices and commodity prices from 2014 to 2023, the analysis employs the DY spillover network model in combination with graph theory, considering full-sample, rolling-window, and multi-time scales perspectives. The empirical results reveal that while overall volatility spillovers within the system are relatively modest, the spillover relationships between market entities are extensive. Specifically, the pan-energy sector  serves as a net recipient of volatility spillovers, while the midstream and downstream sectors of the metallurgical industry chain act as net exporters, with spillover patterns exhibiting notable time-varying characteristics. The machinery and steel markets exhibit the highest magnitude of volatility spillover to neighboring markets, while zinc and coke markets demonstrate the most extensive contagion range in risk transmission. Spillovers are predominantly observed on medium-to-long-term time scales, with minimal effects detected on short-term time scales of five days or fewer. These findings contribute to a deeper understanding of systemic risk management within the metallurgical industry chain and pan-energy market. Related Articles

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Optimizing Selling Format and Pricing Decisions in Community Group Buying Supply Chain with Multiple Broker Services LI Xiang, WEI Fangyi 2025, 34 (2):  342-352.  doi: 10.3969/j.issn.2097-4558.2025.02.004 Abstract ( )   PDF (2665KB) ( )   This paper examines a community group buying supply chain involving a supplier, a community group buying platform, and multiple brokers serving community users. It develops supply chain optimization models for two sales formats: reselling and agency selling, and examines the pricing decisions and sales format selections made by both the platform and the supplier. The findings indicate that, first, the retail price increases as the broker’s commission rate increases. When the difficulty of developing potential demand is low, an increase in the number of brokers also results in a higher retail price. However, when the demand potential is more challenging to develop, the opposite effect occurs. Second, the commission rates of both the group buying platform and brokers are crucial factors influencing the sales format selection. If the commission rate of the platform is low, it will favor the resale mode. If the commission rate of the platform is high, the selection will depend on the combined impact of both commission rates. For the supplier, if the commission rate of the platform falls below a certain threshold, the supplier prefers the agency selling format. Otherwise, the supplier’s preference depends on the broker commission rate. Finally, the number of brokers also influences the preferences of both the platform and the supplier. Related Articles

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Digital Economy and Intelligent Decision Making: Optimal Supply Chain Strategies with Uncertain Demand Under Price and Service Competition#br# YANG Ruipeng, GAO Ruoxin, YANG Ruina 2025, 34 (2):  353-362.  doi: 10.3969/j.issn.2097-4558.2025.02.005 Abstract ( )   PDF (2028KB) ( )   This paper examines three supply chain structures: a supply chain with only a direct channel (O), a supply chain with only a retail channel (R), and a dual channel supply chain (D). In the context of demand uncertainty, and considering the dual competition of product price and service, it explores the optimal order quantity and service level strategy for retailers as well as the optimal wholesale price and service level strategy for manufacturer under different operating situations. Additionally, it uses both the analytical analysis and the numerical analysis to study the impact of five factors, service-sensitivity, cross service-sensitivity, price-sensitivity, cross price-sensitivity, and demand uncertainty, on the optimal decisions and profits of both manufacturers and retailers. A comparison of the three supply chain structures shows that with the development of online market or offline market, the dual-channel supply chain structure becomes more efficient and more advantageous for both manufacturers and retailers. Related Articles

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Impact of Blockchain Technology on Pricing and Emission Reduction Decisions in Remanufacturing Supply Chains Under Carbon Trading GONG Bengang, TANG Wenhui, LIU Zhi, TANG Juan, ZHANG Zhichao 2025, 34 (2):  363-376.  doi: 10.3969/j.issn.2097-4558.2025.02.006 Abstract ( )   PDF (2121KB) ( )   Blockchain technology provides technical support to address the high carbon emissions of supply chain enterprises and the low consumer recognition of remanufactured products. This paper studies the impact of blockchain technology on the pricing and emission reduction decisions in a remanufacturing supply chain consisting of an original equipment manufacturer (OEM) and a third-party remanufacturer (TPR) under the carbon trading policy. It constructs four decision-making models: both OEM and TPR do not apply blockchain, OEM applies blockchain but TPR does not, OEM does not apply blockchain but TPR does, and both members apply blockchain. It determines the optimal pricing and emission reduction decisions under each model using the Stackelberg game method. It compares and analyzes the optimal operational decisions for supply chain members across the four models. The results indicate that only OEM’s own adoption of blockchain technology can stimulate investment in emission reduction. When OEM (TPR) does not apply blockchain technology but the TPR (OEM) does, or vice versa, the price of new products (remanufactured products) increases, resulting in a decline in sales of new products (remanufactured products). The decision to adopt blockchain technology is directly related to the input cost of applying the technology. The numerical simulation indicates that when TPR (OEM) adopts blockchain technology and the application cost is high, a higher carbon trading price will encourage the OEM (TPR) to apply blockchain technology. Additionally, when the OEM does not apply blockchain technology, but the TPR does, it benefits environmental protection. Related Articles

