Abstract
Achieving excellent performance along the value chain in China requires the top management of both Chinese firms and multinationals to manage their middle management appropriately. However, while it is evident that granting additional managerial discretion gives managers greater latitude to influence performance, the literature to date fails to provide a conclusive answer as to whether managers are likely to use this discretion to benefit the organisation or, rather, to pursue their own interests at the expense of performance. By reviewing numerous empirical studies as well as managerial discretion theory, principal-agent theory, and stewardship theory, this chapter clearly identifies a major research gap, i.e. the discretion puzzle, in the extant empirical and theoretical literature. Consequently, this chapter defines the research objective as working towards resolving the discretion puzzle and introduces an innovative research design that uses partial least squares path modelling (PLS) and a representative sample of ‘double-blind’ interviews with managers of 467 Chinese firms and multinationals.
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Notes
- 1.
The accuracy of gross domestic product (GDP) growth statistics published by the National Bureau of Statistics (NBS) has been questioned. Some private institutions have put forward alternative measures of economic activity that exhibit more volatile growth rates. For example, according to the Goldman Sachs China Activity Index (GSCAI, which includes industrial production, transportation and electricity consumption) growth in real economic activity fell to 5.4 % in 1998 (vs. NBS: 7.8 %) and reached 13.1 % in 2004 (vs. NBS: 10.1 %). Although this would imply that China followed a less smooth development path than the NBS statistics suggest, the growth in real economic activity in China remains undeniably strong. From 2002 to 2007 the growth rates of the GSCAI have even exceeded the growth rates published by the NBS in every year (Gaosheng jituan quanqiu touzi yanjiu [Goldman Sachs Group Global Investment Research] 2008, p. 4).
- 2.
The Chinese economy achieved the world’s second largest gross domestic product (GDP) at market exchange rates in 2010, only outranked by the United States of America (BBC News 2011; Businessworld 2011; Xinhua 2011). Moreover, China has been projected to possibly become the world’s largest economy between 2035 and 2040 (Goldman Sachs 2005, p. 7; as cited by Macartney and Duncan 2005).
- 3.
- 4.
The present study’s discretion puzzle relates to the managerial discretion of managers in organisations and is therefore distinct from the puzzle of discretion (Pratt and Sossin 2009) that concerns judicial discretion in law.
- 5.
In addition to potentially impacting on performance, it has been empirically demonstrated that discretion may significantly affect managerial power (Carpenter and Golden 1997), managerial compensation (Finkelstein and Boyd 1998; Magnan and St-Onge 1997; Rajagopalan and Finkelstein 1992; Werner and Tosi 1995; Wright and Kroll 2002; Zhang and Xie 2008), workers’ incentives (Groves et al. 1994), a successor chief executive officer’s age (Wang 2009), top management team tenure, trust (Perrone et al. 2003), strategic attention (Abrahamson and Hambrick 1997), environmental commitment (Aragon-Correa et al. 2004), pricing (Cameron 2000), organisational knowledge creation (Oh 2002), and research and development (Zhang et al. 2006a, b).
- 6.
See footnote 4.
- 7.
As explained in Chap. 3, there are tens of thousands of plant managers in China alone (Guojia tongji ju [National Bureau of Statistics] 2007, 14–1, 14–2, 14–18). With plant managers being but one example of middle managers, this translates into an even larger number of middle managers in organisations worldwide.
- 8.
As described in Sect. 2.3.1, managerial discretion theory was developed as a reconciliation of population ecology (e.g. Aldrich 1979; Baum 1996; Baum and Amburgey 2002; Carroll 1988; Freeman et al. 1983; Hannan and Freeman 1977, 1984; Singh and Lumsden 1990; Tushman and Romanelli 1985; Zohar and Luria 2005) and strategic choice theory (e.g. Child 1972, 1997, 2002; Child et al. 2003; Elbanna and Child 2007; Hitt and Tyler 1991; Hrebiniak and Joyce 1985; Judge and Zeithaml 1992; Marlin et al. 1994; Miles and Snow 1978; Stienstra et al. 2004).
- 9.
