مقاله انگلیسی رایگان در مورد سهامداری عمودی در طول شک های زنجیره تامین – الزویر ۲۰۲۴

مقاله انگلیسی رایگان در مورد سهامداری عمودی در طول شک های زنجیره تامین – الزویر ۲۰۲۴

 

مشخصات مقاله
ترجمه عنوان مقاله سهامداری عمودی در طول شک های زنجیره تامین
عنوان انگلیسی مقاله Vertical Shareholding During Supply Chain Shocks
نشریه الزویر
انتشار مقاله سال ۲۰۲۴
تعداد صفحات مقاله انگلیسی ۱۳ صفحه
هزینه دانلود مقاله انگلیسی رایگان میباشد.
نوع نگارش مقاله
مقاله کوتاه (Short Communication)
مقاله بیس این مقاله بیس نمیباشد
نمایه (index)
نوع مقاله ISI
فرمت مقاله انگلیسی  PDF
شاخص H_index ۳ در سال ۲۰۲۴
شاخص SJR ۰٫۱۲۳ در سال ۲۰۲۲
شناسه ISSN ۱۸۷۳-۷۳۷۴
فرضیه ندارد
مدل مفهومی ندارد
پرسشنامه ندارد
متغیر دارد
رفرنس دارد
رشته های مرتبط مدیریت – اقتصاد – مهندسی صنایع
گرایش های مرتبط مدیریت مالی – مدیریت صنعتی – اقتصاد مالی – لجستیک و زنجیره تامین
نوع ارائه مقاله
ژورنال
مجله  Economics Letters – اسناد اقتصاد
دانشگاه Kent State University, USA
کلمات کلیدی کووید-۱۹، سهام داری عمودی، شک های زنجیره تامین
کلمات کلیدی انگلیسی COVID-19, vertical shareholding, supply chain shocks
شناسه دیجیتال – doi
https://doi.org/10.1016/j.econlet.2024.111566
لینک سایت مرجع https://www.sciencedirect.com/science/article/pii/S0165176524000508
کد محصول e17654
وضعیت ترجمه مقاله  ترجمه آماده این مقاله موجود نمیباشد. میتوانید از طریق دکمه پایین سفارش دهید.
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فهرست مطالب مقاله:
Abstract
۱ Introduction
۲ Descriptive evidence
۳ Empirical models and main results
۴ Conclusion
Acknowledgments
Appendix Supplementary materials
Data availability
References

بخشی از متن مقاله:

Abstract

The paper examines whether common ownership along supply chains (i.e., vertical shareholding) is associated with better firm performance during supply chain shock. We find that supplier-customer dyads with vertical shareholding report higher combined monthly returns since the outbreak of the COVID-19 pandemic. The dedicated common investors have the most positive effects, followed by the common quasi-indexers.

Introduction

As overlapping institutional ownership becomes more prevalent, it has been heatedly debated whether it plays a positive role in market competition and corporate governance (e.g., Azar et al., 2018; Edmans et al., 2019; Schmalz 2021; Koch et al., 2021; Bebchuk and Hirst 2022). Most studies focus on its effects on industry rivals (i.e., horizontal shareholding). Compared to industry rivals, firms along the supply chain network have more collaborative and interdependent relationships. Hence, overlapping institutional ownership of supplier-customer dyads (i.e., vertical shareholding)1 may have distinct effects, especially in response to disruptive events that could jeopardize collaboration.

We utilize the COVID-19 pandemic as an exogenous supply chain shock to investigate whether vertical shareholding is associated with stock performance. Supply chain disruptions can be devastating to both upstream and downstream firms (e.g., Carvalho et al., 2021) and significantly exacerbate interfirm conflicts as opportunism and information asymmetry increase. Economic theories predict that cross-ownership can address inherent interfirm conflicts, such as the holdup problem (e.g., Klein et al., 1978; Grossman and Hart 1986). Institutional investors simultaneously holding shares of economically connected firms have incentives to prevent either contracting party from making a move that will hurt the value of their portfolios. Hence, they can influence the management of both upstream and downstream firms and thereby encourage information sharing and balance the bargaining power in supply chain contract renegotiations. For example, institutional investors can influence the supplier firms to prioritize the co-owned customer firms during supply shortages (Sheffi 2020).

Conclusion

We show that supply chain dyads with vertical shareholding have significantly better aggregate stock market performance since the COVID-19 pandemic. The effects vary with the incentives of common institutional shareholders. To our knowledge, we are one of the first empirical studies to show that vertical shareholding mitigates negative consequences of supply chain shocks. Our evidence sheds light on the debates over the roles common institutional investors play in interfirm relationships and supply chain risk management.

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