Pub Date : 2022-06-09DOI: 10.1177/03128962221095596
Amin Ullah Khan, Y. Ali
Cold supply chain (CSC) comprises temperature-sensitive processes, starting from the supply of raw materials, manufacturing, and finally the delivery of finished goods to the end consumers via transport services. Pandemics such as COVID-19 pose threats to its overall functioning and to cater to this issue, the study will ensure the sustainable functioning of CSC by recommending resilience strategies. To do so, the COVID-19 disruptions in the CSC and the resilient sustainability strategies were collected via a vigorous literature review and were analyzed via a Fuzzy QFD technique. The results concluded “crisis simulation,” “identification and securing of logistics,” and “digitalization of cold supply chain” as the top three strategies to ensure the resilience of CSC under disruptions caused by COVID-19. The study recommends necessary steps to the policymakers to ensure a resilient and quality effective CSC. The application of the study proves to be the first of its kind in a developing country such as Pakistan. JEL Classification: C54, D81, H12
{"title":"Enhancement of resilience and quality of cold supply chain under the disruptions caused by COVID-19: A case of a developing country","authors":"Amin Ullah Khan, Y. Ali","doi":"10.1177/03128962221095596","DOIUrl":"https://doi.org/10.1177/03128962221095596","url":null,"abstract":"Cold supply chain (CSC) comprises temperature-sensitive processes, starting from the supply of raw materials, manufacturing, and finally the delivery of finished goods to the end consumers via transport services. Pandemics such as COVID-19 pose threats to its overall functioning and to cater to this issue, the study will ensure the sustainable functioning of CSC by recommending resilience strategies. To do so, the COVID-19 disruptions in the CSC and the resilient sustainability strategies were collected via a vigorous literature review and were analyzed via a Fuzzy QFD technique. The results concluded “crisis simulation,” “identification and securing of logistics,” and “digitalization of cold supply chain” as the top three strategies to ensure the resilience of CSC under disruptions caused by COVID-19. The study recommends necessary steps to the policymakers to ensure a resilient and quality effective CSC. The application of the study proves to be the first of its kind in a developing country such as Pakistan. JEL Classification: C54, D81, H12","PeriodicalId":47209,"journal":{"name":"Australian Journal of Management","volume":"48 1","pages":"341 - 365"},"PeriodicalIF":4.8,"publicationDate":"2022-06-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43647921","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-05-25DOI: 10.1177/03128962221098134
Ying Zhu, Ryan W. Tang, K. Xing
The place-based regional industrial strategies provide a novel approach to examining the role of science parks in enhancing regional innovation with place-based policies. With qualitative interviews and case analyses, this study investigates how a place-based science park affects innovation activities of technology-focused companies. Our research findings demonstrate paradoxical nature with both positive and negative aspects of firms’ strategies that cope with obstacles such as the lack of funding for R&D and weak policy on IP protection. These obstacles hinder the collaboration on innovation and strengthen the effect of economic uncertainty on companies’ short-term survival orientation. Important implications for both theory and practice are discussed with possible future research directions identified. JEL Classification: O32, M10, M38
{"title":"Effective coordination and innovation-facilitating role of science parks: The place-based approach with paradoxical outcomes","authors":"Ying Zhu, Ryan W. Tang, K. Xing","doi":"10.1177/03128962221098134","DOIUrl":"https://doi.org/10.1177/03128962221098134","url":null,"abstract":"The place-based regional industrial strategies provide a novel approach to examining the role of science parks in enhancing regional innovation with place-based policies. With qualitative interviews and case analyses, this study investigates how a place-based science park affects innovation activities of technology-focused companies. Our research findings demonstrate paradoxical nature with both positive and negative aspects of firms’ strategies that cope with obstacles such as the lack of funding for R&D and weak policy on IP protection. These obstacles hinder the collaboration on innovation and strengthen the effect of economic uncertainty on companies’ short-term survival orientation. Important implications for both theory and practice are discussed with possible future research directions identified. JEL Classification: O32, M10, M38","PeriodicalId":47209,"journal":{"name":"Australian Journal of Management","volume":"48 1","pages":"171 - 195"},"PeriodicalIF":4.8,"publicationDate":"2022-05-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45452071","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-05-21DOI: 10.1007/s00018-022-04309-y
Zilei Duan, Juan Zhang, Xue Chen, Ming Liu, Hongwen Zhao, Lin Jin, Zhiye Zhang, Ning Luan, Ping Meng, Jing Wang, Zhaoxia Tan, Yaxiong Li, Guohong Deng, Ren Lai