As explained in Sect. 2.3.2, it is possible to assume that the principal is less performance-maximising than the agent, in which case managerial discretion may positively affect performance (Chang and Wong 2003, pp. 1–7). However, this assumption is rarely made in principal-agent theory (Thomsen and Pedersen 2000, p. 690). The literature on principal-agent theory therefore generally contends that managerial discretion has a negative direct effect on performance (e.g. Caza 2007, p. 10; Caza 2011; Chang and Wong 2003, p. 7; Davis et al. 1997b, p. 38; Hutzschenreuter and Kleindienst 2007, p. 4; Jensen and Murphy 1990; Zhao et al. 2010).
- 10.
Empirical support has been found for a subset of these factors in the literature (see Sect. 2.3.3.2; e.g. Caza 2007, 2011; Mills and Keast 2009; Van Slyke 2007; Vargas Sánchez 2001, 2004). Nevertheless, even if it were empirically proven that certain psychological characteristics, perceptions, and expectations predicted whether a given manager acted as a steward versus an agent, it would be intricate for a principal in practice to observe these factors and thus evaluate ex ante whether or not the manager would act as a steward or an agent (Davis et al. 1997b, p. 22; Williamson 1985). Therefore, from this reconciliation attempt alone, it is difficult to recommend whether to increase or decrease the discretion of managers in practice.
- 11.
Specifically, the influences derived from principal-agent theory include the manager’s natural predisposition to performance maximisation, compensation control mechanisms, the nature of managerial activities, monitoring control mechanisms, and the manager’s ability, knowledge, and information (see Table 2.9 in Sect. 2.3.2.2; e.g. Caza 2007, 2011; Chang and Wong 2003; Cheng et al. 2006; Davis et al. 1997b; Eisenhardt 1989; Fama and Jensen 1983b; Finkelstein and Peteraf 2007; Jensen and Meckling 1976; Xiaoyang Li 2007; Wang et al. 2008; Zhang and Li 2008b). Likewise, stewardship theorists have argued that the principal’s and manager’s psychological characteristics, perceptions of the organisation’s situational characteristics, and expectations may act as potential influences (i.e. moderators) on whether managers use their discretion so as to increase or decrease performance (see Sect. 2.3.2.2; e.g. Argyris 1973a, b; Brown 1969; Caza 2007; Davis et al. 1997b, pp. 27–43; French and Raven 1959; Gibson et al. 1991; Hofstede 1980, 1991; Katz and Kahn 1978; Khanchel 2009, p. 98; Lane et al. 1999, p. 1079; Lawler 1986, 1992; Maslow 1970; McGregor 1960; Mills and Keast 2009; Simon 1957a, b; Triandis 1990, 1995; Triandis et al. 1993; Turner 1981; Van Slyke 2007, p. 164; Vargas Sánchez 2001, 2004, 2005; Walton 1980, 1985).
- 12.
Among the many empirical studies resorting to proxy measures for gauging managerial discretion, discretion has prevalently been modelled as unidimensional as well. Empirical studies have modelled unidimensional discretion constructs by measuring one or several proxies related to e.g. ratings of managerial power, internal representation on the board of directors, managerial stock ownership, and financial ratios (e.g. Huiyuan Chen 2006; Khanchel 2009; Yougen Li and Zhao 2004; Zhang and Li 2008b; Zhang et al. 2006a, b) as well as multiple antecedents mainly drawn from the task environment (e.g. Agarwal et al. 2009; Berman et al. 2005; Cameron 2000; Finkelstein and Boyd 1998; Finkelstein and Hambrick 1990; He et al. 2009; Magnan and St-Onge 1997; Rajagopalan and Finkelstein 1992; Williamson 1963). In addition, industry-level discretion has been frequently proxied in existing studies (e.g. Abrahamson and Hambrick 1997; Datta et al. 2003; Finkelstein and Hambrick 1990; Hambrick and Abrahamson 1995; Hambrick et al. 1993; Keegan 2006; Keegan and Kabanoff 2008; Thomas and Peyrefitte 1996).
- 13.
The discretion puzzle described in Sect. 1.1 denotes the ostensible paradox that empirical evidence coexists for positive, neutral, and negative impacts of discretion on performance that the existing theories do not unequivocally explain, neither individually nor collectively (i.e. managerial discretion theory, principal-agent theory, and stewardship theory). It relates to the managerial discretion of managers in organisations and is therefore distinct from the puzzle of discretion (Pratt and Sossin 2009) that concerns judicial discretion in law.
- 14.