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Exclusivity Strategy in Supplier Technology Investment Under Downstream Rival Entry LIU Guanmei, WANG Zhe, SHAO Xiaofeng 2025, 34 (2):  377-388.  doi: 10.3969/j.issn.2097-4558.2025.02.007 Abstract ( )   PDF (8759KB) ( )   In the face of downstream rival entry and potential technology spillover, a buyer may adopt an exclusivity strategy when upgrading the supplier’s production technology through investments. This paper explores how the exclusivity strategy affects downstream entry, and how the incumbent buyer develops such a strategy. First, it examines the impact of the exclusivity strategy on new rival entry and finds that the strategy can block the entry of an entrant buyer when both the investment cost and the penalty cost are low, provided that the supplier’s production cost is high. Then, it analyzes the effect of the exclusivity strategy on technology spillover. The results show that the strategy can prevent technology spillover when both the investment cost and the production cost are low. In other cases, the strategy only prevents technology spillover if the cost is low; otherwise, the supplier will offer new technology to the entrant buyer. This paper further explores how the incumbent buyer designs an exclusivity strategy based on the firm entry. When the production cost is low, regardless of whether the investment cost is high or low, the incumbent buyer should set a high penalty. However, if the investment cost is very high, the penalty should not be excessively high. Then the production cost is medium or high, if the investment cost is low (or high), the incumbent buyer should set a low or high (high) penalty. If the investment cost is very high, the penalty should be set high but not excessively high. Finally, this paper investigates how the incumbent buyer shapes an exclusivity strategy based on technology spillover. If the production cost is low, the incumbent buyer should set a low penalty if the investment cost is low, and a low or high penalty if the investment cost is large. If the investment cost is very high, the penalty should not be set excessively high. For a high production cost, the incumbent buyer should set a low (low or medium) penalty, if the investment cost is low (or high). Related Articles

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Comprehensive Project Ranking Method for Complex Engineering Dominating Networks: A Structural Hole Theory Perspective ZHANG Ke, LIU Simin, ZHANG Zheng, MA Min 2025, 34 (2):  389-399.  doi: 10.3969/j.issn.2097-4558.2025.02.008 Abstract ( )   PDF (1906KB) ( )   Determining a comprehensive ranking of the importance of various complex engineering projects is a critical issue in practical engineering decision-making. However, existing methods often overlook the connections between projects and rely on a single analytical perspective, resulting in low differentiation in ranking. This paper proposes a comprehensive project ranking method based on the structural hole theory within the context of a dominating network for complex engineering. First, it introduces the structural hole theory to develop a measurement method for evaluating the breadth of impact of each project. Next, it applies the k-shell algorithm to evaluate the centrality and provides a hierarchical division of the projects, followed by the construction of a global importance evaluation method. Finally, it proposes a comprehensive ranking method by integrating structural hole theory with the k-shell algorithm. The method is demonstrated through an example network and applied to practical engineering projects. A comparison of the project ranking obtained by other methods shows  that the proposed method offers higher discrimination, better adapts to the multidimensional requirements of project evaluation, and more effectively meets the needs of actual management. The findings provide reference for decision-making in complex engineering projects. Related Articles

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Dynamic Monitoring of Project Buffer Considering Feeding Path Overflow WAN Dan, GAO Kaiye 2025, 34 (2):  400-411.  doi: 10.3969/j.issn.2097-4558.2025.02.009 Abstract ( )   PDF (10123KB) ( )    To fully utilize the project buffer as a risk absorption mechanism, this paper proposes a dynamic monitoring method that accounts for feeding path overflow. The proposed method divides the critical chain into phases based on feeding points and analyzes the impact of feeding buffer overflow on the critical chain during project execution. It determines the interference weight coefficient for the non-critical chain of each phase based on the consumption of the secondary project buffer caused by feeding buffer overflow. It then quantitatively allocates the project buffer across phases according to the proportion of critical chain duration and the network complexity at the feeding point. It establishes the staged rolling state of the buffer, and determines the phase dynamic rolling monitoring amount and the corresponding reference points. The experimental results show that the proposed method effectively uses the project buffer to absorb interference from feeding buffer overflow, reduces project duration and cost, and ensures project completion probability, thus improving buffer monitoring accuracy. Related Articles