Blood clot formation induced by dysfunctional coagulation is a frequent complication of coronavirus disease 2019 (COVID-19) and a high-risk factor for severe illness and death. Neutrophil extracellular traps (NETs) are implicated in COVID-19-induced immunothrombosis. Furthermore, human cathelicidin, a NET component, can perturb the interaction between the SARS-CoV-2 spike protein and its ACE2 receptor, which mediates viral entry into cells. At present, however, the levels of cathelicidin antimicrobial peptides after SARS-CoV-2 infection and their role in COVID-19 thrombosis formation remain unclear. In the current study, we analyzed coagulation function and found a decrease in thrombin time but an increase in fibrinogen level, prothrombin time, and activated partial thromboplastin time in COVID-19 patients. In addition, the cathelicidin antimicrobial peptide LL-37 was upregulated by the spike protein and significantly elevated in the plasma of patients. Furthermore, LL-37 levels were negatively correlated with thrombin time but positively correlated with fibrinogen level. In addition to platelet activation, cathelicidin peptides enhanced the activity of coagulation factors, such as factor Xa (FXa) and thrombin, which may induce hypercoagulation in diseases with high cathelicidin peptide levels. Injection of cathelicidin peptides promoted the formation of thrombosis, whereas deletion of cathelicidin inhibited thrombosis in vivo. These results suggest that cathelicidin antimicrobial peptide LL-37 is elevated during SARS-CoV-2 infection, which may induce hypercoagulation in COVID-19 patients by activating coagulation factors.
{"title":"Role of LL-37 in thrombotic complications in patients with COVID-19.","authors":"Zilei Duan, Juan Zhang, Xue Chen, Ming Liu, Hongwen Zhao, Lin Jin, Zhiye Zhang, Ning Luan, Ping Meng, Jing Wang, Zhaoxia Tan, Yaxiong Li, Guohong Deng, Ren Lai","doi":"10.1007/s00018-022-04309-y","DOIUrl":"10.1007/s00018-022-04309-y","url":null,"abstract":"<p><p>Blood clot formation induced by dysfunctional coagulation is a frequent complication of coronavirus disease 2019 (COVID-19) and a high-risk factor for severe illness and death. Neutrophil extracellular traps (NETs) are implicated in COVID-19-induced immunothrombosis. Furthermore, human cathelicidin, a NET component, can perturb the interaction between the SARS-CoV-2 spike protein and its ACE2 receptor, which mediates viral entry into cells. At present, however, the levels of cathelicidin antimicrobial peptides after SARS-CoV-2 infection and their role in COVID-19 thrombosis formation remain unclear. In the current study, we analyzed coagulation function and found a decrease in thrombin time but an increase in fibrinogen level, prothrombin time, and activated partial thromboplastin time in COVID-19 patients. In addition, the cathelicidin antimicrobial peptide LL-37 was upregulated by the spike protein and significantly elevated in the plasma of patients. Furthermore, LL-37 levels were negatively correlated with thrombin time but positively correlated with fibrinogen level. In addition to platelet activation, cathelicidin peptides enhanced the activity of coagulation factors, such as factor Xa (FXa) and thrombin, which may induce hypercoagulation in diseases with high cathelicidin peptide levels. Injection of cathelicidin peptides promoted the formation of thrombosis, whereas deletion of cathelicidin inhibited thrombosis in vivo. These results suggest that cathelicidin antimicrobial peptide LL-37 is elevated during SARS-CoV-2 infection, which may induce hypercoagulation in COVID-19 patients by activating coagulation factors.</p>","PeriodicalId":47209,"journal":{"name":"Australian Journal of Management","volume":"31 1","pages":"309"},"PeriodicalIF":8.0,"publicationDate":"2022-05-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9123294/pdf/","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87362909","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-05-17DOI: 10.1177/03128962221094870
Yuanyuan Hu, Shouming Chen, W. Huang
This study aims to determine why a firm would ever engage in sustainable supply chain management (SSCM) during a turbulent era. Combining stakeholder theory, the resource-based view, and the literature on SSCM, we argue that SSCM can alleviate negative market reactions to severe external crises. Based on analyses of a sample of firms listed in China from 2019 to 2020, the results robustly display a positive relationship between SSCM and the abnormal returns surrounding the outbreak of COVID-19. The findings of this study extend the supply chain literature by constituting an important addition in external crisis times rather than only in normal times. JEL Classification: M14
