Failure to attract external financing is a common puzzle for start-up firms and often leads to the use of entrepreneurs' personal funding, typically with the help of their family. With little entrepreneurial experience, nascent entrepreneurs will have no factual signals to show external investors, except their characteristics or those of their family. The literature mainly focuses on the net effects of entrepreneurs' personal capital endowments in isolation on start-up capital structure despite emerging appreciation of the importance of family-related factors. However, little is known about which combinations of capital endowments across capital dimensions (i.e., human, social, and financial capital) or generations (i.e., parent and child) will likely affect the level of external funding. Drawing on signaling theory, we adopt a configurational approach to examine the compositions of intergenerational capital endowments that are sufficient to shape external funding. Conducting a fuzzy-set qualitative comparative analysis of Chinese privately owned enterprises of nascent entrepreneurs, we identify four typical family prototypes that feature intergenerational capital endowments for low external funding. Findings highlight the significance of family dynamics in China and their role in shaping new venture financing by displaying intergenerational signals.

The literature shows that social media enhances individual stakeholders’ ability to directly influence firm behaviors, paying less attention to how it enables different stakeholder groups to influence firms collectively. Drawing on the stakeholder multiplicity perspective in stakeholder theory, this study theorizes and empirically demonstrates that social media can empower lower-salience stakeholders to drive the actions of higher-salience stakeholders to influence firm behaviors. By analyzing 506 consumer crises involving foreign and local companies in China from 2000 to 2020, we find that firms take more substantial responsibility when confronted with consumers’ social-media-based collective actions than when confronted with conventional channels of consumer complaints. This heightened responsibility stems mainly from collective actions’ tendency to spur law-enforcing agencies into addressing alleged firm misdeeds, demonstrating a stakeholder multiplicity effect of social media empowerment. We also identify the institutional contingency of this effect, showing that local governments’ bureaucratic capacity positively moderates collective actions’ effect on law-enforcing actions, whereas their intervention in firms’ operational decisions negatively moderates law-enforcing actions’ effect on firms’ responsibility assumption. This study extends the understanding of social media's relationship with stakeholder influence and consolidates the stakeholder multiplicity perspective in stakeholder theory.

Organizations and managers often implement workplace training programs aimed at fostering collaboration, belonging, and respect among employees. However, the effectiveness of these programs can be undermined when they are framed in ways that only resonate with some participants while alienating others. We propose that moral reframing can enhance the success of such initiatives by aligning messaging with a broader range of moral perspectives. Drawing on moral foundations theory, we identify five key dimensions, care, fairness, loyalty, authority, and purity, that shape how individuals interpret and respond to workplace training efforts. Although many programs emphasize care and fairness, individuals who prioritize loyalty, authority, and purity may perceive them differently, leading to disengagement, skepticism, or resistance. We argue that strategically framing training initiatives across multiple moral frameworks can foster greater engagement, buy-in, and overall effectiveness. Additionally, we offer practical recommendations for organizations to implement moral reframing strategies, ensuring that training efforts resonate with a wider audience and contribute to a more cohesive and productive workplace.

Contemporary business and management research in China has advanced rapidly, making significant strides in the introduction of theoretical frameworks, research methodologies, local theory development, and practical applications. Much of this research continues to draw on Western theories, and since the reform and opening up, Chinese management research has evolved through distinct stages of globalization and localization. Today, it faces new challenges amid anti-globalization trends. At this critical juncture, the key question is whether China should continue integrating Western theories or capitalize on the opportunity to develop indigenous management theories. This paper explores the differences in scientific development concepts and focuses between China and the West, the historical trajectory of Chinese management research, and the challenges and opportunities that lie ahead. To enhance China's contribution to global management research, we propose that it is essential to sustain international collaboration, deepen understanding of frontline enterprise practices, promote micro-level research and interpretation with Chinese characteristics, and cultivate an open academic community, while optimizing the research evaluation system.

We replicate and extend Jia, You, and Du's (2012) study. We added samples from the last 13 years (from 2011 to 2023) and analyzed these new samples using the same methodology as the 2012 article. Our replication found that in the last 13 years, 4 articles in the six leading journals and 16 articles in Management and Organization Review (MOR) have the highest degree of Chinese contextualization in concepts (what), their relationships (how), and the logics underlying the relationships (why). The Chinese context continues to contribute novel knowledge. The extension study fully demonstrates that in the 20 years since its birth, MOR has been on the path of pursuing its original aspiration and realizing its mission. On the what, why, and joint contextualization dimensions, the proportion of articles published in MOR with high contextualized theoretical contributions is higher than the proportion in the six leading journals. On the theory-building dimension, the overall degree of the articles published in MOR is higher than that of those published in the six leading journals. This indicates that MOR publishes articles that are not only of high quality and make general theoretical contributions, but also are highly relevant to the Chinese context.

The rise of online voicing and campaigns empowered by digital technologies and online social media is rejuvenating retail investor activism that has been mostly ignored in the traditional offline setting. This article argues that online activism that is initiated by retail investors will affect managerial attention intensity and attention priority on environmental issues, thus promoting green innovation. Using a Chinese-listed companies database with 13,795 firm-year observations over the period from 2011 to 2018, our results confirm that online environmental activism induces corporate green innovation. Online activism is more effective when the retail investor base holds larger shares in total and presents questions with a more intensely negative tone. Additionally, the above-mentioned moderating effects are stronger in digital firms. Our study offers insights into the online patterns of shareholder activism in the digital era and highlights the role of minority voicing in promoting corporate sustainable transformation.

Using a unique data set of firms listed on China’s Shenzhen Stock Exchange, we show that investors’ corporate site visits convey information about future stock returns. Firms with abnormally frequent investor visits predictably outperform firms with abnormally infrequent investor visits by approximately 70-to-100 basis points per month. This return predictability concentrates on neglected firms with low trading volumes and when investors incur higher travel costs. Abnormally frequent investor visits accompany increased holdings among visiting institutions and predict improvements in firms’ fundamental performance, consistent with institutions using visits to gain an information advantage regarding underpriced firms.

We study how managers react to shareholder empowerment that makes votes on shareholder proposals binding. We empirically exploit staggered legislative changes that introduce such empowerment for proposals regarding majority voting in director elections. We find that managers become more responsive to shareholder requirements by initiating majority voting through either management proposals or governance guidelines. This early action crowds out shareholder proposals. Further results suggest compromised implementation: Managers adopt provisions that give them greater control over the channel of implementation and allow them to retain directors who fail in elections. Our results suggest that managers retain substantial discretion to modulate shareholder requirements. This article was partially completed when Wu was at Fudan University. Any errors are attributable solely to the authors.