Investigating supply chain participants’ circular economy action effects on firm financial performance from a stakeholder theory perspective

IF 6.8 2区 管理学 Q1 MANAGEMENT
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Abstract

The circular economy (CE) model has recently emerged and been practiced by many firms due to pressure for desirability of sustainability. It is important for researchers and practitioners to understand the effects of firms' CE actions on their own and their supply chain partners' financial performance to better implement CE practices. However, existing literature has not analyzed the impact of firms' CE actions from a holistic supply chain framework to find how a firm's CE actions affect its supply chain partners' financial performance. In this study, we investigate this issue from the stakeholder theory perspective with empirical evidence from the China Stock Market and Accounting Research database and the Chinese Research Data Services Platform database for 2006–2021 to perform regressions. Our findings suggest a firm's CE actions have both a positive direct effect to improve its own financial performance and a spillover effect to enhance its partners' (i.e., suppliers' and customers') financial performance. Additionally, a higher supply chain concentration level strengthens the CE direct effect. Further, we find a positive moderating influence of industry competition on stimulating the CE direct effect and its positive moderating effect on the spillover effect of downstream customers' CE efforts on the financial performance of the focal firms. Our findings urge firms to implement and encourage their partners to make CE efforts to enhance their financial performance. Firms should also strengthen centralized purchasing and supply with downstream partners to utilize the amplified CE efforts' effect, particularly when they face fierce competition.

从利益相关者理论角度探究供应链参与者的循环经济行动对企业财务绩效的影响
由于可持续发展的压力,循环经济(CE)模式近来出现并被许多企业所实践。对于研究人员和从业人员来说,了解企业的循环经济行动对其自身及其供应链合作伙伴的财务绩效的影响,以更好地实施循环经济实践非常重要。然而,现有文献并未从整体供应链框架来分析企业的消费行为对供应链合作伙伴财务绩效的影响。在本研究中,我们从利益相关者理论的角度出发,利用中国证券市场与会计研究数据库和中国研究数据服务平台数据库中 2006-2021 年的实证数据对这一问题进行了回归研究。我们的研究结果表明,企业的供应链管理行为既能直接提高企业自身的财务绩效,又能产生溢出效应,提高其合作伙伴(即供应商和客户)的财务绩效。此外,供应链集中度越高,CE 的直接效应就越大。此外,我们还发现行业竞争对刺激消费电子直接效应有积极的调节作用,对下游客户消费电子努力对焦点企业财务绩效的溢出效应也有积极的调节作用。我们的研究结果敦促企业实施并鼓励其合作伙伴开展消费活动,以提高其财务绩效。企业还应该加强与下游合作伙伴的集中采购和供应,以利用CE努力的放大效应,尤其是当企业面临激烈竞争时。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
CiteScore
10.30
自引率
18.00%
发文量
31
审稿时长
70 days
期刊介绍: The mission of the Journal of Purchasing & Supply Management is to publish original, high-quality research within the field of purchasing and supply management (PSM). Articles should have a significant impact on PSM theory and practice. The Journal ensures that high quality research is collected and disseminated widely to both academics and practitioners, and provides a forum for debate. It covers all subjects relating to the purchase and supply of goods and services in industry, commerce, local, national, and regional government, health and transportation.
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