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An Evolutionary Game Analysis of Governments’ Carbon Allowance Allocation and Selection of Remanufacturing Modes Under Intellectual Property Protection XIA Xiqiang, WANG Zhongze, WANG Wei 2025, 34 (2):  412-427.  doi: 10.3969/j.issn.2097-4558.2025.02.010 Abstract ( )   PDF (2773KB) ( )   This paper analyzes the allocation of carbon allowances by governments and the selection of remanufacturing modes by original equipment manufacturers (OEMs) within the context of intellectual property protection. It constructs a game model of manufacturing/remanufacturing and their evolutionary game models to analyze the stable strategy for the system. The findings indicate that when the government uses the grandfather method to allocate carbon allowances, it contributes to reducing environmental impact and achieving optimal environmental benefits. Similarly, when the OEM adopts the strategy of outsourcing remanufacturing, it can maximize profits. After the model evolution, the entire system stabilizes with the strategy combination {grandfather method, outsourcing remanufacturing}, leading to a win-win outcome for both parties. In addition, if the government adopts the benchmarking method for enterprises with low carbon emissions, an increase in carbon trading prices would lower the prices of both new and remanufactured products, resulting in decreased sales of remanufactured products. However, when carbon trading prices under the benchmarking method exceed those under the grandfathering method, the environmental impact of outsourcing remanufacturing decreases. The increase in carbon trading prices, consumer preference for environmentally-friendly products, and the carbon emission reductions of remanufactured products would encourage both the government and the OEM pursue strategies that promote system stability. Furthermore, the greater the carbon emissions of new products, the recycling cost coefficient of waste product, and the carbon emission baseline, the more likely the government is to select the grandfathering approach. Related Articles

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New Modelling for a Local Resource-Constrained Project Scheduling Problem with “Parallel Structure” WEI Hanying, YUAN Mengdi, SU Zhixiong 2025, 34 (2):  428-445.  doi: 10.3969/j.issn.2097-4558.2025.02.011 Abstract ( )   PDF (1998KB) ( )   The classical resource-constrained project scheduling problem (RCPSP) focuses on the “global resource- constrained” setting. However, with the development of productivity, project size expansion, and the increasing diversification and complexity of resource capacities, the “local resource-constrained” feature has become more prominent in project resource management. For example, while the capacities of common resources are generally guaranteed, the availability of scarce and expensive resources is often constrained, which restricts certain related activities that require these resources. The recent extensions of RCPSP have begun to reflect these “locality” features of “resource-constrains”, such as reactive RCPSP, RCPSP with varying resource capacities and demands, and multi-RCPSP. Despite this, the exploration of the “locality” feature remains limited, resulting in inefficiencies in computing optimal solutions for these problems. This paper summarizes and classifies these RCPSP with the “locality” feature as local RCPSP in order to jointly analyze their common characteristics and explore effective approaches for these problems. Specifically, it mainly focuses on a scenario where activities under the “local resource-constrained” condition have a “parallel structure”, i.e., the activities run in parallel (many other scheduling problems, such as the waterway ship scheduling problem, are also equivalent to RCPSPs with “parallel structure”). The required renewable resources are unit-capacity resources. The aim is to minimize the project makespan by efficiently allocating these constrained renewable resources to execute these local activities. First, this paper explores the “locality” feature of the problem to determine the project duration based on local scheduling. Then, based on the characteristics, it formulates a new sequence-position-based 0-1 mixed linear programming model for local RCPSP, which achieves global optimization through local scheduling. This model has the potential to incorporate recent advancements in integer programming literature. Finally, it demonstrates the significant competitiveness of the propose models by applying them to solve large-scale problem instances and obtaining optimal solutions. Related Articles

