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This study aims to investigate the impact of supply chain concentration (SCC) on corporate research and development (R&D) investment and determine the moderating roles of industry concentration and financing constraints on the relationship between SCC and R&D investment.

The study collected data from Chinese listed companies, used the fixed effects model to test the research hypotheses and further used the two-stage Heckman test and propensity score matching (PSM) to address potential endogeneity issues.

The result reveals a negative impact of SCC on corporate R&D investment. In addition, industry concentration mitigates the negative impact of SCC on corporate R&D investment, but financing constraints strengthen the negative impact.

This study introduces the concept of SCC and empirically tests its effect on R&D investment, further explaining the lack of corporate innovation. This study inspires companies to strengthen SC management and weigh the level of SCC with environmental factors.

This study aims to investigate the role of multidimensional social capital and consumer subjective well-being in online brand communities (OBCs). The aim was to provide practical guidance to global brand marketers for cultivating and strengthening OBC operations, optimizing consumer-brand-community relationships and creating value in the digital age.

A total of 576 valid questionnaires were collected through an online survey, and the model was tested using partial least squares structural equation modeling.

In OBCs, the cognitive dimension of social capital (i.e. shared language and shared vision) strongly affects the relational dimension of social capital (i.e. social trust and reciprocity). Both these dimensions also positively influence consumer community subjective well-being, which, in turn, enhances consumer brand subjective well-being. Thus, community subjective well-being has a mediating role in the aforementioned relationship, and brand community is an antecedent to brand subjective well-being.

Future studies should investigate other dimensions of social capital and well-being, as well as moderator variables, social environments and types of culture.

This study constructed a conceptual framework that focused on the effect of multidimensional social capital in OBCs to elucidate antecedents of brand subjective well-being from the perspectives of social networks and relationships. Moreover, it examined how brands strategically expand their clientele base with regard to target customers.

The COVID-19 pandemic has profoundly impacted small and medium-sized enterprises (SMEs), inherently vulnerable entities, prompting a pivotal question of how to enhance SMEs’ organizational resilience (OR) to withstand discontinuous crises. Although digital innovation (DI) is widely acknowledged as a critical antecedent to OR, limited studies have analyzed the configurational effects of DI on OR, particularly stage-based analysis.

Underpinned by the dynamic capabilities view, this study introduces a multi-stage dynamic capabilities framework for OR. Employing Latent Dirichlet Allocation (LDA), digital product innovation (DPI), digital services innovation (DSI) and digital process innovation (DCI) are further deconstructed into six dimensions. Furthermore, we utilized fuzzy-set qualitative comparative analysis (fsQCA) to explore the configuration effects of six DI on OR at different stages, using data from 94 Chinese SMEs.

First, OR improvement hinges not on a singular DI but on the interactions among various DIs. Second, multiple equivalent configurations emerge at different stages. Before the crisis, absorptive capability primarily advanced through iterative DPI and predictive DSI. During the crisis, response capability is principally augmented by the iterative DPI, distributed DCI, and integrated DCI. After the crisis, recovery capability is predominantly fortified by the iterative DPI, expanded DPI and experiential DSI. Third, iterative DPI consistently assumes a supportive role in fortifying OR.

This study contributes to the extant literature on DI and OR, offering practical guidance for SMEs to systematically enhance OR by configuring DI across distinct stages.

The interbank market in China experienced remarkable squeezes in liquidity in 2013. In particular, the overnight Shanghai Interbank Offered Rate reached a historical high in June. Banks were unprepared, facing the occurrence of various liquidity demands simultaneously. Effects of the liquidity squeeze spread across markets, and concerns were expressed about the health of the banking sector in the world’s second largest economy. Yet the central bank of China maintained an unswerving view that the tightness of liquidity was only structural, and could be overcome by the commercial banks themselves. While it may be too early to judge whether the central bank was correct, or whether there is systematic liquidity risk in the banking sector, markets received a clear signal from the People’s Bank of China. The central bank stopped acting as a ‘perpetual put option’ for commercial banks and refused to take responsibility to satisfy liquidity needs in the interbank market. Its intention is clear; that is, to adjust monetary policy and support economic reform in China. The new Chinese government seems determined to steer a new course away from the previous growth episode. Its resolution has been published and actions have been taken. Among them, the central bank’s changes to monetary policy have received responses from the markets, and the People’s Bank of China is now in the vanguard of a battle to squeeze liquidity. It is difficult to predict what further actions the government will take. However, it should be aware that the driving force of economic reform in China comes from structural change and productivity improvement. Without follow-up policies, complication in the financial system could undermine the central bank’s effort and international capital flows may quickly substitute the opening position of the central bank in the interbank market. More wisdom is required if China is to win the battle for deleveraging and structural reform.

China's economic transition is essentially the process of China's institutional changes. During the changes, the appearance of institutional innovation is not regular; instead, it is intermittent and random. The purpose of this paper is to show that the fitful appearance of institutional innovation is the root of China's economic growth and fluctuations.

This paper constructs a real business cycle (RBC) model introducing the institutional factor expressed in the quantitative form under the dynamic stochastic general equilibrium (DSGE) framework by measuring China's institutional changes quantitatively.

By comparing the characteristics of the actual economic data with those of the simulated economic data, we find that this RBC model can explain 94.44%, 66.07%, 23.46%, 21.03% and 15.45% of the cyclical fluctuations in output, investment, labor, consumption and capital, respectively.

The impulse response analysis finds that the institutional shocks have a relatively long duration, lasting about 30 years, and decline slowly over time, while technological shocks decline relatively fast, lasting approximately ten years.