{"title":"Does the market value sustainable supply chain management? New evidence from the outbreak of COVID-19","authors":"Yuanyuan Hu, Shouming Chen, W. Huang","doi":"10.1177/03128962221094870","DOIUrl":"https://doi.org/10.1177/03128962221094870","url":null,"abstract":"This study aims to determine why a firm would ever engage in sustainable supply chain management (SSCM) during a turbulent era. Combining stakeholder theory, the resource-based view, and the literature on SSCM, we argue that SSCM can alleviate negative market reactions to severe external crises. Based on analyses of a sample of firms listed in China from 2019 to 2020, the results robustly display a positive relationship between SSCM and the abnormal returns surrounding the outbreak of COVID-19. The findings of this study extend the supply chain literature by constituting an important addition in external crisis times rather than only in normal times. JEL Classification: M14","PeriodicalId":47209,"journal":{"name":"Australian Journal of Management","volume":"48 1","pages":"366 - 387"},"PeriodicalIF":4.8,"publicationDate":"2022-05-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43311735","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-05-12DOI: 10.1177/03128962221093831
Sarowar Hossain, J. Wang
We examine the association between abnormal audit fees and audit quality using Australian data. We find that audit quality, measured by auditors’ propensity to issue going concern opinions for financially distressed companies, discretionary accruals, and clients’ propensity to meet or beat earnings benchmarks, declines as positive abnormal audit fees increase in magnitude. Our findings support an economic bonding argument that positive abnormal audit fees reflect the extent of economic bonding between the auditor and the client. We also find that negative abnormal audit fees are negatively associated with the absolute value of discretionary accruals. Our findings suggest that academic researchers, practitioners, regulators, and others interested in assessing the effect of auditor remuneration on auditor independence and audit quality should be concerned with audit fees that are above a normal level rather than audit fees that are below a normal level of audit fees. JEL Classification: M42, M49
{"title":"Abnormal audit fees and audit quality: Australian evidence","authors":"Sarowar Hossain, J. Wang","doi":"10.1177/03128962221093831","DOIUrl":"https://doi.org/10.1177/03128962221093831","url":null,"abstract":"We examine the association between abnormal audit fees and audit quality using Australian data. We find that audit quality, measured by auditors’ propensity to issue going concern opinions for financially distressed companies, discretionary accruals, and clients’ propensity to meet or beat earnings benchmarks, declines as positive abnormal audit fees increase in magnitude. Our findings support an economic bonding argument that positive abnormal audit fees reflect the extent of economic bonding between the auditor and the client. We also find that negative abnormal audit fees are negatively associated with the absolute value of discretionary accruals. Our findings suggest that academic researchers, practitioners, regulators, and others interested in assessing the effect of auditor remuneration on auditor independence and audit quality should be concerned with audit fees that are above a normal level rather than audit fees that are below a normal level of audit fees. JEL Classification: M42, M49","PeriodicalId":47209,"journal":{"name":"Australian Journal of Management","volume":"48 1","pages":"596 - 624"},"PeriodicalIF":4.8,"publicationDate":"2022-05-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47327987","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-05-02DOI: 10.1177/03128962221092179
Ailing Pan, Lei Xu, Bin Li, Runze Ling, Luyan Zheng
We establish a link between supply chain finance (SCF) and capital structure adjustment by core firms through a data set of listed firms on the Shanghai and Shenzhen Stock Exchanges. We find that SCF can significantly speed up capital structure adjustment, especially for the under-leveraged firms. Enhanced financial strengths and competitive advantages underlie this impact. Comprehensive examinations also suggest that SCF may speed up cash turnovers, lower financing costs, and improve firm values. In addition, the impact is more substantial on firms of smaller sizes, located in better-developed regions, those without bank–firm connections, and those with higher environmental dynamism. However, the impact seems similar on private firms and state-owned enterprises (SOEs), or across industries of various degrees of competition. Our findings bear such policy implications that SCF can accelerate capital structure adjustment and contribute to the quality economic growth in emerging markets. JEL Classification: G31, G32, O33
{"title":"The impact of supply chain finance on firm capital structure adjustment: Evidence from China","authors":"Ailing Pan, Lei Xu, Bin Li, Runze Ling, Luyan Zheng","doi":"10.1177/03128962221092179","DOIUrl":"https://doi.org/10.1177/03128962221092179","url":null,"abstract":"We establish a link between supply chain finance (SCF) and capital structure adjustment by core firms through a data set of listed firms on the Shanghai and Shenzhen Stock Exchanges. We find that SCF can significantly speed up capital structure adjustment, especially for the under-leveraged firms. Enhanced financial strengths and competitive advantages underlie this impact. Comprehensive examinations also suggest that SCF may speed up cash turnovers, lower financing costs, and improve firm values. In addition, the impact is more substantial on firms of smaller sizes, located in better-developed regions, those without bank–firm connections, and those with higher environmental dynamism. However, the impact seems similar on private firms and state-owned enterprises (SOEs), or across industries of various degrees of competition. Our findings bear such policy implications that SCF can accelerate capital structure adjustment and contribute to the quality economic growth in emerging markets. JEL Classification: G31, G32, O33","PeriodicalId":47209,"journal":{"name":"Australian Journal of Management","volume":"48 1","pages":"436 - 462"},"PeriodicalIF":4.8,"publicationDate":"2022-05-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42669268","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-05-02DOI: 10.1177/03128962221148848
