Managerial and Decision Economics最新文献

{"title":"Reassessing the Role of Green Tax Reforms and Institutional Quality in Enhancing Environmental Performance: A Bayesian Quantile Regression Analysis","authors":"Tran Thi Kim Oanh,&nbsp;Le Quoc Dinh","doi":"10.1002/mde.70114","DOIUrl":"https://doi.org/10.1002/mde.70114","url":null,"abstract":"<div>\u0000 \u0000 <p>In response to the global challenge of climate change, many countries are increasingly adopting policy instruments designed to reduce greenhouse gas emissions, with green taxes and institutional reforms serving as two central strategies. However, the relationship between these instruments and CO₂ emissions remains inconclusive, particularly with respect to nonlinear effects and differences in policy effectiveness across countries. This study applies Bayesian quantile regression (BQR) and Bayesian linear regression (BLR) to explore both the individual and interactive impacts of environmental taxes (GTAX) and institutional quality (IQ) on per capita CO₂ emissions. By using cross-national data that reflect a range of development levels and pollution intensities, the study examines these relationships across different quantiles of CO₂ emissions. The results reveal that GTAX exhibits a nonlinear influence: It significantly reduces emissions at lower quantiles but has a weaker or even reversed effect at higher quantiles—suggesting that the effectiveness of green taxation is context-dependent. IQ consistently shows a negative effect on emissions, confirming its essential role in environmental governance. Importantly, the interaction term (GTAX × IQ) underscores a threshold effect: At lower quantiles (Q0.05–Q0.30), it has a positive coefficient with high probability, implying potential unintended consequences when taxes are imposed in low-pollution but institutionally strong settings. From Q0.35 onwards, however, the interaction effect turns significantly negative, indicating the combined reforms are more effective in highly polluted countries. Compared with BLR, the BQR model provides a more nuanced and accurate depiction of how policy impacts vary across the emission distribution. Based on these findings, we propose tailored policy implications for different groups of countries.</p>\u0000 </div>","PeriodicalId":18186,"journal":{"name":"Managerial and Decision Economics","volume":"47 6","pages":"1588-1605"},"PeriodicalIF":2.7,"publicationDate":"2026-08-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148696378","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Pair Up to Win Tickets","authors":"Toshihiro Tsuchihashi,&nbsp;Azusa Kurisaki","doi":"10.1002/mde.70109","DOIUrl":"https://doi.org/10.1002/mde.70109","url":null,"abstract":"<div>\u0000 \u0000 <p>This study examines the strategic behavior of customers who form pairs to increase their chances of winning ticket lotteries. When ticket resale is prohibited, paired customers face the risk of duplicate winnings, requiring them to purchase surplus tickets. The study evaluates the advantages and disadvantages of such pairings and analyzes the impact of a redraw system on strategic pairing incentives. The analysis focuses on two equilibria: all-pair (where all customers pair up) and all-single (where no customers pair up). The key findings are as follows. First, an all-single equilibrium occurs when the number of customers is sufficiently large or tickets are scarce. Second, holding the pairing rate fixed, a redraw system improves the payoffs of all customers (mechanical effect). Third, a redraw system strengthens customers' incentives to form pairs (strategic effect), which implies that an all-single equilibrium is more likely to arise without a redraw system than with one. Thus, the welfare implications of redraw operate through two channels: the mechanical and the strategic effects. Fourth, if the redraw system commission is sufficiently low, the all-pair equilibrium is more likely to exist with the redraw system than without it. Event organizers seeking to prevent strategic pair formation may therefore be reluctant to introduce a redraw system, creating a potential conflict of interest between organizers and customers.</p>\u0000 </div>","PeriodicalId":18186,"journal":{"name":"Managerial and Decision Economics","volume":"47 6","pages":"1465-1482"},"PeriodicalIF":2.7,"publicationDate":"2026-08-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148696193","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Industrial Robot Applications and Corporate Green Innovation Efficiency: Evidence From China","authors":"Hanwen Wang,&nbsp;Yuhan Chen,&nbsp;Yufeng Zhang,&nbsp;Xiaoping Tang","doi":"10.1002/mde.70106","DOIUrl":"https://doi.org/10.1002/mde.70106","url":null,"abstract":"<div>\u0000 \u0000 <p>With the deepening integration of new-generation information technologies and the real economy, industrial robot applications (IRAs) have gradually become a new engine for enhancing the green innovation (GI) performance of manufacturing firms. This makes it important to investigate the role of IRAs in jointly advancing economic performance and environmental outcomes. Using a panel of Chinese A-share listed manufacturing firms from 2011 to 2019, this