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The purpose of this paper is to empirically analyze the impact of chief executive officer (CEO) turnover on strategic change and explore the mediating role of organizational slack between them, as well as the moderating role and joint moderating role of top management team (TMT) external social network, ownership nature and industry type.

Based on the upper echelons theory, resource allocation theory and structuration theory, this paper takes the unbalanced panel data of A-share listed companies in Shanghai and Shenzhen Stock Exchanges of China from 2001 to 2018 as the research sample, uses ordinary least squares (OLS) regression method and fixed effect model to study the relationship between CEO turnover and strategic change, and focuses on the mediating mechanism and moderating mechanism between them.

The authors find that CEO turnover is positively related to strategic change. When a CEO turns over, a new CEO will initiate strategic change. Precipitation organizational slack plays a mediating role between CEO turnover and strategic change. Non-precipitation organizational slack has no mediating effect between CEO turnover and strategic change, which is embodied as “suppressing effects.” When the non-precipitation organizational slack variable is controlled, the impact of CEO turnover on strategic change will be enhanced. TMT external social network, ownership nature and industry type all negatively moderate the relationship between CEO turnover and strategic change. TMT external social network and ownership nature have a joint moderating effect between CEO turnover and strategic change. When TMT external social network is small, CEO turnover has a positive effect on strategic change in both state-owned enterprises and non-state-owned enterprises, but the promotion effect is stronger in non-state-owned enterprises. When TMT external social network is large, the positive effect of CEO turnover on strategic change in state-owned enterprises is from strong to weak, but in the non-state-owned enterprises is from weak to strong. TMT external social network and industry type have a joint moderating effect between CEO turnover and strategic change. When TMT external social network is small, CEO turnover has a positive impact on strategic change in high-tech enterprises and non-high-tech enterprises, but the promotion effect is stronger in non-high-tech enterprises. When TMT external social network is large, the positive impact of CEO turnover on strategic change in high-tech enterprises is from strong to weak, but in the non-high-tech enterprises is from weak to strong.

On the basis of previous studies, this paper further expands the research scope of the mechanism of CEO turnover on strategic change, echoing the research arguments of relevant scholars. At the same time, the research results reveal the mechanism of organizational slack, TMT external social network, ownership nature and industry type in the relationship between CEO turnover and strategic change, and further deepen the application of upper echelons theory, resources allocation theory and structuration theory in China. In addition, the research conclusions of this paper also provide reference value for Chinese enterprises in carrying out strategic change, promoting enterprise transformation and improving the level of corporate governance, and help to enhance the understanding and attention of Chinese enterprises to CEO turnover, organizational slack, TMT external social network, strategic change and corporate governance under the background of high-quality economic development.

Digital transformation and innovation-driven development have become an international consensus. The purpose of this paper is to examine the effects of relationships, mechanisms and economic consequences between digital transformation and enterprise innovation quality in order to provide a benchmark for developing countries to implement digital transformation strategies and innovation-driven strategies and provide a major support for economic recovery in the post-coronavirus disease 2019 (COVID-19) era.

Using microdata from A-share listed enterprises in Shanghai and Shenzhen from 2010 to 2021, this study examines the relationship between digital transformation and enterprise innovation quality and further reveals the internal logic and economic consequences of digital transformation to improve enterprise innovation quality through the mediating effect and moderating effect models.

The results demonstrate that digital transformation is beneficial for improving enterprise innovation quality. The heterogeneity test demonstrates that digital transformation has a larger effect on improving enterprise innovation quality in non-state-owned enterprises and eastern enterprises in China. The mechanism test demonstrates that digital transformation can improve enterprise innovation quality by improving internal control quality and analyst attention. Furthermore, with the increase in enterprise innovation inputs, digital transformation plays a significantly stronger role in improving enterprise innovation quality. The extended analysis demonstrates that digital transformation can significantly improve enterprise financial performance by improving innovation quality.

First, the construction of the core explanatory variable digital transformation index in this study is based on the Python data analysis software, which calculates the frequency of digital transformation in the text of the business situation analysis portion of the annual report of the listed companies and then obtains the degree of digital transformation of the company in this year. There may be some deviation from the degree of digital transformation in the actual production and operation of enterprises. Second, in addition to internal control quality and analyst attention, are there other mediating mechanisms for the impact of digital transformation on the quality of enterprise innovation? Third, whether the moderating effect of innovation input on digital transformation and innovation quality is related to human capital factors of the research and development (R&D) team, such as the technical background of R&D personnel, etc.