Managerial discretion theory (e.g. Abrahamson and Hambrick 1997; Berman et al. 2005; Carpenter and Golden 1997; Caza 2011, 2007; Huiyuan Chen 2006; Crossland 2007; Crossland and Hambrick 2007; Datta et al. 2003; Finkelstein and Boyd 1998; Finkelstein and Hambrick 1990; Finkelstein and Peteraf 2007; Haleblian and Finkelstein 1993; Hambrick and Abrahamson 1995; Hambrick and Finkelstein 1987; Hambrick et al. 1993; Hutzschenreuter and Kleindienst 2007; Keegan 2006; Keegan and Kabanoff 2008; Key 2002; Yougen Li and Zhao 2004; Magnan and St-Onge 1997; Quigley and Hambrick 2009; Rajagopalan and Finkelstein 1992; Thomas and Peyrefitte 1996; Zhang and Li 2008b; Zhang et al. 2006a, b).
- 15.
Principal-agent theory (e.g. Agrawal and Knoeber 1996; Baysinger and Butler 1985; Berger et al. 1997; Brush et al. 2000; Chang and Wong 2003; Childs and Mauer 2008; Denis et al. 1997; Eisenhardt 1989; Fama 1980; Fama and Jensen 1983a, b; He et al. 2009; Jensen 1986; Jensen and Meckling 1976; Jensen and Murphy 1990; Jensen and Ruback 1983; Laffont and Martimort 2002; Lang et al. 1995; Levinthal 1988; Ongore 2011; Shleifer and Vishny 1997; Spremann 1987; Thépot 2007; Thomsen and Pedersen 2000; Walters 1995; Wang et al. 2008; Weidenbaum and Jensen 1993; Werner and Tosi 1995, p. 1673; Xu et al. 2005; Zou 1989).
- 16.
Stewardship theory (e.g. Albanese et al. 1997; Arthurs and Busenitz 2003; Corbetta and Salvato 2004; Davis et al. 1997a, b; Dicke and Ott 2002; Donaldson 1990; Donaldson and Davis 1991, 1993, 1994, 1989; Eddleston and Kellermanns 2007; Fox and Hamilton 1994; Lane et al. 1999; Liu and Cai 2004; Miller and Le Breton-Miller 2006; Mills and Keast 2009; Muth and Donaldson 1998; Salvato 2002; Tian and Lau 2001; Tosi et al. 2003; Van Slyke 2007; Vargas Sánchez 2001, 2004, 2005; Zahra 2003).
- 17.
The author would like to express his gratitude to McKinsey & Company, especially John Dowdy and Stephen Dorgan, for allowing this study to use the database of 467 plant managers in China (McKinsey and Company—London School of Economics—Stanford University 2008) that was created as part of a large-scale, long-term cooperation between academics and practitioners from the London School of Economics and Stanford University as well as McKinsey & Company (see Bloom et al. 2005, 2007, 2008, 2009a; Bloom and Van Reenen 2007; Dorgan and Dowdy 2004).
- 18.
For example, whereas previous studies have tended to make the simplifying assumption in their models that discretion is unidimensional, managerial discretion theory indicates it may be multidimensional (e.g. Carpenter and Golden 1997, p. 195; Caza 2007, pp. 26–82; Chen 2006; Finkelstein and Peteraf 2007, p. 245; Hambrick and Abrahamson 1995, p. 1439; Hambrick and Finkelstein 1987, pp. 371–402; Hambrick et al. 1993, p. 409; see Sect. 2.1.2). Whether or not this assumption is universally tenable is examined by testing the null hypothesis of unidimensionality against the alternative hypothesis of multidimensionality. Rejecting such a null hypothesis in the instance of the present study would serve as a proof-by-counter-example that the assumption of limited granularity is not justifiable in all cases (i.e. that it is not universally tenable).
- 19.
It should be noted that in addition to empirically verifying the study’s postulate, these hypotheses can potentially test for the importance of granularity as incorporated into the study’s new discretion model and thereby potentially vindicate the granular design of the new discretion model.
- 20.
The empirical data on the unit of analysis (McKinsey & Company—London School of Economics—Stanford University, 2008; see above) is a representative sample of 467 Chinese firms and multinationals in China, which was collected using a standardised scoring system during 467 detailed ‘double-blind’ interviews with plant managers of approximately 45 min each by specially-trained native Chinese graduate students from top business schools (see Sects. 5.2 and 5.5).
