Amid the escalation of geopolitical tensions, economic turbulence, and global supply disruptions, financialization has emerged as an increasingly pivotal way to shape firm resilience. Previous research has predominantly concentrated on the risks associated with financialization at the individual firm level. This study explores the mechanisms through which financialization impacts firm resilience, both directly and via supply chain dynamics. Drawing on a comprehensive panel of dyadic (buyer-supplier) quarterly data from Chinese listed companies from 2016 to 2023, we discover that the financialization of the buyer (the focal firm of this study) significantly erodes its resilience. Moreover, buyer financialization has a spillover effect that induces supplier financialization, and in turn, supplier financialization undermines the resilience of the buyer. Further analysis reveals that supply chain relationship duration weakens the positive effect of buyer financialization on supplier financialization and alleviates the negative impact of supplier financialization on buyer firm resilience. This research contributes substantially to the literature on financialization, supply chain spillover, and firm resilience by revealing the interfirm dynamics that shape resilience outcomes. It also offers practical implications for managers seeking to balance financial investment strategies with supply chain stability under conditions of global uncertainty.

PurposeLivestream selling is becoming an increasingly popular practice adopted by online retailers to develop a consumer-centric supply chain (CCSC). It improves consumer experience by integrating chat, watch and purchase functions, while also altering consumer behaviors by increasing impulse purchases. Online retailers’ responses to this change potentially impact suppliers’ operational processes. This study aims to empirically examine how livestream selling affects suppliers’ operational performance in terms of lead time and how suppliers’ product variety and order fulfillment capabilities moderate such an impact.Design/methodology/approachUsing data from a leading online retailer in China, the authors use a least squares model with fixed effects to test the relationships. Both the two-stage instrumental variable model and the two-stage Heckman model are used to address potential endogeneity in this study.FindingsThe findings show that retailers’ usage of livestream selling can increase suppliers’ lead time. Furthermore, the negative impact is enhanced when a supplier has a higher level of product variety or a weaker order fulfillment capability.Originality/valueThis study explores how livestream selling alters consumer behavior, adversely affecting upstream suppliers’ operational performance. It underscores the need for a CCSC approach across all tiers, not just those closest to consumers. To achieve this, the research suggests that suppliers must align their capabilities with retailers’ consumer-centric practices to develop a CCSC, particularly by improving order fulfillment capability and cautiously expanding their product variety in livestream selling. The research further highlights the importance for retailers to consider changes in lead time to enhance the application of traditional inventory theory in the context of livestream selling.

Purpose This study aims to empirically investigate the impacts of a supplier’s position within the extended supply network on supply chain resilience and the moderating effects of the speed of the supplier’s operational processes in e-commerce supply chains. Design/methodology/approach Monthly operational data, including data from 441 suppliers, were collected from a Chinese e-commerce platform, with their extended supply networks constructed using binary relationship data obtained from TianYanCha. Fixed effects models were used to analyze the data. Findings The results indicate that suppliers’ structural holes in the extended supply network improve supply chain resilience, whereas network centrality and spatial complexity are negatively associated with it. Furthermore, the speed of suppliers’ operational processes not only enhances supply chain resilience but also mitigates the negative impact of network centrality and weakens the positive impact of structural holes while strengthening the negative impact of spatial complexity. Practical implications E-commerce platforms can increase supply chain resilience by strategically leveraging suppliers’ network positions and operational capabilities. Platforms should leverage structural holes for diverse resources, mitigate risks from centralized suppliers through diversification and invest in technologies for visibility. Balancing the speed of processes with visibility and coordination helps mitigate disruptions. Originality/value These findings provide empirical evidence on the joint effects of a supplier’s position and its operational capabilities on supply chain resilience, enhancing the current understanding of the antecedents of supply chain resilience from a supply network perspective. It offers insights into how platforms leverage suppliers’ positions in extended supply networks and operational capabilities to bolster supply chain resilience during disruptions.

