{"title":"A Knowledge Graph-Based Target Recommendation Approach for Mergers and Acquisitions","authors":"Cong Cheng;Jian Dai;Lulu Yan","doi":"10.1109/TEM.2025.3616130","DOIUrl":"https://doi.org/10.1109/TEM.2025.3616130","url":null,"abstract":"Selecting the right merger and acquisition (M&A) target is a critical yet challenging endeavor, as the success of these strategic initiatives depends mainly on identifying compatible firms. This study draws upon the theoretical perspectives of strategic fit and organizational search to propose and validate a novel, two-stage M&A target recommendation approach designed as a managerial decision support system. Initially, the method facilitates a focused search in which acquirers define explicit criteria for identifying a highly relevant initial target within a knowledge graph (KG). It then employs a similarity-based search expansion using advanced KG embedding models to recommend additional targets that exhibit latent structural similarities. The efficacy of this approach is validated on a large-scale U.S. M&A dataset (2010–2022). Our key findings are threefold. First, our model demonstrates statistically significant superiority over benchmarks, confirmed through robustness checks, including tenfold cross-validation and temporal validation. Second, in an experiment on deals by experienced acquirers, our model is more effective at identifying these targets, quantitatively demonstrating its superior recommendation quality. Third, our analysis uncovers counterintuitive patterns, revealing that machine-identified structural similarities can be more potent predictors of fit than traditional human-centric filters, such as geography. It further explores the tool’s boundary conditions, showing that it is more effective in complex, high-tech sectors. This KG-based methodology offers a more informed, strategically refined, and empirically validated tool to enhance the quality of M&A decisions.","PeriodicalId":55009,"journal":{"name":"IEEE Transactions on Engineering Management","volume":"72 ","pages":"4113-4126"},"PeriodicalIF":5.2,"publicationDate":"2025-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145255935","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Soumya Prakash Patra;Rohit Agrawal;Rajesh Kumar Singh;Qile He
{"title":"Adoption of Blockchain Technology in International Entrepreneurship: Strategic Framework for Managing Roadblocks","authors":"Soumya Prakash Patra;Rohit Agrawal;Rajesh Kumar Singh;Qile He","doi":"10.1109/TEM.2025.3614554","DOIUrl":"https://doi.org/10.1109/TEM.2025.3614554","url":null,"abstract":"Blockchain technology (BCT) is emerging as a disruptive innovation in increasingly globalized business ventures. It is believed to offer important benefits to international entrepreneurs, such as reducing transaction cost and risk of fraud, creating better transactional trust, and avoiding exploitation by business partners. However, BCT can bring changes to the business world only if it gets adopted by industries across all spectrums. International entrepreneurs are amongst the critical groups of adopters of BCT. Based on multiple theoretical perspectives, this article identifies and categorizes key barriers to adopting BCT by international entrepreneurs. A survey of BCT field experts was conducted to validate 15 key barriers to BCT adoption. Furthermore, based on pairwise comparison data collection with three groups of international entrepreneurs from India and U.K., a decision-making methodology was adopted to identify the relative importance and the causal relationships among the key barriers. This study develops a framework of strategic solutions to address barriers of BCT adoption by international entrepreneurs. This study offers stakeholders of BCT to better understand the patterns of BCT adoption by international entrepreneurs and will support the development of more targeted and multifaceted BCT adoption strategies.","PeriodicalId":55009,"journal":{"name":"IEEE Transactions on Engineering Management","volume":"72 ","pages":"4127-4140"},"PeriodicalIF":5.2,"publicationDate":"2025-09-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145255942","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Robust Decisions of Omnichannel Retail Operations for an Overconfident Manufacturer Considering Short Life-Cycle Products and Cap-and-Offset Policy","authors":"Qingguo Bai;Lei Xu","doi":"10.1109/TEM.2025.3609983","DOIUrl":"https://doi.org/10.1109/TEM.2025.3609983","url":null,"abstract":"With the introduction of buy-online-and-pickup-in-store (BOPS) services, it has been unclear whether physical stores should have their own online channels when overconfident behavior, carbon abatement, and incomplete demand information are considered in the manufacturer’s operations. This practical issue motivates us to investigate an overconfident manufacturer under a cap-and-offset policy who sells products through the omnichannel retail model. Three types of customers in this model are classified, and only the expectation and variance of stochastic demand are captured. The operational stages related to production, inventory, and transportation contribute to carbon emissions. We first consider the self-operated online channel and the independent channel and develop two corresponding distributionally robust newsvendor models. The analytic