- 21.
A more general version of the theoretical discretion model is presented in Sect. 4.1.2, which additionally includes variables derived from the theories that are not empirically investigated within the present study.
- 22.
See Sect. 5.1 on statistical conclusion validity (e.g. Albers and Hildebrandt 2006, pp. 2–33; Arteaga et al. 2010, p. 164; Backhaus et al. 2006, p. 97; Barroso et al. 2010, p. 437; Baumgartner and Homburg 1996; Bentler and Chou 1987; Bentler and Weeks 1980; Betzin and Henseler 2005, p. 50; Bliemel et al. 2005, pp. 10–11; Bollen 1989, pp. 1–9; Bollen and Davis 1994; Boßow-Thies and Albers 2010, pp. 595–596; Carte and Russell 2003, pp. 480–495; Chin 1995, pp. 315–319, 1998, pp. 318–320, 2000, pp. 1–2, 2001; 2002, p. 94, 2010, p. 670; Chin and Newsted 1999, pp. 309–314; Chow 1960, pp. 595–604; Cohen 1988, pp. 410–413; Coheris Spad 2007; Cortina et al. 2001, pp. 334–359; Diamantopoulos and Schlegelmilch 2006, p. 217; Diamantopoulos and Siguaw 2006, p. 271; Duarte and Raposo 2010, p. 463; Efron and Gong 1983, pp. 40–46; Efron and Tibshirani 1993, pp. 145–147; Eggert et al. 2005, pp. 102–108; Esposito Vinzi et al. 2010, pp. 48–66; Falk and Miller 1992, p. 5; Fassott 2005, pp. 24–29; Fassott and Eggert 2005, pp. 26–32; Finkelstein and Boyd 1998, p. 186; Fornell 1987; Fornell and Bookstein 1982a, pp. 289–302, 1982b, pp. 440–451; Fornell and Larcker 1981, pp. 45–46; Fu 2006; Gallese and Prugent 2007; Garson 2002, p. 144; Götz and Liehr-Gobbers 2004, pp. 727–731; Henseler and Fassott 2010, p. 721; Herrmann et al. 2006, p. 61; Homburg and Baumgartner 1995b; Homburg and Dobratz 1998, p. 450; Hsieh et al. 2008, p. 108; Irwin and McClelland 2001, p. 105; James et al. 1982, pp. 110–112; Jöreskog 1970, 1981; Jöreskog and Sörbom 1982, 1988; Kaplan 2000, pp. 1–12; Krafft et al. 2005, pp. 73–83; Krzanowski 2003, p. xv; Yuan Li 2005; Lohmöller 1987, 1988, p. 126, 1989; MacCallum and Browne 1993, pp. 533–540; Ping 2005, p. 2; Qureshi and Compeau 2009, p. 199; Ringle 2009; Ringle et al. 2005, 2010, p. 205; Rodgers and Pavlou 2003, p. 25; Sánchez 2009, p. 3; Satorra and Bentler 2001; Schepers et al. 2005, p. 504; Scholderer and Balderjahn 2005, pp. 88–94; Temme and Kreis 2005, p. 195; Temme et al. 2006, pp. 1–2; Tenenhaus et al. 2004, pp. 739–742; Tenenhaus et al. 2005, pp. 173–190; van Oppen et al. 2005, p. 19; Wold 1966, 1973, 1975, p. 351, 1980, pp. 70–71, 1982, 1985, 1989), see Sect. 5.2 on reliability (e.g. Albers 2010, p. 411; Albright and Malloy 2000, p. 349; Babbie 1990, p. 187; Bagozzi 1980; Bagozzi and Yi 1988, p. 82; Beyth-Marom 1982; Blalock 1964; Bloom and Van Reenen 2007, pp. 1365–1366; Bollen and Lennox 1991; Carmines and Zeller 1979, pp. 29–62; Chin 1998, p. 320; Churchill 1987; Coltman et al. 2008; Crocker and Algina 1986; Cronbach 1951, p. 297; Diamantopoulos 1999, pp. 447–453; Diamantopoulos and Siguaw 2006, pp. 270–271; Dillman 1978, p. 56; Esposito Vinzi et al. 2010, pp. 50–51; Fornell and Larcker 1981, p. 45; Garson 2002, p. 199; Gliner and Morgan 