This study enriches the relevant theories of digital transformation and broadens the research boundaries of digital transformation and enterprise innovation. This study's result provides an empirical basis for enterprises to improve enterprise innovation quality and financial performance from the perspective of digital transformation at the micro level and points out specific practical directions, combining theory with practice.

Extensive macro- and micro-economics research has been conducted on China's tax reform, which replaced business tax with value-added tax (VAT). However, existing studies have not clarified the reform's impact on firm-level investment decisions. Hence, this study explored the effect of replacing business tax with VAT on firms' investment efficiency.

The study used 2010–2018 data from China's A-share listed companies and a difference-in-differences (DID) model to explore the effect of the reform on firm-level investment decisions.

The authors found that China's tax reform has improved investment efficiency in underinvested firms, increased liquidity and decreased the level of reliance on external financing. The tax reform had a greater effect on investment efficiency in firms with lower liquidity and higher external financing reliance. Its effect was also more significant among non-state-owned and small companies.

This study fills the aforementioned research gap by exploring the effects of China's tax reform, thus providing a theoretical reference and a basis for policymaking.

The main purpose of this paper is to explore the impact of digital transformation on enterprises' performance considering financing constraints in the capital market to explore whether digital transformation improves enterprises' performance through the financing constraints channel.

This study, using a panel data set of 14,669 observations of 2,858 non-financial enterprises that issued A shares on the Shanghai and Shenzhen stock exchanges from 2013 to 2019, theoretically and empirically tests the impact and mechanism of digital transformation on enterprise performance.

Digital transformation has a significant positive effect on enterprise performance; this conclusion remains the same after the robustness test and endogeneity problems are dealt with. Financing constraints play a mediation role between digital transformation and enterprise innovation. The effect of digital transformation on enterprise performance varies significantly by size, ownership and industry.

The theoretical contributions of this study not only enrich the literature on the economic benefits and mechanism of digital transformation but also expand the literature on the factors that influence enterprise performance. The practical contribution of this study is the reference that it provides for implementing decisions about enterprise digital transformation and formulating differentiated policies for government digital transformation.

The purpose of this paper is to investigate the relationship between tax avoidance and earnings persistence in the light of a developing economy, with the main focus on China.

In the analysis, the author conducts a survey on the tax avoidance situation of Chinese listed companies from 2012 to 2020. Then, a multivariate regression analysis is performed in order to analyse the relationship between corporate tax avoidance and earnings persistence.

The findings of the present study show that tax avoidance has a significant positive effect on earnings persistence. However, when the degree of tax avoidance is high, the “risk effect” of tax avoidance exceeds the “value effect”, and tax avoidance will reduce the persistence of earnings. This conclusion is even more prominent when the company is non-state-owned. Further research shows the increase of institutional investors’ shareholding ratio can improve “value effect” of tax avoidance, lessen “risk effect” of tax avoidance, and positively affect the relationship between tax avoidance and earnings persistence.

This study provides evidence for investors to understand the dual effect of tax avoidance on earnings persistence. The results may have implications for regulatory bodies. They can provide a better understanding of the corporate governance role of institutional investors in curbing opportunistic tax avoidance.

This study enriches the research on tax avoidance effects by analysing the impact of tax avoidance on earnings persistence. This study also compensates for the shortcomings of analysing earnings persistence mainly from the perspective of tax differences in the past, and promotes the study of the corporate governance effects of institutional investors under different levels of tax avoidance.

Promoting enterprises' green innovation is vital to realize the sustainable growth of cities and environmental protection and the rise of urban housing prices might affect the green innovation of enterprises to a certain extent. This study aims to discuss the aforementioned objective.

Based on the data of listed companies and urban housing prices of main cities in China from 2011 to 2019, this paper examines the impact of housing prices on enterprises' green innovation and analyzes the mechanism of rising housing prices on enterprises' green innovation.

The rise of urban housing prices can significantly promote the quality of green innovation of enterprises, but it has no significant impact on the quantity of green innovation. The heterogeneity test results show that the rising house prices have a more significant role in promoting the green innovation of non-state-owned enterprises, enterprises listed on the main board, enterprises in the central and western regions, and enterprises in non-first-tier cities. The mechanism research finds that the rise of urban housing prices has a financing relief effect and cost-pushing effect on the green innovation of enterprises.