expression of the optimal robust manufacturing quantity for each model is solved. We compare the operational efficacy of an overconfident manufacturer in the self-operated online system with that in the independent system. The results show that the net profit from selling each unit item to online customers is a significant factor in comparing the profit and carbon emissions of overconfident manufacturers in the two omnichannel retail systems. Numerical experiments are conducted to complement the theoretical models and examine the effects of several major parameters on the two systems in the omnichannel retail model. This article provides the manufacturer with valuable knowledge of the robust manufacturing strategy and integration between the online and offline channels under the omnichannel retail model.","PeriodicalId":55009,"journal":{"name":"IEEE Transactions on Engineering Management","volume":"72 ","pages":"4020-4035"},"PeriodicalIF":5.2,"publicationDate":"2025-09-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145210036","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Exploring the Interplay of Sensemaking, Market Agility, and Information Technology Alignment in Business Model Innovation","authors":"Usama Awan;Ismail Golgeci;Anne-Laure Mention","doi":"10.1109/TEM.2025.3609246","DOIUrl":"https://doi.org/10.1109/TEM.2025.3609246","url":null,"abstract":"Manufacturing firms are facing the complex challenge of deploying information technology (IT) alignment and establishing market agility to drive business model innovation (BMI). While existing literature has established a link between organizational sensemaking and BMI, the interaction between market agility and organizational sensemaking for BMI remains unexamined. Drawing from a knowledge base view, this study addresses this research gap by examining the moderating effect of IT alignment on the mediating role of market agility in the relationship between sensemaking capability and BMI. Our data, collected from 232 engineering manufacturers, along with the application of PLS-SEM to test the conceptual model, reveal that the effect of organizational sensemaking capability on BMI through market agility depends on IT alignment. These findings enhance our understanding of IT alignment’s role in a firm’s development of BMI via market agility, providing valuable implications for managerial practices by underscoring the importance of IT alignment for BMI. By grasping this interaction, managers can unlock the potential for more effective and innovative business models, fostering enhanced competitiveness and sustained growth.","PeriodicalId":55009,"journal":{"name":"IEEE Transactions on Engineering Management","volume":"72 ","pages":"3937-3951"},"PeriodicalIF":5.2,"publicationDate":"2025-09-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145141596","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Toward a Mature Body of Knowledge: A Meta-Analysis of Antecedents to Infrastructure Project Environmental and Social Sustainability","authors":"Wenjing Li;Shuibo Zhang;Ying Gao;Qiuhao Xie","doi":"10.1109/TEM.2025.3609335","DOIUrl":"https://doi.org/10.1109/TEM.2025.3609335","url":null,"abstract":"Despite a substantial body of literature addressing the environmental and social sustainability (ESS) of infrastructure projects, empirical findings regarding the effect sizes of ESS antecedents remain dispersed and ambiguous. This study develops a theoretical framework and conducts a meta-analysis of 78 empirical studies to investigate the relationships between ESS and its 11 antecedents. We propose a structured framework for understanding the complex drivers of ESS. The antecedents are categorized into three domains: project governance (encompassing both interorganizational governance and intraorganizational governance); internal resources and capabilities (including internal resources, organizational capabilities, employee-level cognition and organizational opportunity recognition); and institutional environment (characterized by coercive, normative, and mimetic pressures). Our findings reveal a significant positive association between all three antecedent categories and ESS outcomes. Moreover, national cultures and measurement of ESS demonstrate significant moderating effects on the relationships between ESS and its antecedents, underscoring the role of contextual contingencies. Notably, the results demonstrate that the antecedents are complementary in enhancing ESS, rather than acting in isolation. By aggregating and synthesizing existing research, this study contributes to the ESS and engineering management literature by quantifying the relationship between ESS and its antecedents, emphasizing the fundamental role of contingent factors, and establishing a cohesive conceptual framework that elucidates the mechanisms linking ESS and its antecedents.","PeriodicalId":55009,"journal":{"name":"IEEE Transactions on Engineering Management","volume":"72 ","pages":"3967-3984"},"PeriodicalIF":5.2,"publicationDate":"2025-09-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145141590","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Block the Adblockers? Strategic Choices of Competing Platforms and Their Impacts","authors":"Himanshu Joshi;Govind Lal Kumawat;Suyog Nigudkar","doi":"10.1109/TEM.2025.3608256","DOIUrl":"https://doi.org/10.1109/TEM.2025.3608256","url":null,"abstract":"In