paper employs two-way fixed-effects models to empirically examine the impact of IRAs on corporate GI efficiency and to explore the underlying mechanisms. The results show that IRAs significantly improve GI efficiency in manufacturing firms, and this finding remains robust after a range of endogeneity treatments and robustness checks. This empowerment effect is more prominent in state-owned enterprises and technology-intensive enterprises. Mechanism analysis indicates that IRAs enhance GI efficiency by narrowing the pay gap and strengthening the specialized division of labor within firms. Further evidence suggests that environmental information disclosure and the attention of digital transformation positively moderate the relationship between IRAs and GI efficiency in manufacturing firms. This study provides theoretical and practical insights into leveraging artificial intelligence to unlock GI potential and improve GI efficiency.</p>\u0000 </div>","PeriodicalId":18186,"journal":{"name":"Managerial and Decision Economics","volume":"47 6","pages":"1361-1376"},"PeriodicalIF":2.7,"publicationDate":"2026-08-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148696333","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Evolution of Cooperation in Innovation Networks: A Network Public Goods Game Approach","authors":"Zilong Wang,&nbsp;Liuyang Xu,&nbsp;Hechang Cai","doi":"10.1002/mde.70103","DOIUrl":"https://doi.org/10.1002/mde.70103","url":null,"abstract":"<div>\u0000 \u0000 <p>This paper investigates the evolution of cooperation behaviors within innovation networks through a novel network public goods game framework. We extend the classic model by incorporating dual-centered game structures and heterogeneous relationship strengths, where enterprises simultaneously participate in both self-centered and neighbor-centered cooperative innovation games. Our framework introduces a probability-weighted participation mechanism where involvement in neighbor-centered games is determined by both edge weights and a participation proportion parameter. Using numerical simulations (5000 steps) in scale-free networks, we analyze the evolution of cooperative strategies under varying initial cooperation rates and self-centered degrees. The results reveal a fundamental trade-off between stability and dynamism: While high self-centeredness (\u0000<span></span><math>\u0000 <mi>ρ</mi>\u0000 <mo>≥</mo>\u0000 <mn>0.5</mn></math>) ensures rapid stabilization, moderate neighbor-reliance (specifically \u0000<span></span><math>\u0000 <mi>ρ</mi>\u0000 <mo>=</mo>\u0000 <mn>0.5</mn></math>) drives dynamic breakthroughs essential for escaping low-cooperation traps. Contrary to the expectation of serving as stable anchors, high-enhancement factor nodes and high-centrality nodes are found to amplify systemic volatility, particularly under medium initial conditions. Furthermore, the relationship between cooperative payoffs and strategy adoption exhibits a universal inverse non-linear correlation, highlighting a temptation paradox where the spread of cooperation paradoxically lowers the relative payoff advantage. Additionally, the proposed mechanism demonstrates remarkable resilience, enabling the system to recover from unfavorable initial conditions through either stable rebounding or oscillatory surges. These findings advance our understanding of cooperative dynamics in innovation systems and provide practical guidance for enterprises in managing their dual roles as innovation leaders and partners.</p>\u0000 </div>","PeriodicalId":18186,"journal":{"name":"Managerial and Decision Economics","volume":"47 6","pages":"1346-1360"},"PeriodicalIF":2.7,"publicationDate":"2026-08-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148696363","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Pay for Performance and SOEs' Labor Productivity: Evidence From the Wage Determination Reform in China","authors":"Guanchun Liu,&nbsp;Yifan Liao,&nbsp;Feng He","doi":"10.1002/mde.70108","DOIUrl":"https://doi.org/10.1002/mde.70108","url":null,"abstract":"<div>\u0000 \u0000 <p>This paper examines whether pay-for-performance promotes labor productivity of SOEs. Using the Reform of Wage Determination Mechanism issued by the State Council of China in 2018 as a quasi-natural experiment, the difference-in-differences estimates show that the reform has resulted in a 4.99% increase in SOEs' labor productivity relative to private firms. Further mechanism tests suggest that the reform significantly increases the positive sensitivity of workers' wage to enterprise performance, indicating that the pay-for-performance mechanism is improved in SOEs. Moreover, the cross-sectional tests demonstrate that the positive labor productivity effect is more pronounced for SOEs with larger scale, greater labor market frictions, worse governance, and more intense industrial competition. In addition, SOEs have expanded and focused more on high-quality innovation after the reform, evidenced by the increase in R&amp;D expenses and invention patents. Taken together, we argue that privatization is not the only means to enhance SOEs' productivity, and cultivating a market-oriented institutional environment is conducive to stimulating their competitiveness.