From shared stakeholders to strategic linkages: The impact of common ownership on supply chain diversification

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance Pub Date : 2025-08-01 DOI:10.1016/j.ribaf.2025.103066

Ying Li, Chen Zhao

引用次数: 0

Abstract

Firms are interconnected through two large networks: the supply chain and common ownership networks, yet the interaction between them is underexplored. This paper investigates how common ownership shapes the supply chain structure. Using the supplier information of Chinese listed firms and institutional shareholding data during 2006–2023, we find that a 1% increase in a firm’s aggregate ownership overlap with others is associated with a 0.47 percentage point reduction in its purchase share from the top 5 suppliers and a 0.034% reduction in purchase concentration among them. Further, common ownership contributes to supply chain diversification as the ownership overlap between firms encourages them to form new supply-chain linkages and helps strengthen these linkages. Two important mechanisms behind this are reduced transaction costs and improved information transparency.

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从共同利益相关者到战略联系：共同所有权对供应链多元化的影响

企业通过两大网络相互联系：供应链和共同所有权网络，但它们之间的相互作用尚未得到充分探索。本文探讨了共同所有权对供应链结构的影响。利用2006-2023年中国上市公司的供应商信息和机构持股数据，我们发现，公司与其他公司的总所有权重叠每增加1%，其从前5名供应商的采购份额下降0.47个百分点，采购集中度下降0.034%。此外，共同所有权有助于供应链多样化，因为企业之间的所有权重叠鼓励他们形成新的供应链联系，并有助于加强这些联系。这背后的两个重要机制是降低交易成本和提高信息透明度。

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

Research in International Business and Finance BUSINESS, FINANCE-

CiteScore

11.20

自引率

9.20%

发文量

240

期刊介绍： Research in International Business and Finance (RIBAF) seeks to consolidate its position as a premier scholarly vehicle of academic finance. The Journal publishes high quality, insightful, well-written papers that explore current and new issues in international finance. Papers that foster dialogue, innovation, and intellectual risk-taking in financial studies; as well as shed light on the interaction between finance and broader societal concerns are particularly appreciated. The Journal welcomes submissions that seek to expand the boundaries of academic finance and otherwise challenge the discipline. Papers studying finance using a variety of methodologies; as well as interdisciplinary studies will be considered for publication. Papers that examine topical issues using extensive international data sets are welcome. Single-country studies can also be considered for publication provided that they develop novel methodological and theoretical approaches or fall within the Journal''s priority themes. It is especially important that single-country studies communicate to the reader why the particular chosen country is especially relevant to the issue being investigated. [...] The scope of topics that are most interesting to RIBAF readers include the following: -Financial markets and institutions -Financial practices and sustainability -The impact of national culture on finance -The impact of formal and informal institutions on finance -Privatizations, public financing, and nonprofit issues in finance -Interdisciplinary financial studies -Finance and international development -International financial crises and regulation -Financialization studies -International financial integration and architecture -Behavioral aspects in finance -Consumer finance -Methodologies and conceptualization issues related to finance