Digitalization is widely regarded as a strategic approach to gaining competitive advantage. However, some firms have suffered from the digitalization paradox, meaning that investments in digitalization cannot always achieve the expected performance improvement. This study examines how the digitalization of a firm affects its financial performance and the moderating effect of digitalization proximity between the firm and its supplier. The results suggest an inverted U-shaped relationship between a firm’s digitalization and financial performance. Furthermore, the positive moderating role of digitalization proximity in this nonlinear relationship suggests that alignment with suppliers in digitalization allows a firm to materialize the benefits of digitalization. This study provides evidence of the complex relationship between digitalization and financial performance. It empirically demonstrates the importance of aligning with supply chain partners for digitalization to enhance performance benefits. It also offers practical guidance for managers in navigating the evolving digital landscape.

Customer-to-Manufacturer (C2M) is an emerging business mode in which the platform analyzes customers’ information and provides suggestions to manufacturers so that the manufacturers can understand customers’ needs much better. This paper investigates C2M by considering two competing firms that sell products to customers through an e-commerce platform. One produces high-quality products (firm H), and the other produces low-quality products (firm L). The platform sells a product improvement report to the firms, each firm decides whether or not to buy the report and join in C2M mode. The study results show that buying the product improvement report gives each firm the privilege of setting a higher product price. However, such privileges are weakened when both firms buy the reports. When the report price is small, the Nash equilibrium solution is that both firms buy the product improvement report, although it is not individually optimal for each firm. It indicates that the report price influences the firms’ profits and incentive to engage in C2M mode and one firm’s purchasing decision affects the other. Interestingly, we find that a moderate report price may make firm H worse off but benefit firm L. It indicates that the C2M mode is not always appealing to firms.

Although the theoretical inventory literature has studied the impact of transshipments on inventory, the common assumptions of a small number of products and fixed fill rates in these analytical studies may limit our understanding of transshipments' value. To complement these studies, we empirically evaluate the extent to which transshipments contribute to inventory turnover and order fulfillment. We develop empirical models and estimate them using proprietary data from the distribution centers of a distribution company. To alleviate the potential selection bias, we apply Coarsened Exact Matching (CEM) to match distribution centers with transshipments with those with no transshipments. Our analyses jointly evaluate multiple performance outcomes and provide empirical evidence for the theoretical value of transshipments. We find that on average, transshipments raise inventory turnover by 12.8% and improve fill rate by 0.8%. The counterintuitive findings imply that unlike transshipments between retail locations, transshipments between distribution centers may gain inventory and order fulfillment benefits. Furthermore, we analyze these contributions differently across three transshipment decisions: timing (proactive vs. reactive), frequency, and quantity. To explore the mechanism behind these changes, we investigate the variations in the inventory level and find that, on average, the inventory level remains unchanged with transshipments. However, the inventory level at distribution centers during the time periods when reactive transshipments occurred is lower than that in the time periods when proactive transshipments happened. Moreover, a higher transshipment frequency reduces the inventory level, but a larger transshipment quantity raises it.

The outbreak of the COVID‐19 pandemic has disrupted supply chains and increased the uncertainties faced by firms. While firms are struggling to survive and recover from the pandemic, Chinese e‐commerce platforms have demonstrated resilient supply chains. We develop a framework that investigates the impacts of integration between an e‐commerce platform and suppliers on supply chain resilience and the moderating effect of the suppliers' product flexibility. An analysis of data from a Chinese e‐commerce platform using operational indicators finds that integration between the e‐commerce platform and suppliers in terms of information sharing, joint planning and logistics cooperation has positive impacts on supply chain resilience, while procurement automation has the opposite effect. Furthermore, product flexibility positively moderates the impacts of information sharing, joint planning and logistics cooperation. The results enhance current understandings of the factors that contribute to the development of supply chain resilience and reveal that the relationship between integration and resilience should be examined within a contingency framework. The findings also provide guidelines for managers taking measures to mitigate the negative influences of supply chain disruptions.