</p>\u0000 </div>","PeriodicalId":18186,"journal":{"name":"Managerial and Decision Economics","volume":"47 6","pages":"1441-1464"},"PeriodicalIF":2.7,"publicationDate":"2026-08-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148695920","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Hukou Policy Reform and Firm Innovation: Evidence From a Quasi-Natural Experiment","authors":"Mengtao Chen,&nbsp;Yue Fang","doi":"10.1002/mde.70102","DOIUrl":"https://doi.org/10.1002/mde.70102","url":null,"abstract":"<div>\u0000 \u0000 <p>This study examines the relation between China's household registration (Hukou) policy reform, which relaxed long-standing institutional restrictions on labor mobility by lowering urban settlement thresholds, and corporate innovation. We find that firms in cities that adopted these Hukou policy liberalizations significantly improve their innovation output. In mechanism analysis, our findings show that the reform affects firm innovation by reducing labor market frictions and improving labor mobility. Moreover, the impact is more pronounced for capital-intensive firms and those with a higher propensity for R&amp;D investment. These results provide new insights into how removing labor market inefficiencies can enhance the innovative performance of firms in emerging economies.</p>\u0000 </div>","PeriodicalId":18186,"journal":{"name":"Managerial and Decision Economics","volume":"47 6","pages":"1336-1345"},"PeriodicalIF":2.7,"publicationDate":"2026-08-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148696195","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Impact of Platform Exclusive Agreements: Differentiated Pricing and Traffic Control","authors":"Di Xiao,&nbsp;Yuting Geng,&nbsp;Wei Li,&nbsp;Qihui Lu,&nbsp;Runze Wang","doi":"10.1002/mde.70116","DOIUrl":"https://doi.org/10.1002/mde.70116","url":null,"abstract":"<div>\u0000 \u0000 <p>With continuous innovation in Internet technology, platform-based enterprises are rapidly emerging as key players across various industries. However, due to their high market position and information advantages, some of these enterprises may potentially establish exclusive agreements, posing damage to market competition fairness and consumer utilities. In this study, we build on a Hotelling model to develop a duopoly platform competition model that consists of consumers, platforms, and merchants. We focus on examining the impacts of the dominant platform imposing exclusive agreements on merchants and consumers. The findings indicate that merchant switching costs and cross-side network effects are crucial factors influencing platform pricing strategies. Based on these, in different scenarios, the platform will flexibly make the decision regarding increasing or decreasing the consumer service fee rate to achieve the goals of profit maintenance or market preemption. Furthermore, when the dominant platform utilizes a differentiated pricing strategy, the competing platform can adjust its pricing strategy accordingly to maintain profitability. However, if the dominant platform implements a traffic control strategy, the competing platform is unable to offset the decrease in market size through price adjustments, resulting in a loss of profits. Last, we identify that platform-exclusive agreements always have a negative impact on consumer utilities. Moreover, when merchant transfer costs are high, compared with the differentiated pricing strategy, the dominant platform's implementation of traffic control strategies will seriously damage the merchant utilities.</p>\u0000 </div>","PeriodicalId":18186,"journal":{"name":"Managerial and Decision Economics","volume":"47 6","pages":"1628-1643"},"PeriodicalIF":2.7,"publicationDate":"2026-08-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148695802","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Tone Management in Earnings Communication Conferences Driven by Convertible Bond Conversion","authors":"Xueying Wen,&nbsp;Jingyi Guan","doi":"10.1002/mde.70117","DOIUrl":"https://doi.org/10.1002/mde.70117","url":null,"abstract":"<div>\u0000 \u0000 <p>Understanding the behavioral dynamics of corporate communication is crucial in assessing how financial instruments influence managerial signaling strategies. This study examines the relationship between unconverted convertible bond ratio and tone management in earnings communication conferences. The sample includes A-share listed companies from the Shanghai and Shenzhen stock exchanges between 2006 and 2023. Empirical findings reveal a significant positive correlation between unconverted convertible bond ratio and abnormal tone. Furthermore, a nonlinear U-shaped relationship is observed between unconverted convertible bond ratio and positive tone. The effects of the two types of tone management are not consistent. Surprisingly, abnormal tone does not appear to directly affect investor conversion behavior in the following year; instead, it contributes to a higher unconverted convertible bond ratio. In contrast, positive tone encourages bond conversion. Additionally, a greater unconverted bond ratio in the current year enhances the effect of positive tone on conversion behavior in