مقاله انگلیسی رایگان در مورد مالی زنجیره تامین برای مدیریت ریسک در میان زنجیره های ارزش – الزویر 2024

Abstract

The purpose of this research is to systematically review the state-of-the-art literature on Supply Chain Finance (SCF) and Environmental, Social, and Governance (ESG) and Value Chain within the supply chain management domain. We meticulously screened closely related themes through a systematic literature review of selected fifty-one manuscripts using the PRISMA method. Three-phase approach of planning, conducting and reporting is considered in this review. The outcomes of our review demonstrate the contributions of SCF to decision-making within the supply chain domain. This review highlights synergies, distinctions, and intersections in SCF, ESG, and value chain. Based on themes, the study led to four propositions to develop a comprehensive framework. Additionally, the literature is elucidated based on the approaches employed for SCF development, accompanied by the underlying theories. The categorization primarily separates the literature into two main groups: one focused on theory development, and the other on practical applications, revolving around SCF, ESG, and the value chain. Professionals in corporate settings and academic scholars will likely derive significant value from this review. The study thoroughly reviews, categorizes, and analyzes existing research and offers an integrated framework on SCF, ESG, and the value chain, which can be helpful for professionals. This is the first research that uses a structured approach to analyze studies on a novel topic and propose a framework for SCF, ESG, and value chain.

Introduction

In the last twenty years, a notable pattern has surfaced in the realm of corporate sustainability. This trend encompasses a range of initiatives, from mandates that encourage voluntary commitments to sustainable practices (Freeman et al., 2010; Wang et al., 2016; Aragòn-Correa et al., 2020; Fiandrino et al., 2022; Agrawal et al., 2023). Thus, along with sustainability strategies companies have also started sharing information about environmental, social, and governance (ESG) matters (Baid and Jayaraman, 2022; Asif et al., 2023; Kumar et al., 2024). Sustainability and ESG have attracted significant importance in the business landscape. Business need to incorporate these revolutionary changes to comply to emerging business environment. ESG captured the interest of various stakeholders such as scholars, governments, and enterprises through a report published by United Nations in 2006 (Atkins, 2020; Clément et al., 2023; Wang et al., 2023a,b). In 2021, ESG-focused portfolios accomplished nearly $40 trillion in assets further expecting a 30% increase by 2025 (Bloomberg Intelligence, 2021). This brought transparency in all the activities that could impact the environment. Exposure by social media and non-government firms led to an increase in global SC visibility (Clarke and Boersma, 2017; PRI, 2020; Saini et al., 2022; Fiandrino et al., 2022; Agrawal and Jain, 2022; Agrawal et al., 2024).

The global financial crisis of 2008–2009 witnessed increase in research on Supply Chain Finance (SCF) (Kaur et al., 2023). This crisis revealed that companies and their SC faced cash flow constraints and challenges in securing financing from banks. These difficulties were often attributed to a lack of understanding of liquidity and working capital management (Caniato et al., 2016; Baid and Jayaraman, 2022; Huang et al., 2022; Rijanto, 2024). Since then, SCF has progressively evolved as a crucial tool for tackling these challenges. The primary focus of SCF revolves around “planning, managing, and controlling SC cash flows,” as Wuttke et al. (2013) emphasized. According to Jia et al. (2020), aims to help companies fulfill their daily financing needs, optimising cash flow at the inter-organizational level. The concept of SCF is a recent development as compared to equity financing or mortgages and it faces numerous challenges, as emphasized (More and Basu, 2013; Joshi et al., 2024). It is evident that number of start-ups are also emerging in SCF space to facilitate businesses in their transactions. Emerging approaches in SCF include purchase order financing (Reindorp et al., 2018) and inventory financing (Yan and Sun, 2013). As SCF garners increasing attention, the volume of literature in this area is also rising (Gomm, 2010; Elliot et al., 2020; Jia et al., 2020; Medina et al., 2023). However, investigation on SCF or the convergence of finance and operations is yet in its early stages, primarily because of its innovative nature. As per the PRI (2020), adeptly managing ESG factors in SCF can yield a range of short-term and long-term financial benefits.

Conclusion

This review assesses 51 papers from 1999 to 2023 from the Scopus database. Fig. 4 illustrates the evolution of ESG, SCF and VC research over time, showing a significant upswing in activity from 2018 onwards. Fig. 2 reveals that in ESG, SCF, and VC, research predominantly occurs within decision sciences, engineering, computer science, business management, and accounting. Additionally, the analysis explores the facilitators and gaps associated with ESG, SCF and VC, as outlined in Section 2.3. The rising interest and application of ESG, SCF and VC, focused on tasks like economic values and minimizing its environmental impact, all the stakeholders are ethical and transparent, optimize the cash flow, improve efficiency and financial stability for offering practical solutions to contemporary business challenges. The exhaustive nature of this inquiry aims to provide a valuable and practical resource to all the stakeholders, particularly for future researchers in the field of production research. This investigative framework developed here can be a foundation for forthcoming research endeavors.