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Data Collection and Advertising Pricing Strategies for Digital Platforms Considering Consumer Privacy XING Axun, WANG Haiyan, GUO Xinxin 2025, 34 (2):  446-462.  doi: 10.3969/j.issn.2097-4558.2025.02.012 Abstract ( )   PDF (4280KB) ( )   Highly personalized and targeted advertising offers significant benefits to digital platforms and advertisers, but it also raises privacy concerns among users. Balancing user experience with effective advertising delivery is critical for platforms. This paper examines the impact of platform data collection and advertising prices on user activity, the number of advertisers, and platform profitability, and explores the role of the “one-click off personalized advertising button” a mechanism which allows users to participate on the platform without being tracked. The findings show that, when the button is available, users with high privacy concerns opt to turn off personalization. This enables platforms to capture a larger proportion of data from low privacy concern users compared to scenarios without the button. Both advertisers and platforms experience consistent profit changes when advertisement prices are adjusted. Specifically, as advertisement design costs, advertisement intrusion, and user privacy concerns increase, the number of advertisers and platform profits decrease. In contrast, when benefits from personalized services rise, both advertiser numbers and platform profits increase. Different platforms should adopt tailored strategies under the button mechanism. However, reducing advertisement intrusiveness and selecting the right advertisers are key factors in maintaining profitability. These findings provide valuable guidance for platform decision-making and development of privacy protection policies. Related Articles

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How Multiple Subjects Generate Reversal of Public Opinion in Emergencies: Sensitivity, Authority, and Participation Strategy XIE Qihui, XI Pengying, CAI Ziqing 2025, 34 (2):  463-476.  doi: 10.3969/j.issn.2097-4558.2025.02.013 Abstract ( )   PDF (2024KB) ( )   The generation mechanism of public opinion reversal in emergencies is a key issue in both network public opinion governance and modern government crisis management. This paper constructs a model to explain the generation of public opinion reversal in emergencies from the perspective of multiple subjects, based on a literature review. It categorizes the subjects involved in public opinion reversal into two groups: event subjects and dissemination subjects. It proposes that the sensitivity of event subjects, the authority of dissemination subjects, and the participation strategies employed by both types of subjects significantly impact the occurrence of public opinion reversal. By selecting 33 cases of sudden public opinion reversals from 2016 to 2023, including both positive and negative reversals, it identifies 8 pathways leading to positive reversal and 3 pathways leading to negative reversal through multi-case fsQCA (fuzzy set qualitative comparative analysis). It provides valuable theoretical support and practical guidance for modern government emergency management. Additionally, it proposes countermeasures and suggestions for managing public opinion reversal in emergencies. Related Articles

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Co-Evolution of Exploratory Innovation and Collaboration Networks: A Network Capital Perspective-Based Motivation Analysis YU Liangru, YU Bo 2025, 34 (2):  477-493.  doi: 10.3969/j.issn.2097-4558.2025.02.014 Abstract ( )   PDF (4295KB) ( )   Collaborative networks have become an important resource channel for firms involved in exploratory innovation. While research on the unidirectional relationship between the two has matured, there is limited discussion on their co-evolution and the factors influencing this dynamic. Based on a network capital perspective, this paper constructs a multilayer network using the invention patent data of 145 firms in the field of artificial intelligence, from 2002 to 2022. It examines the co-evolutionary mechanism between exploratory innovation and collaborative network through the stochastic actor-oriented model, exploring the effects of the inventor network, knowledge network, and the ego-network of firms. The findings show a co-evolutionary relationship between exploratory innovation and collaborative networks, shaped by social selection and social influence. In this co-evolution context, the positive impact of the small-world structure in the inventor network on exploratory innovation, as well as its negative impact on collaborative network, is mitigated through neutralization. Additionally, this paper highlights that the positive effects of knowledge network size, firm ego-network efficiency, and recombinant distance on both exploratory innovation and collaborative network expansion are further strengthened. These results provide a novel approach and perspective for research on innovation networks and have practical implications for firms engaged in collaborative innovation activities. Related Articles

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Can the SRUI Strategy Enhance the Quantity and Quality of Enterprise Innovation? WANG Haihua, WANG Ying, LI Shujie 2025, 34 (2):  494-508.  doi: 10.3969/j.issn.2097-4558.2025.02.015 Abstract ( )   PDF (1812KB) ( )   Based on the data for SRUI (Specialized, Refined, Unique, and Innovative) Giant SMEs (small and medium-sized enterprises) among Shanghai and Shenzhen A-share listed enterprises from 2013 to 2021, this paper explores the impact of the SRUI strategy and different strategic categories on the quantity and quality of enterprise innovation, and analyzes the moderating role of digital transformation in these relationships. The empirical results show that the SRUI strategy, Specialized strategy and Innovative strategy all positively affect both the quantity and quality of enterprise innovation, whereas the Refined strategy does not contribute to improving innovation quality. Furthermore, the degree of digital transformation plays a positive moderating role in the relationship between the SRUI strategy and both the quantity and quality of innovation. Specifically, digital transformation not only positively moderates the relationship between Specialized strategy and innovation quality but also significantly enhances the impact of the Innovative strategy on promoting both the quantity and quality of enterprise innovation. These findings provide valuable insights for the high-quality development of SMEs and their transformation and upgrading to the “SRUI” strategy. Related Articles