在企业与上下游合作关系日趋紧密的背景下,企业对主要商业伙伴的依赖程度显著影响其财务管理行为.文章从议价能力视角出发,以2012-2020年沪深A股上市制造业企业的经验数据为观测对象,实证检验企业供应商集中度对于盈余管理行为的潜在影响及其作用机制.研究结果表明:供应商集中度与企业盈余管理显著正相关,即供应商集中度越高,盈余管理行为越频繁;商业信用融资是供应商集中度与盈余管理间正向关系的中介变量,表明供应商集中度通过降低商业信用融资规模、缩减商业信用融资周期促使企业进行更多的盈余管理活动.文章在理论层面丰富了供应商集中度作用效果和盈余管理影响因素的研究视角,在实践层面为企业改善会计信息质量、完善公司内部治理提供了行之有效的政策建议,同时为监管者推动市场有序发展拓展了新思路.

自加入世界贸易组织,中国经济快速融入全球经济体系之中,中国的国际竞争力得到显著提升并取得举世瞩目的成就,已经成为全球第二大经济体.近20年来,中国不断推进社会主义市场经济进程,绿色供应链也因此在中国得到了空前发展.为了对中国入世以来的绿色供应链管理研究进行回顾和总结,文章以2001年至2020年期间中国绿色供应链管理研究的文献作为研究样本,借助可视化文献分析工具CiteSpace进行梳理和分析.在文献分析结果基础上,文章描绘了中国绿色供应链的研究现状(有影响力的作者、期刊、机构)和历史沿革.在分析绿色供应链研究主题脉络的基础上,提出了该研究领域的六大支柱.并从新兴热点进行了分析,最后结合全球报告倡议组织中绿色供应链的总目标,在研究愿景即未来研究方向视角下,揭示了未来中国绿色供应链的研究重点所在,以期为绿色供应链管理领域的学者提供研究借鉴和参考.

Servitization has been viewed as an important method for manufacturers to gain competitive advantages. The purpose of the study is to empirically examine the effects of lean and agile practices as well as mass customization and product innovation capabilities on the implementation of servitization. The hypotheses are empirically examined using structural equation modeling with data collected from 647 manufacturers. The results show that product innovation capability directly improves servitization. Although the direct effect of mass customization capability on servitization is not significant, it improves servitization indirectly through product innovation capability. The findings also reveal that the direct impacts of lean and agile practices on servitization are not significant. Lean and agile practices affect servitization indirectly through product innovation capability, whereas the indirect effects of lean and agile practices on servitization through mass customization capability are not significant. Therefore, this study draws the conclusions that a manufacturer should develop mass customization and product innovation capabilities simultaneously when implementing servitization. Moreover, a manufacturer should also invest on lean and agile practices and product innovation capability at the same time when transforming to a service-based business model to cultivate their synergies on servitization.

This study investigates the joint effects of business and political ties, cognitive capital, and institutional support on product innovation performance in China and India. The hypotheses are empirically tested using bootstrap and multiple group structural equation modeling methods, and data collected from 300 Chinese and 200 Indian manufacturers. The results reveal that cognitive capital mediates business ties' impacts on product innovation performance in both China and India and that institutional support mediates the effects of business and political ties on product innovation performance only in China. The study also finds that political ties increase institutional support in India and that the effect of cognitive capital on product innovation performance is significantly stronger in India than in China. This study clarifies the mechanisms through which business and political ties enhance product innovation performance and generalizes the results in two emerging markets. The cross-country comparison sheds light on the influences of cultural and institutional environments on such mechanisms and provides insights into how to utilize managers' business and political ties for product innovation in China and India.

Purpose Intellectual capital reflects the sum of existing knowledge a manufacturer is able to leverage and plays a critical role in new product development. The purpose of this paper is to empirically investigate the mechanisms through which intellectual capital enhances product innovation performance and how economic and institutional environments affect the mechanisms. Design/methodology/approach Using a knowledge-based view and institutional theory, this study proposes a model on the relationships among intellectual capital, supplier knowledge integration, supply chain adaptability, and product innovation performance. The hypotheses are empirically tested using multiple group structural equation modelling and data collected from 300 Chinese and 200 Indian manufacturers. Findings The authors find that intellectual capital improves product innovation performance both directly and indirectly through supplier knowledge integration. However, the effects are different in China and India. In particular, the direct effect of intellectual capital on product innovation performance is significantly higher in China than that in India, and intellectual capital improves product innovation performance indirectly through supplier knowledge integration only in India. The authors also find that supplier knowledge integration improves product innovation performance indirectly through supply chain adaptability in both China and India. Originality/value Using a moderated mediation model, this study provides insights into the joint effects of intellectual capital, supplier knowledge integration, and supply chain adaptability on product innovation performance. The findings enhance current understandings of how supply chain management helps a manufacturer develop new products using existing knowledge and the influences of economic and institutional environments on knowledge and supply chain management.