the subsequent year. Further analysis reveals that when financing constraints are low and the proportion of current liabilities is high, a higher unconverted convertible bond ratio is associated with higher levels of abnormal tone. Additionally, the impact of unconverted convertible bond ratio on abnormal tone is more pronounced when convertible bonds are issued to existing shareholders. In terms of external regulation, it is evident that when external financial regulation is less stringent and negative media coverage is limited, a higher unconverted convertible bond ratio is linked to higher levels of abnormal tone. Lastly, while adopting a high-level abnormal tone in information disclosure strategies to address a higher unconverted convertible bond ratio may enhance short-term market performance, it is associated with negative long-term market performance. This study contributes to the literature by providing new insights into the role of financial instruments, such as convertible bonds, in shaping corporate signaling strategies, particularly through tone management during earnings communication conferences. The findings offer valuable implications for investors and policymakers, suggesting that conversion rates may serve as signals for corporate financial health and future performance. Moreover, the research enriches the understanding of how financing decisions, market conditions, and corporate governance structures interact to influence investor perceptions and corporate strategies.</p>\u0000 </div>","PeriodicalId":18186,"journal":{"name":"Managerial and Decision Economics","volume":"47 6","pages":"1606-1627"},"PeriodicalIF":2.7,"publicationDate":"2026-08-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148696555","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Professionalization as a Factor of Heterogeneity in Family and Nonfamily Firms: Effects on Performance","authors":"Javier Ortiz,&nbsp;Ana F. Gargallo-Castel","doi":"10.1002/mde.70107","DOIUrl":"https://doi.org/10.1002/mde.70107","url":null,"abstract":"<p>This study examines the relationship between firm ownership and organizational performance with a focus on heterogeneity in the professionalization of management. Using a comprehensive panel dataset of Spanish manufacturing firms, the study identifies significant ownership- and management model-related differences in productive efficiency. The results reveal that while family firms are marginally less productive than nonfamily firms, professionalized management substantially enhances their performance, putting it above that of professionally managed nonfamily firms. The results indicate that external management effectively addresses agency problems and mitigates asymmetrical altruism issues in family firms while simultaneously leveraging their inherent strengths, such as concentrated ownership and alignment of interests. As such, the best outcomes are achieved by combining family ownership and professionalized management. This conclusion underscores the importance of accounting for both ownership structure and heterogeneity in management models in the study of firm efficiency. Additionally, these insights have practical economic implications, suggesting that the strategic separation of ownership and management could unlock new avenues to improve organizational performance.</p>","PeriodicalId":18186,"journal":{"name":"Managerial and Decision Economics","volume":"47 6","pages":"1425-1440"},"PeriodicalIF":2.7,"publicationDate":"2026-08-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/mde.70107","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148696389","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Smog-Induced Automation: The Rise of Robots in Polluted Skies of China","authors":"Cuibin Jiang,&nbsp;Ruipeng Tan,&nbsp;Yifan Yang,&nbsp;Gang Qiao","doi":"10.1002/mde.70110","DOIUrl":"https://doi.org/10.1002/mde.70110","url":null,"abstract":"<div>\u0000 \u0000 <p>This paper examines the effect of air pollution on firms' adoption of industrial robots in China. Using matched firm-level data from the China Industrial Enterprise Database and the China Customs Trade Database for 2000–2014, we measure robot adoption by firms' imports of industrial robots. To address endogeneity, we employ thermal inversion as an instrumental variable for air pollution. We find that air pollution significantly increases the probability of robot adoption, as well as the value and quantity of robots used by firms. Mechanism analyses suggest that this effect operates mainly through lower labor productivity, reduced regional labor supply, and weakened innovation capability. The effect is stronger for non–state-owned enterprises, firms in regions with stricter environmental regulation, and firms in labor-intensive industries. Overall, the findings provide firm-level evidence that environmental shocks can accelerate automation and technological upgrading.</p>\u0000 </div>","PeriodicalId":18186,"journal":{"name":"Managerial and Decision Economics","volume":"47 6","pages":"1504-1524"},"PeriodicalIF":2.7,"publicationDate":"2026-08-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148696235","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}