Journal of Management and Business Research(JMBR) 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 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, journal audits 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 allow 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.

In recent years, JMBR has prioritized not only the speed with which papers are reviewed, but also the promotion and improvement of the quality of those reviews. In order to diversify the pool of reviewers for this journal, the "Academic Review Workshop" has been held annually since 2014. It has been running for 9 years, with participation from approximately 30 scholars actively engaged in academia across a range of management-related subfields each time. In addition to enhancing paper-reviewing skills, we seek to assist young researchers in understanding important research topics, writing influential papers, and publishing research findings in national and international journals. Since its inception, the event has received overwhelmingly positive feedback. In 2022, the event was held again, with professors Keng-Yu Ho and Hsin-Hua Hsiung discussing the qualities of an effective reviewer, and professors Kuan-Nan Chou and Chih-Hsun Chuang, editors-in-chief of Taiwan's TSSCI Journal, discussing the process of writing papers and interacting with authors and journals. In the future, we aim to improve the quality of the articles published in this journal, foster more academic talent in the domestic management field, and establish a more comprehensive academic exchange platform through a broader range of educational activities.

Since 1992, the journal has administered the "JMBR Thesis Award" to entice more advanced academics to submit papers and select outstanding submissions for this honor. Based on the articles published in each issue of JMBR during the previous year, the selection was made in the second half of last year. In 2022, five papers were awarded the "JMBR Thesis Award - Best Paper of the Year", namely “Investigating the Relationships among Perceived Overqualification, Work Engagement, and Innovative Behavior: Moderating Effect of Promotion Focus”, “The Effects of Supplier R&D Capitalization on the Trade Credit and the Duration of Customer-Supplier Relationships”, “The Effect of Policy Uncertainty on Corporate Cash Holdings: Evidence from Taiwan” “Family Firms and CSR Specialization: Evidence from Taiwanese Listed Firms”; “Curating Social Experience: Fusing New and Incumbent Media Business Models” won the "JMBR Best Paper of Practical Value". The award-winning authors were also presented with this award at the publisher Chinese Management Association's annual ceremony this month (December). Everyone is welcome to read these award-winning papers.

Additionally, the journal would like to express its gratitude to all of the reviewers who took part in the academic services and took the time to assist with reviewing assignments, offer suggestions for authors from a professional academic perspective, and ensure the journal's continued high academic quality. To recognize and reward the reviewers, the publisher, the Chinese Management Association, and the editorial board of this journal have presented the "Best Reviewer", founded since 2016. Prof. Ching-Fang, Li, A.P. Chia-Hsiang, Weng, A.P. Chung-Hui, Tseng, and Asst. Prof. Chung Jen, Chien are this year's awardees. Here, the editorial staff expresses gratitude to all the academic professionals who contributed reviews to this journal over the past year. Without the contributions of its contributors, none of the journal's accomplishments to this point would have been possible.

This issue contains a total of five articles. The first article, “The Fuzzy Front End Innovation in Social Media Era: The Roles of Business Ecosystem and Knowledge Ambidexterity” takes a look at the connection between ecosystem and enterprise fuzzy innovation from both an ecosystem and knowledge standpoint. This research adopted 1,324 award-winning companies that received the 1^st~7^th National Industrial Innovation Award, The 1^st~18^th Business Startup Award, the 1^st~22^nd Rising Star Award”, the “1^st~26^th Taiwan SMEs Innovation Award, and the “1^st~28^th National Award of Outstanding SMEs” from the Ministry of Economic Affairs as the research subjects. A total of 176 effective questionnaires were recovered. Findings show that the presence of the ecosystem positively impacts both knowledge ambidexterity and fuzzy front end innovation outcomes, and knowledge ambidexterity has positive effects on fuzzy front-end innovation outcomes as well. There is a positive moderating effect between the ecosystem and knowledge ambidexterity on external social media capabilities.

The second article, “Complementors' Organizational Experience and Sustainability in the Platform-Based Ecosystem” analyzes the IP operators of a semiconductor manufacturer's platform-based ecosystem and explores the impact of their organizational learning on the product-level sustaining power of complementary goods manufacturers. Empirical findings indicate that in the basic platform ecosystem built by semiconductor manufacturer A. The organizational experience of the IP operators can enable high-quality IP to continue to span the next generation of semiconductor manufacturing processes; and the platform operators not only require a governance mechanism through standard formulation and control means; more importantly, they can make good use of the complementary goods manufacturer's organizational experience in order to facilitate the evolution of the platform-based ecosystem. This research is one of the few studies that extend the discussion of organizational experience and sustaining power to the field of platform-based ecosystems. Consequently, the analysis findings can serve as significant references for Taiwan's machine tool industry, bicycle industry, and other traditional manufacturing industries at the time of transforming into platform-based ecosystems.

The third article, titled “Unexpected Monthly Revenue in the Taiwan Stock Market: A Comprehensive Analysis” examines the effect of unexpected monthly sales in Taiwan stock market. The empirical findings suggest that unexpected monthly sales do indicate future earnings growth and stock return information, whereas unexpected sales and earnings with different announcement frequencies contain some of the same information, but each has a unique ability to explain stock returns. By observing unexpected sales, unexpected earnings, and common stock characteristic values with different announcement frequencies, utilizing a 6-month rolling estimation window, and predicting the out-of-sample stocks returns via Fama-Macbeth regression, it is possible to achieve improved investment performance. In addition, prior to the monthly sales report, the three largest corporate entities (foreign investors, investment trust companies, and dealers) increase (decrease) their holdings in stocks with the best (worst) performance in terms of unexpected monthly sales.

The fourth article, “Anchoring Bias in Analysts' EPS Forecasts: Evidence from Mergers and Acquisitions” investigates whether analysts' earnings forecasts for mergers and acquisitions have an anchoring effect and fail to deviate from industry norms, resulting in inadequacy in earnings forecasts. Findings indicate that analysts give excessive weight to the median of industry earnings forecasts, a phenomenon known as "anchor bias," which leads to significant forecast errors in analysts' earnings forecasts during M&A transactions; however, the impact of anchor bias diminishes for M&A transactions occurring outside the industry or for corporations primarily engaged in stock mergers and acquisitions. In addition to being the first study to demonstrate that the anchoring effect causes analysts' earnings forecast errors for M&A companies, the empirical findings can help both industry and academia better understand the impact of anchoring effects on earnings forecast errors.

The fifth article, “Factors Affecting the Corporate Sustainability Actions Undertaken by Foreign Subsidiaries of Taiwanese Businesses in the Manufacturing Industry: Is the Tail Wagging the Dog Common?” uses the subsidiaries of the host country as the main body in this research to look back on the context of the institutional environment and the relationship between the parent company and the subsidiary company, as well as the impact on Taiwanese manufacturers' overseas subsidiaries' corporate sustainability as positive and passive factors. This study examines ten Taiwanese manufacturers' overseas subsidiaries as research subjects to develop an integrated framework that identifies the factors affecting the corporate sustainability of overseas subsidiaries. Among the many factors that influence the sustainable behavior of subsidiaries in the host country, the study found that the subsidiary owner takes the initiative. A subsidiary is more likely to take continuous initiative, and a parent company is more likely to support that initiative if the entrusted role can be obtained to establish a sustainable competitive advantage for the group. This finding differs from the traditional theories of international business and fills in the gap in the theory of the sustainable development of subsidiaries of the host country.