《Journal of Management and Business Research》is the most long-standing managerial journal, the most representative academic journal, and striding over the 39th year with a high reputation in the field of managerial academy in Taiwan. The editorial review board of JMBR has strived to improve the process of the first reviewing manuscript efficiently in 60 days. Indeed, the editorial review board spent 54 days reviewing more than 50 manuscripts last year. The reviewing process would maintain efficiency as well as provide a prompter and a higherquality of the state-of-the-art service through electronic authorial submission and electronic editorial reviewing.

 With changes in the academic environment, JMBR's audit policies and principles have been appropriately adjusted. In the past, audits of the journal were inclined toward stricter grading-oriented reviews. If a contribution at the time of submission fails to reach a higher quality threshold, rejection will be likely. However, JMBR's utmost responsibility is to assist in the development of academic communities and research scholars. Therefore, we deem it vital that papers with development potential will be given a chance for adjustment and improvement. Hence, the positioning of JMBR's reviews of contributions has been modified into diagnosis-oriented reviews. The JMBR and reviewers play the role of assisting in author development and paper improvement. Hence, if a research issue of interest demonstrates theoretical contribution potential, review comments should be in the direction of allowing the author to make corrections, giving the author a more explicit guide for corrections and progressively guiding and assisting in paper development. On the other hand, in order to echo this adjustment positioning, the review system has modified more rigid review principles in the past to give the field editor and editor-in-chief greater decision-making authority.

The《Journal of Management and Business Research》 has published the “Feature Article”. For this feature article, distinguished professor Kwei Tangfrom Purdue University was invited to be the editor-in-chief of “On Academic Life: Opportunities, Innovation, and Satisfaction”. Professor Kwei Tang received the Presidential Young Investigator Award in 1988, the Academic Award of the Ministry of Education in 2014, and was selected as a Decision Sciences Institute Fellow in 2007. He is the first fellow of Chinese descent whose academic research results have been held in esteem and recognized by all social circles. In recent years, Professor Tang has achieved outstanding performance in academic administrative work and the promotion of international development. He has numerous insights and practices in management education. Gratitude is also extended to Professor Yen-Liang Chen, Professor Lien-Ti Bei,and Professor Larry J. L. Farhfor writing response essays to articles. They echoed or extended the arguments of Professor Tang based on their own experiences and viewpoints, thereby helping readers gain a deeper understanding of Professor Tang's articles. These articles that have passed on experiences can guide follow-up scholars to draw inspiration for teaching, administration, and research.

Four articles have been published in this issue. The first article is “The Impacts of the Establishment and Quality of Audit Committee on the Disclosure of Key Audit Matters”. The impact of the Audit Committee setup and quality on the disclosure of key inspection matters was explored. This study adopted the TWSE/GTSM listed companies in 2016 and 2017 as the research participants. The results show that the Audit Committee setup and quality produced a significantly positive impact on the detailedness of the key audit matters (KAM) in the audit report; moreover, the Audit Committee's level of due diligence and the education and work experience of members are important factors affecting the detailedness of KAM. Furthermore, in comparison to whether or not the Audit Committee has been set up, the Audit Committee members and quality are more important factors affecting effectiveness. The empirical results in this study not only provide incremental contributions for the new audit report and the Audit Committee's related literature, but also serve as references for subsequent policies and norms encompassing the practical aspect formulated by the competent authority.

In the second article, “Evaluation Indicators for Defined Benefit Pension Plans and an Application to Plans in Taiwan”, the evaluation indicators for defined benefit pension plans covering the financial aspect, elderly financial security, fairness, and economic aspect were established. In addition to providing information on the various aspects of a plan and engaging in cross-period or cross-plan comparisons, these evaluation indicators can also aid in understanding before and after system reform. They shall be provided to the government as a reference for decision-making and a tool for communication with the general public. Results show that the systematic indicators can assist the competent authority and the general public in grasping the current situation of the benefit pension plans. The nature of Taiwan's benefit pension system can be gradually adjusted to establish evaluation indicators that better meet Taiwan's current status in order to perfect the system, move toward sustainable management, and protect the financial security of elders in Taiwan.

In the third article, “The Relationships among Competition, New Product Advantage, and Market Performance”, through the two-stage paired questionnaires from 2019 to 2020, the overall supply chain pairing data of 210 seller suppliers and the same buyer retailer was collected. In this study, an attempt was made to deconstruct the competitive relations among suppliers from a more delicate angle. They are divided into: behavioral competition (intensity of competition) and environmental competition (non-functional competition). At the same time, the nationality context factors were incorporated to explore the role of competition on new product strengths. Empirical results show that intensity of competition/non-functional competition has positive/negative correlations with new product strengths. Compared to local manufacturers, foreign investors not only strengthen the positive correlation of the intensity of competition on new product strengths, but new product strengths also positively correlate with market performance.

In the fourth article, “Local Procurement and Value Chain Upgrading of Offshore Subsidiaries in China”, the operation data of Taiwanese businesses in China from 2008 to 2018 was inspected. Taiwanese businesses in China entitled to procurement autonomy and the enhancement of the R&D and marketing value chain were verified through the subsidiary development framework and the smile curve logic. Results show that positive interaction exists in the upgrade of the R&D and marketing value chain of Taiwanese business subsidiaries in China. At the same time, in addition to recognizing the active effects of procurement authorization and the degree of local procurement on the upgrade of the value chain, relevant empirical results were also summarized according to the analysis framework subsidiary development. It was found that the Taiwanese businesses in China strengthen their competitive advantage in the host country through the upgrade of the value chain of R&D and marketing. This study not only provides new connotations of the development processes of subsidiaries, but also reexamines the deglobalization value chain configuration strategies of multinational enterprises.