This study aims to develop a comprehensive model that facilitates an understanding of relationships among operations strategies (OSs), supply chain strategies (SCSs), supply chain integration (SCI), and firm performance. It is a start to understand the role of operations strategies in supply chain design. We adopt structural equation modelling to test the relationships based on data collected from 604 Chinese manufacturers. The results show that a lean supply chain is appropriate for firms placing higher priorities on cost, quality and delivery strategies, while an agile supply chain is appropriate for firms competing on the flexibility strategy. Furthermore, both lean and agile SCSs require higher levels of SCI in terms of internal and external integration, but lean SCSs have a significantly higher impact on external integration than agile SCSs. The study refreshes the links between order winner/qualifier and supply chain strategies. Clear-cut differences exist concerning the role of operations strategy in supply chain management, indicating that appropriate supply chain design is very important for firms to achieve their operations objectives. This study contributes to a better understanding of the match between operations strategies and supply chain strategies, and offer a practical insights on investments in the development of supply chain integration.

This study examines how the impact of product modularity (PM) on the mass customization capability (MCC) is moderated by several contextual factors, such as the firms’ information system capacity (ISC), teamwork (TW), multifunctional employees (MFE), and organizational structure (flat or hierarchical) (OSF). Data from 238 firms located in multiple countries across three different industry groups were analyzed to test the moderated regression models and the hypotheses. The results showed that the product modularity strongly impacts the MCC. Compared to ISC, the social contextual variables, such as TW, MFE, and OSF, have stronger moderating effects on the impact of the product modularity on the mass customization capability. In addition, ISC helps MCC solely for firms with flat organizational structures. Overall, our study suggests that manufacturers who desire to become mass customizers should create flat, nimble organizations with employees who are trained in several different tasks and are adept at teamwork.

This paper presents an empirical survey study. We propose a model to examine the individual and joint effects of the three components of intellectual capital (i.e. human, social and structural capital) on process innovation and mass customisation (MC) capability. The hypotheses are empirically tested using structural equation modelling and data collected from 645 manufacturing plants in 10 countries/regions. The results show that human and social capital are positively associated with structural capital. Human capital directly improves both process innovation and MC capability. The direct effect of social capital on MC capability and that of structural capital on process innovation is positive and significant. Moreover, process innovation is positively associated with MC capability. In addition, we find that structural capital mediates human and social capital’s effects on process innovation, and process innovation mediates human and structural capital’s effects on MC capability. This study contributes to the literature by providing insights into how human, social and structural capital jointly improve process innovation and MC capability, as well as how the different types of knowledge residing in a manufacturer affect MC capability development.

Supply disruptions are commonplace in today's global supply chain environment. The sheer magnitude of daily transactions makes it inevitable that there will be disruptions, further exacerbated by differences in cultural norms and attitudes that add a layer of complexity to managerial response. In this research, we examine the impact of national culture on individuals' responses to supply disruptions due to psychological contract breach. Using data from controlled experiments conducted with 158 subjects in China and 125 subjects in the U.S., we evaluate changes in decision-making behaviors and assessments of attitudinal outcomes regarding trust and repurchase intentions. Our results show post-breach behavioral differences based on national culture, but find that these differences are short-term in nature. Additionally, cultural differences show up in both of the attitudinal outcomes assessed in this research. Following a psychological contract breach, individuals from the U.S. express less trust in their supply chain partner and less willingness to work with that partner again in the future as compared to individuals from China. Our research suggests that managers and scholars interested in the cultural influences on the response to supply disruption will benefit from further research and understanding focusing on the intersection of psychological contract breach and cultural distance.