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Spatial Distribution of Branches, Bank Competition, and Enterprise Digital Technology Innovation WANG Jie, WANG Jun 2025, 34 (2):  509-524.  doi: 10.3969/j.issn.2097-4558.2025.02.016 Abstract ( )   PDF (1582KB) ( )   Bank competition plays a crucial role in reducing the information asymmetry between banks and enterprises, thereby significantly influencing the digital technology innovation activities of enterprises. Using an expanded endogenous economic growth model, this paper theoretically examines the micro-mechanism through which bank competition affects enterprise digital technology innovation, using the number of bank branches surrounding an enterprise to characterize the level of bank competition, and employs the data from China A-share listed companies from 2011 to 2021 for empirical analysis. The results show that bank competition significantly promotes enterprise digital technology innovation, with an increase in the number of neighboring bank branches benefiting digital innovation. Compared to strategic digital technology innovation, substantial digital technology innovation is more strongly influenced by bank competition. Furthermore, enterprises with executives possessing a digital background experience a more pronounced effect of bank competition on their digital technology innovation. The mechanism analysis shows that bank competition mainly drives digital innovation by alleviating financing constraints. It is also shown that the relaxation of financing constraints can enhance the research and development intensity, improve human capital quality, increase enthusiasm for digital technology innovation, and foster collaborative innovation mode, all of which provide comprehensive support for digital innovation. In addition, the development of financial technology and the strengthening of financial supervision positively regulate the impact of bank competition on enterprise digital technology innovation. Related Articles

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Breaking Nepotism: Role of Social Trust and Differential Mode of Association in Management Teams GE Jianhua, YUAN Wenhao 2025, 34 (2):  525-540.  doi: 10.3969/j.issn.2097-4558.2025.02.017 Abstract ( )   PDF (1824KB) ( )   How does social trust affect personnel arrangements within firms? While existing research has explored the relationship between social trust and various corporate behaviors, limited attention has been paid to how social trust impacts employment practices, such as the composition of management teams. By integrating institutional theory and social network theory, this paper proposes that social trust encourages organizations to move away from traditional practices such as nepotism and appoint individuals to management positions who do not have special personal connections. Furthermore, this effect manifests in the “differential mode of association” within the management teams, where, as social trust increases, managers are more likely to come from more distant circles. This effect also varies across stages of organizational development, and the presence of formal institutional systems, such as legal and judicial frameworks, can also partially substitute for the role of social trust. The analysis, using data from Chinese General Social Survey and Chinese Private Enterprise Survey, reveals that social trust increases the proportion of personnel without special relationships in management teams. As social trust rises, firms are more inclined to appoint individuals from more distant circles in the “differential mode of association”. However, this impact of social trust differs depending on the stage of development of the firm. In entrepreneurial firms with more resource constraints, the effect of social trust on reducing nepotism remains limited. Additionally, in regions with more developed formal institutions, the impact of social trust is weakened. Related Articles

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Digital Economy and Dual Carbon Goals: Theory and Evidence YANG Weixin, YANG Yunpeng , ZHU Chen 2025, 34 (2):  541-557.  doi: 10.3969/j.issn.2097-4558.2025.02.018 Abstract ( )   PDF (4744KB) ( )   In the ear of transformative change, China’s path to modernization is increasingly shaped by the growing digital economy. The connection between the expansion of the digital economy and the achievement of the “dual-carbon” goals is pivotal for enhancing the global competitiveness, fostering new quality productive forces, and advancing national rejuvenation. From a theoretical standpoint, this paper developed a strategic framework to e explore the role of digital economy stakeholders in reaching these “dual-carbon” goals. Empirically, it applied econometric models using data from Chinese listed companies between 2011 to 2021 to assess the impact of digital economic development on carbon emission reductions. The analysis indicates that a 1% increase in digital economic growth correlates with a noteworthy 1.64‰ reduction in carbon emissions among these companies. Furthermore, the digital economy plays a pivotal role in cultivating new, high-quality productive forces, which are essential for high-quality development. The findings highlight the crucial role of the digital economy in enabling corporate carbon reductions and supporting the achievement of the “dual-carbon” goals. Related Articles