recent years, the widespread adoption of adblockers has created significant challenges for digital platforms (e.g., websites) by limiting their ability to monetize content through advertising. In response, platforms have adopted divergent ad-recovery strategies: some deploy gates (antiadblock walls) that block access to users with adblockers, while others allow unrestricted access. Motivated by these contrasting industry practices, this article investigates whether and under what conditions platforms adopt the gating strategy. We develop a game-theoretic model in a duopoly setting, incorporating user heterogeneity and same-side network effects, to analyze the strategic decisions of competing platforms. Our analysis yields several important insights. First, in equilibrium, platforms adopt symmetric ad-recovery strategies: either both use gating, or both use no-gating, driven by the interplay between gating costs and ad revenue. Second, regardless of the competitor’s strategy, a platform adopting gating sets a lower ad intensity than one that does not. Third, contrary to general intuition, we find that blocking adblockers does not always improve a platform’s profit. When the cost of deploying and maintaining gating technologies is sufficiently high, the net profitability of gating may fall below that of the no-gating alternative. Finally, although consumer surplus declines under gating, social welfare may increase when gating costs are low, as the gain in platform revenue offsets the consumer utility loss.","PeriodicalId":55009,"journal":{"name":"IEEE Transactions on Engineering Management","volume":"72 ","pages":"4036-4050"},"PeriodicalIF":5.2,"publicationDate":"2025-09-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145210088","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Shizhen Bai;Hao He;Chunjia Han;Mu Yang;Zhifang Li;Weijia Fan
{"title":"Light Trumps Shadow? How Generative AI Agent’s Language Arousal Influences Users’ Interactive Willingness: Evidence From Multimodal Analysis","authors":"Shizhen Bai;Hao He;Chunjia Han;Mu Yang;Zhifang Li;Weijia Fan","doi":"10.1109/TEM.2025.3608461","DOIUrl":"https://doi.org/10.1109/TEM.2025.3608461","url":null,"abstract":"This study investigates how language arousal in generative AI systems influences users’ interaction willingness, examining the roles of social identity and visual atmosphere. Drawing on the limited capacity model of motivated mediated message processing (LC4MP) and social identity theory, we constructed a theoretical model integrating language arousal, social identity, visual atmosphere, and interaction willingness, and analyzed 8809 interactions from Character. AI using multimodal methods combining linguistic analysis and visual processing. Our findings reveal that high-arousal language significantly increases interaction willingness, with social identity mediating this relationship. Most notably, we discovered a “psychological defense-curiosity paradox”: shadow visual atmospheres, despite triggering initial defensive reactions, enhance engagement more effectively than light atmospheres, challenging conventional “brighter is better” design assumptions. This research advances theory by repositioning language arousal as a direct causal variable in AI interaction, extending cognitive processing models to human–AI contexts, and demonstrating how visual elements strategically modulate psychological responses. These insights provide valuable direction for developing emotionally intelligent AI systems that effectively balance linguistic stimulation and visual atmosphere to create more engaging human–AI experiences.","PeriodicalId":55009,"journal":{"name":"IEEE Transactions on Engineering Management","volume":"72 ","pages":"3921-3936"},"PeriodicalIF":5.2,"publicationDate":"2025-09-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145141589","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Uncovering Blockchain Adoption Barriers in the Automotive Industry: A Comparative Study of Electric and Traditional Vehicle Manufacturers","authors":"Avinash Chauhan;M. Vimala Rani","doi":"10.1109/TEM.2025.3608252","DOIUrl":"https://doi.org/10.1109/TEM.2025.3608252","url":null,"abstract":"Blockchain technology, renowned for its transformative potential in ensuring secure and transparent transactions, plays a crucial role in enhancing efficiency and transparency within the automotive supply chain. This research delves into essential success factors for blockchain integration, employing methodologies like the PESTLE framework, analytic hierarchy process, and Technique for Order of Preference by Similarity to Ideal Solution. A comprehensive total interpretive structural modeling framework uncovers intricate relationships among factors, while Matriced’Impacts Croises Multiplication Appliquéa un Classement analysis reveals driving and dependence powers. The industry’s movement toward ethical and environmentally conscious practices is evident, though legal, environmental, and technological barriers persist. “Availability of Blockchain Skill Set” and “Education and Awareness” emerge as central factors, emphasizing the symbiotic relationship between a skilled workforce and industry-wide awareness. These factors form the foundation for overcoming barriers, paving the way for seamless