2000, pp. 312–316; Groves 1990, pp. 226–233; Herrmann et al. 2006, p. 30; Holbrook et al. 2003, pp. 81–86, 109–110; Krafft 1999, p. 124; Krafft et al. 2005, pp. 73–75; Krafft et al. 2003, p. 102; Lavrakas 2008, p. 250; Lichtenstein and Newman 1967; Manski 2004, p. 10; March and Simon 1958, pp. 140–141; Novick and Lewis 1967, pp. 1–13; Nunnally 1978, p. 245; Ping 2005, p. 2; Rossiter 2002, pp. 307–315; Sánchez 2009, p. 3; Scholderer and Balderjahn 2005, pp. 88–89; Schwester 2007, pp. 270–272; Spearman 1904; Tenenhaus et al. 2005, p. 164; Wallsten et al. 1986; Werts et al. 1974), see Sect. 5.3 on construct validity (e.g. Ahuja and Thatcher 2005, p. 446; Albers 2010, p. 411; Albright and Malloy 2000, p. 349; Arnold 1982; Arteaga et al. 2010, p. 164; Bagozzi and Yi 1988, p. 82; Balderjahn 1986, p. 236; Barroso et al. 2010, p. 437; Baumgartner and Homburg 1996; Bido 2007; Blalock 1964; Bohrnstedt 1970, p. 92; Bollen and Lennox 1991, p. 308; Boßow-Thies and Albers 2010, p. 596; Bromley 2002, p. 35; Campbell and Fiske 1959, p. 81; Carmines and Zeller 1979, p. 53; Carte and Russell 2003, pp. 493–494; Caza 2007, p. 40; Chin 1998, p. 318, 2000, pp. 1–2, 2010, p. 670; Chin et al. 2003, p. 194; Churchill 1979, 1987; Coltman et al. 2008; Cronbach and Meehl 1955; Diamantopoulos 1999, pp. 447–453; Diamantopoulos and Siguaw 2006, p. 271; Diamantopoulos and Winklhofer 2001, p. 272; Donsbach and Traugott 2008, p. 364; Duarte and Raposo 2010, p. 463; Eggert and Fassott 2003, pp. 5–9; Esposito Vinzi et al. 2010, pp. 50–51; Esposito Vinzi et al. 2003, p. 5; Fassott and Eggert 2005, p. 32; Fornell and Cha 1994, pp. 71–73; Fornell and Larcker 1981, pp. 45–46; Fornell et al. 1990, p. 1252; Fritz 1995, p. 136; Garson 2002, pp. 195–196; Geisser 1975, pp. 320–328; Gliner and Morgan 2000, pp. 321–322; Götz and Liehr-Gobbers 2004, p. 727; Hahn 2002, p. 104; Helm 2005, pp. 249–252; Henseler and Fassott 2010, pp. 719–721; Herrmann et al. 2006, pp. 24–30; Hinkel 2001, p. 291; Homburg and Baumgartner 1995b, p. 1093; Homburg and Dobratz 1998, p. 450; Homburg and Giering 1996, p. 12; Hsieh et al. 2008, p. 109; Hu and Olshfski 2007, p. 207; Hulland 1999, pp. 198–199; Jarvis et al. 2003, p. 202; Jöreskog and Wold 1982, p. 270; Keil et al. 2000, pp. 312–315; Krafft 1999, p. 124; Krafft et al. 2005, pp. 73–75; Krafft et al. 2003, p. 102; Lohmöller 1989, p. 36; Mosier 1947; Nunnally 1978, p. 111; Ping 2005, p. 1; Qureshi and Compeau 2009, pp. 197–199; Reinartz et al. 2004, p. 298; Rigdon et al. 1998, p. 1; Ringle et al. 2005; Rodgers and Pavlou 2003, p. 25; Rossiter 2002, p. 315; Ruiz et al. 2010, pp. 546–548; Sambamurthy and Chin 1994, pp. 231–232; Sánchez 2009, p. 3; Schepers et al. 2005, p. 504; Seltin and Keeves 1994, p. 4356; Stone 1974; Tenenhaus et al. 2005, pp. 163–174; van Oppen et al. 2005, p. 19; Venkatesh and Morris 2000, p. 126; Venkatraman 1989, p. 426; Wold 1982, p. 10; Zhu et al. 2006, pp. 529–530), see Sect. 5.4 on internal validity (e.g. Abraham et al. 2007, pp. 10–21; Albors et al. 