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Matching Effect of Task Status and New Product Advertisement Type: A Cognitive Resource Theory Perspective HUANG Jing, YU Liqin, LIU Rui 2025, 34 (2):  558-570.  doi: 10.3969/j.issn.2097-4558.2025.02.019 Abstract ( )   PDF (12886KB) ( )   Based on cognitive resource theory, this paper examines the impact of the interaction between task status (multi-task versus single-task) and advertising appeals (emotional versus functional) on new product purchase intention and its psychological mechanisms. One pre-experiment and three formal experiments demonstrate that the multitasking state depletes consumers’ cognitive resources, leading to a higher perceived diagnosticity of emotionally appealing new product advertisements compared to functionally appealing ones, which in turn increases purchase intentions. In contrast, when processing new product advertisements in a single-tasking state, the perceived diagnostic of functionally appealing new product advertisements compared to emotionally appealing new product advertisements is higher, which leads to a higher purchase intention. These findings contribute to the literature on task states, advertising appeals, perceived diagnosticity, elaboration likelihood models, and cognitive resource theory, and provide practical guidance for companies promoting new products in the context of increasingly common multitasking. Related Articles

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Role of Media Coverage in Causing Administrative Intervention ZOU Gaofeng, WU Keying, MA Yuting, YIN Yifei 2025, 34 (2):  571-587.  doi: 10.3969/j.issn.2097-4558.2025.02.020 Abstract ( )   PDF (1905KB) ( )   Corporate violations have become increasingly common due to imperfect law and low institutional efficiency. To explore the governance mechanism of media, this paper empirically examines the impact of the net tone of financial newspapers on the punishments received by companies, based on data from listed firms between 2010 and 2023. The results indicate that the more negative the net tone of financial news in newspapers, the more likely listed companies are to face punishment, with the severity of the punishment potentially increasing. Further analyses show that the tone of online financial media news strengthens the influence of newspaper coverage on the punitive supervision of regulatory agencies. The heated discussions about problem companies on “stock forum” partially mediate the relationship newspaper coverage and the severity of corporate punishment. In other words, the net tone of financial news in newspapers intensifies the degree of punishment by stimulating increased discussion on “stock forum”. This paper explores the possible interaction between various types of media and analyzes the corporate governance mechanism of media coverage from a new perspective. Related Articles

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Co-Evolution of Energy and Environmental Performance in China’s Textile Industry Towards Pollution and Carbon Reduction Goals from a System Perspective ZHENG Yuwen, ZHANG Qingfen 2025, 34 (2):  588-312.  doi: 10.3969/j.issn.2097-4558.2025.02.021 Abstract ( )   PDF (7395KB) ( )   Under the dual pressure of improving environmental quality and reducing carbon emissions, the collaborative promotion of pollution and carbon reduction has become an important pathway to enhancing the green and low-carbon development of the textile industry. This paper analyzes the impact of collaborative promotion of pollution and carbon reduction on the energy and environmental performance of the textile industry. The results show that, under the collaborative promotion of pollution and carbon reduction, the energy and environmental performance of the textile industry improved by 78.8% and 56.6% respectively. However, the improvement in environmental performance faces greater challenges. The collaborative promotion of pollution and carbon reduction has a positive impact on energy and environmental performance of the textile industry across the eight comprehensive economic zones, exhibiting clear spatial differentiation. Since the 18th National Congress of the Communist Party of China, energy and environmental performance of the textile industry have increased by 11.2% and 5.7% respectively. Regional driving effects are also significant, especially in the Middle Reaches of the Yellow River Economic Zone, Northwest Economic Zone, and the Northern Coastal Economic Zone. These conclusions remain robust even after introducing the Jackknifing method for sensitivity testing. Additionally, the order parameter driving the synergy between energy and environmental performance in the textile industry in the eight comprehensive economic zones has shifted from environmental performance to energy performance since the 18th National Congress of the Communist Party of China, indicating that the green development of the textile industry is increasingly constrained by energy. Although the synergy between energy and environmental performance of the textile industry in the eight comprehensive economic zones has been improving, significant spatial polarization exists within the economic zones. This paper elucidates that the concept of “collaborative promotion of carbon reduction, pollution reduction, green expansion, and growth” has practical guiding significance for the textile industry to solidly promote its green and low-carbon transformation. Related Articles