blockchain integration in the automotive supply chain. In addition, a comparative analysis between electric vehicle (EV) and traditional automobile manufacturers highlights distinctive priorities, with EV manufacturers focusing on long-term sustainability and transparent supply chains, while traditional automakers strategically approach blockchain adoption, emphasizing education, secure smart contracts, and overcoming adoption challenges.","PeriodicalId":55009,"journal":{"name":"IEEE Transactions on Engineering Management","volume":"72 ","pages":"3877-3891"},"PeriodicalIF":5.2,"publicationDate":"2025-09-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://ieeexplore.ieee.org/stamp/stamp.jsp?tp=&arnumber=11157766","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145110242","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Why Do B2B Platforms Fail? The Missing Links in Identity, Architecture, and Network Effects in Industrial Ecosystems","authors":"Krithika Randhawa;Virginia Springer","doi":"10.1109/TEM.2025.3608116","DOIUrl":"https://doi.org/10.1109/TEM.2025.3608116","url":null,"abstract":"Business-to-business (B2B) platform ecosystems—connecting orchestrators, complementors, and end users—are central to digital transformation in industrial sectors. However, many B2B platforms fail to scale or sustain adoption due to challenges integrating legacy systems with digital technologies, navigating fragmented markets, and aligning diverse stakeholder expectations. While prior research emphasizes material dimensions like technical architecture and network effects, primarily in B2C contexts, the role of sociocognitive dimensions remains underexplored. We address this gap by examining <italic>platform identity</i> and <italic>ecosystem identity</i> as key sociocognitive dimensions that shape how platforms are perceived, trusted, and adopted. Using a multiple-case study of three failed B2B platforms (General Electric’s Predix, Vestas’ Covento, and ADAMOS), we trace how misalignments across identity, architecture, and network effects disrupt coherence, stall adoption, and erode stakeholder commitment. We develop a framework capturing the dynamic interdependencies among sociocognitive (identity), technical (architecture), and market (network effects) dimensions. We demonstrate that platform and ecosystem identities are distinct yet interdependent constructs that mediate alignment between technical and market dimensions. Misalignment in any one dimension can cascade into others, creating negative feedback loops that compromise ecosystem scalability and resilience. These insights challenge dominant assumptions in engineering management that prioritize technical system optimization in isolation. By foregrounding identity as a strategic lever, we contribute a more holistic understanding of B2B platform performance and offer actionable guidance for platform orchestrators and engineering managers. To build scalable and coherent platform ecosystems, firms must align material and sociocognitive elements to foster trust, commitment, and sustained adoption in complex B2B environments.","PeriodicalId":55009,"journal":{"name":"IEEE Transactions on Engineering Management","volume":"72 ","pages":"4079-4093"},"PeriodicalIF":5.2,"publicationDate":"2025-09-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145255882","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Impact of Information Sharing on Distribution Mode Choice With Spillover Effects and Upstream Competition","authors":"Pengwen Hou;Yingying Teng;Yunbo Wang;Yating Li","doi":"10.1109/TEM.2025.3607834","DOIUrl":"https://doi.org/10.1109/TEM.2025.3607834","url":null,"abstract":"The boom of e-commerce has led to the rise of copycats but also encouraged more manufacturers to join these platforms for product distribution. Using a game-theoretic framework, we investigate whether a brand manufacturer faced with copycat competition and asymmetric demand information should enter the online channel, focusing on the impact of platform information sharing on brand manufacturer distribution mode choice in a multichannel retail environment. The main findings are as follows: First, when the platform does not share information, the brand manufacturer prefers the agency mode under the positive spillover effect if the commission rate is moderate. The platform’s sharing strategy increases the brand manufacturer’s preference for the agency mode. However, when the commission rate is sufficiently low or high, the distribution mode of the brand manufacturer is unaffected by the information-sharing strategy. Second, the platform may not always share information with the brand manufacturer in the agency mode, but rather depends on the competition intensity. Third, despite platform information sharing, the brand manufacturer may still choose the wholesale mode due to the positive spillover effect. This counterintuitive result occurs because the significant positive spillover effect mitigates the double marginalization effect of information sharing in the wholesale mode.","PeriodicalId":55009,"journal":{"name":"IEEE Transactions on Engineering Management","volume":"72 ","pages":"3909-3920"},"PeriodicalIF":5.2,"publicationDate":"2025-09-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145110189","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}