Cong Zhou, Weili Xia, Taiwen Feng, Jijiao Jiang
Although green supply chain integration (GSCI) is important, its influence on environmental innovation remains inconclusive. Based on information processing theory, we explore how the two dimensions of GSCI (i.e. green supplier and customer integration) affect two types of environmental innovation (i.e. incremental or radical environmental innovation) via information sharing and information redundancy, as well as the moderating role of knowledge combination. We test hypotheses using two-waved survey data from 206 Chinese manufacturers and structural equation model analysis. The results indicate that information sharing with customer mediates the impact of green customer integration on radical environmental innovation, while information redundancy mediates the effects of green supplier integration on environmental incremental and radical innovation. In addition, information sharing with supplier negatively affects information redundancy, while information sharing with customer positively affects information redundancy. We also find that knowledge combination strengthens the positive effects of information sharing with supplier and customer on incremental environmental innovation and the negative impact of information redundancy on radical environmental innovation. Our findings contribute to GSCI and environmental innovation literature.
{"title":"Corrigenda to “Enabling environmental innovation via green supply chain integration: A perspective of information processing theory”","authors":"Cong Zhou, Weili Xia, Taiwen Feng, Jijiao Jiang","doi":"10.1177/03128962221148848","DOIUrl":"https://doi.org/10.1177/03128962221148848","url":null,"abstract":"Although green supply chain integration (GSCI) is important, its influence on environmental innovation remains inconclusive. Based on information processing theory, we explore how the two dimensions of GSCI (i.e. green supplier and customer integration) affect two types of environmental innovation (i.e. incremental or radical environmental innovation) via information sharing and information redundancy, as well as the moderating role of knowledge combination. We test hypotheses using two-waved survey data from 206 Chinese manufacturers and structural equation model analysis. The results indicate that information sharing with customer mediates the impact of green customer integration on radical environmental innovation, while information redundancy mediates the effects of green supplier integration on environmental incremental and radical innovation. In addition, information sharing with supplier negatively affects information redundancy, while information sharing with customer positively affects information redundancy. We also find that knowledge combination strengthens the positive effects of information sharing with supplier and customer on incremental environmental innovation and the negative impact of information redundancy on radical environmental innovation. Our findings contribute to GSCI and environmental innovation literature.","PeriodicalId":47209,"journal":{"name":"Australian Journal of Management","volume":"48 1","pages":"463 - 466"},"PeriodicalIF":4.8,"publicationDate":"2022-05-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41662823","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-03-04DOI: 10.1177/03128962221083375
T. Dao, Quoc Trung Tran, Thi Tuyet Mai Nguyen, Tran Sy Nguyen
Debt financing plays an important role in corporate financial decisions. Therefore, the cost of debt is an interesting topic in corporate finance. Using a sample of 153,784 observations across 30 countries from 2003 to 2016, we find that creditor rights positively affect the cost of debt. In addition, the effect of shareholder rights is weaker in countries with stronger creditor protection. JEL Classification: G32, G34
{"title":"Creditor protection, shareholder protection, and cost of debt financing around the world","authors":"T. Dao, Quoc Trung Tran, Thi Tuyet Mai Nguyen, Tran Sy Nguyen","doi":"10.1177/03128962221083375","DOIUrl":"https://doi.org/10.1177/03128962221083375","url":null,"abstract":"Debt financing plays an important role in corporate financial decisions. Therefore, the cost of debt is an interesting topic in corporate finance. Using a sample of 153,784 observations across 30 countries from 2003 to 2016, we find that creditor rights positively affect the cost of debt. In addition, the effect of shareholder rights is weaker in countries with stronger creditor protection. JEL Classification: G32, G34","PeriodicalId":47209,"journal":{"name":"Australian Journal of Management","volume":"48 1","pages":"90 - 107"},"PeriodicalIF":4.8,"publicationDate":"2022-03-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49203498","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-02-25DOI: 10.1177/03128962221077453