2008; Ang and Straub 1998, p. 544; Ang 2008; Arafat et al. 1999, p. 90; Arnold 1982; Bachman and Schutt 2010, p. 170; Backhaus et al. 2006; Baum 1996; Bloom and Van Reenen 2007, pp. 1375–1381; Bound et al. 1984; Campbell and Fiske 1959, p. 81; Caza 2007, p. 46; Corcoran 2001, p. 154; Davis 1985, pp. 63–64; Diamantopoulos and Siguaw 2006, p. 270; Diamantopoulos and Winklhofer 2001, p. 272; Dibbern and Chin 2005, p. 144; Donsbach and Traugott 2008, p. 364; Eckey et al. 2004, p. 92; Efron and Gong 1983, pp. 37–38; Esposito Vinzi et al. 2010, p. 56; Evans 1987, p. 659; Finkelstein and Boyd 1998, p. 187; Finkelstein and Hambrick 1990, p. 500; Fornell and Bookstein 1982a; Fornell and Cha 1994, pp. 71–73; Galavan 2005, p. 174; Geisser 1975, pp. 320–328; Götz and Liehr-Gobbers 2004, pp. 727–731; Granger 1969; Grant and Rice 2007, p. 367; Greene 2003, pp. 57–58; Griliches and Mairesse 1990; Gujarati 2004, pp. 342–363; Hair et al. 1998, p. 208; Hannan and Freeman 1977; Hanssens et al. 2003, p. 298; Hatzichronoglou 1997, pp. 12–13; Hausman et al. 1984; Hellevik 1988, p. 38; Helm 2005, pp. 248–249; Henseler and Fassott 2010, pp. 719–721; Herrmann et al. 2006, pp. 55–61; Hu and Olshfski 2007, p. 207; Jaccard and Turrisi 2003, pp. 1–2; Jackman 1975, p. 182; Keuzenkamp 2000, p. 261; Kleinbaum et al. 1998, p. 214; Krafft et al. 2005, pp. 72–80; Kutner et al. 2004; Loschky 2008, pp. 3–7; Motulsky 2003, p. 106; OECD 2005, pp. 167–172; Oliinik 2008, p. 19; Onkelinx and Sleuwaegen 2010; Poncet et al. 2008, pp. 10–12; Rigdon et al. 1998, p. 1; Ringle et al. 2005; Rosenbaum 1989, p. 341; Sánchez 2008, p. 5; Sarkar et al. 2006; Shaughnessy et al. 2005, p. 367; Simon 1954, pp. 471–478; Singh and Lumsden 1990; Stone 1974; Taube 2005, pp. 4–13; Taube and Ögütçü 2002, pp. 18–23; Temme et al. 2006, p. 18; Tenenhaus et al. 2005, pp. 174–177; Venkatraman 1989, p. 426; Wagner 2002, pp. 287–292; Wald et al. 1988, p. 72; Wooldridge 2002, p. 95), and see Sect. 5.5 on external validity (e.g. Abraham et al. 2007; Bureau van Dijk 2005, p. 2, 2006/2007, p. 2; Fogiel 2000, pp. 158–160; Garson 2002, pp. 139–196; Gliner and Morgan 2000, p. 148; Groves 1990, p. 233; Groves et al. 2009, pp. 54–56; Groves and Lyberg 2001, p. 195; Guojia tongji ju [National Bureau of Statistics] 2003, 2007, 14–1, 14–2, 14–18; McCarty 2003, p. 397; ISIC Rev.3.1; National Bureau of Statistics 2002; Northrop and Arsenault 2007, pp. 235–236; Oliinik 2008; Poncet et al. 2008, p. 8; Ringle et al. 2005; Schofield 2006, pp. 28–29; Schwester 2007, pp. 272–273; Stuart 1984; Temme et al. 2006, pp. 7–8; The American Association for Public Opinion Research 2008, pp. 34–35; United Nations 2007, p. 63; Whyte 2000, p. 62; Wooldridge 2002, pp. 298–299).
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Wülferth, H. (2013). Introduction. In: Managerial Discretion and Performance in China. Contributions to Management Science. Physica, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-35837-1_1
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