Firstly, it thoroughly examines the influence of housing prices on corporate green innovation. Second, it explores the differential impact of housing prices on enterprises' green innovation based on variations among enterprises and regions, offering valuable insights for the government to formulate proper policy. Lastly, it elucidates the influencing mechanism of housing prices on enterprise green innovation from the perspectives of corporate financing and costs, providing empirical support for enterprises to appropriately perceive the opportunities and challenges posed by rising housing prices and actively promote green innovation.

With the growing concern of various sectors of society regarding environmental issues and the promotion of sustainable development, green technology innovation is generally considered to be conducive to the long-term development of enterprises. However, because of the existence of agency problems, managers may have shortsighted behaviors. Then how will managers' shortsighted behaviors affect enterprises' green technology innovation?

This paper uses machine learning-based text analysis methods to construct a manager myopia index based on the data from A-share listed companies on the Shanghai and Shenzhen Stock Exchanges from 2015 to 2020. We examine the impact of manager myopia on green technology innovation in companies.

Our study finds that manager myopia significantly inhibits green technology innovation in companies. However, when multiple large shareholders coexist and the proportion of institutional investors' holdings is high, it can alleviate the inhibitory effect of manager myopia on green innovation. Heterogeneity tests show that the impact of manager myopia on green technology innovation is relatively significant in non-state-owned and manufacturing companies, as well as in the electricity industry. Robustness tests demonstrate that our conclusions remain valid after using propensity score matching to eliminate endogeneity problems.

From the perspective of corporate governance, this paper incorporates managers' shortsightedness, multiple large shareholders and institutional investors' shareholding ratios into the same logical framework, analyzes their internal mechanisms, helps improve corporate governance, enhances green innovation capabilities and has strong implications for the implementation of national innovation-driven development strategies and the achievement of “carbon peak” and “carbon neutrality” targets.

As China shifts from a “human capital demographic dividend” to a “demographic dividend” as a source of economic growth, this paper examines the influence of social security system improvement on enterprises efforts to attract talent and enhance innovation ability.

This study uses a sample of Chinese listed firms from 2008 to 2019 to analyse the influences of social security contributions on enterprise innovation, and the mediating effect of human capital accumulation. The OLS, DID test, placebo test, 2SLS are used to test the research questions.

The authors find a significant positive correlation between social security contributions and enterprise innovation because social security contributions improve the accumulation of human capital, helping enterprises to attract talent, which in turn has a positive impact on corporate innovation. The positive correlation between social security contributions and enterprise innovation is more significant in private enterprises, STAR Market and GEM listed companies and labour-intensive enterprises.

These findings provide a theoretical basis for the formulation of relevant policies and the current reform of social security collection in China. The findings also have practical significance for the sustainable development of China's economy given its ageing population.

This study provides a new perspective, that is, from the perspective of human capital accumulation, to discuss the impact of social security contributions on enterprise innovation, and enriches the relevant literature on the economic consequences of social security contributions and the influencing factors of corporate innovation.

Quality awards are widely considered symbols of successful quality management. The purpose of this paper is to empirically test the effects of the China Quality Award (CQA) on firms' performance. The study further explores how the benefits due to CQA are affected by contextual factors.

Using the data of CQA winners from 2001 to 2016, the event study method is applied to analyze the abnormal performance of winners. Furthermore, multiple regression models are proposed to evaluate the effects of contextual factors on the relationship between the award and profitability.

The findings show that CQA has positive impacts on profitability and fixed asset efficiency but not on labor productivity. Besides, state-owned firms and firms with high innovation intensity obtain more profitability benefits than others.

This is the first study to explain the relationship between quality awards and firm performance from a theoretical perspective, providing new insights into the quality management and performance literature. Furthermore, this study deepens the understanding of the relationship between quality awards and performance and reveals new implications. Some of the contextual factors examined, such as innovation intensity, are considered for the first time in quality award research.

This study investigates the relationships among digital transformation, technological innovation, industry–university–research collaborations and labor income share in manufacturing firms.

The relationships are tested using an empirical method, constructing regression models, by collecting 1,240 manufacturing firms and 9,029 items listed on the A-share market in China from 2013 to 2020.

The results indicate that digital transformation has a positive effect on manufacturing companies’ labor income share. Technological innovation can mediate the effect of digital transformation on labor income share. Industry–university–research cooperation can positively moderate the promotion effect of digital transformation on labor income share but cannot moderate the mediating effect of technological innovation. Heterogeneity analysis also found that firms without service-based transformation and nonstate-owned firms are better able to increase their labor income share through digital transformation.

This study provides a new path to increase the labor income share of enterprises to achieve common prosperity, which is important for manufacturing enterprises to better transform and upgrade to achieve high-quality development.