Lingwei Li, Linlu Liu, Hai Wu
The average workforce education near firms’ research centers facilitates firms’ matching with innovation talents and acquisition of knowledge. This study documents a positive association between the average education level in the metropolitan statistical areas (MSAs) where firms’ research centers are located and the quantity and quality of innovation outputs. The results are confirmed by controlling for various measures of MSA-level economic, population, and employment conditions, as well as research-center level analyses which control for firm-year fixed effects. We further find that local workforce education is more important for firms that are large, less labor-intensive, in non-high-tech industries and located in low education regions. The evidence highlights the importance of having access to well-educated local workforce for corporate innovation. JEL Classification: G30, J24, O31
{"title":"Workforce education and corporate innovation","authors":"Lingwei Li, Linlu Liu, Hai Wu","doi":"10.1177/03128962221077453","DOIUrl":"https://doi.org/10.1177/03128962221077453","url":null,"abstract":"The average workforce education near firms’ research centers facilitates firms’ matching with innovation talents and acquisition of knowledge. This study documents a positive association between the average education level in the metropolitan statistical areas (MSAs) where firms’ research centers are located and the quantity and quality of innovation outputs. The results are confirmed by controlling for various measures of MSA-level economic, population, and employment conditions, as well as research-center level analyses which control for firm-year fixed effects. We further find that local workforce education is more important for firms that are large, less labor-intensive, in non-high-tech industries and located in low education regions. The evidence highlights the importance of having access to well-educated local workforce for corporate innovation. JEL Classification: G30, J24, O31","PeriodicalId":47209,"journal":{"name":"Australian Journal of Management","volume":"47 1","pages":"599 - 629"},"PeriodicalIF":4.8,"publicationDate":"2022-02-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44426600","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-02-04DOI: 10.1177/03128962221075366
Lei Xu, Bin Li, Chen Ma, J. Liu
We establish a link between supply chain finance (SCF) and the diversification of core firms through a proprietary dataset of listed firms on the Shanghai and Shenzhen Stock Exchanges. Our findings suggest that SCF may significantly reduce diversification with a stronger impact on firms of lower supply chain concentration. Our exploration, from the perspectives of resource occupation, innovation incentive and market power improvement, suggests that SCF may allow the core firms to better focus on their major businesses. Further tests suggest that SCF may significantly reduce the diversification by private and non-manufacturing firms, and those of high executive shareholding. It may also lead to reduced agency costs and enhanced production efficiency with positive economic consequences. Our findings may have such policy implications that SCF may significantly serve the real economy and help sustain high-quality economic growth in the Asian Era. JEL Classification: G11, G32, O12
{"title":"Supply chain finance and firm diversification: Evidence from China","authors":"Lei Xu, Bin Li, Chen Ma, J. Liu","doi":"10.1177/03128962221075366","DOIUrl":"https://doi.org/10.1177/03128962221075366","url":null,"abstract":"We establish a link between supply chain finance (SCF) and the diversification of core firms through a proprietary dataset of listed firms on the Shanghai and Shenzhen Stock Exchanges. Our findings suggest that SCF may significantly reduce diversification with a stronger impact on firms of lower supply chain concentration. Our exploration, from the perspectives of resource occupation, innovation incentive and market power improvement, suggests that SCF may allow the core firms to better focus on their major businesses. Further tests suggest that SCF may significantly reduce the diversification by private and non-manufacturing firms, and those of high executive shareholding. It may also lead to reduced agency costs and enhanced production efficiency with positive economic consequences. Our findings may have such policy implications that SCF may significantly serve the real economy and help sustain high-quality economic growth in the Asian Era. JEL Classification: G11, G32, O12","PeriodicalId":47209,"journal":{"name":"Australian Journal of Management","volume":"48 1","pages":"408 - 435"},"PeriodicalIF":4.8,"publicationDate":"2022-02-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44358203","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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