Heterogeneity of top management team and supply chain finance

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-09-30 DOI:10.1016/j.frl.2025.108604

Chuanan Su , Yawen Chen

引用次数: 0

Abstract

Using 2010–2022 data from China's A-share listed companies, we investigate how top management team (TMT) heterogeneity affects supply chain finance (SCF) development. We find TMT heterogeneity significantly improves SCF performance by enhancing supply chain transparency through three mechanisms: optimizing information disclosure, strengthening technology adoption, and fostering stakeholder collaboration. Our analysis reveals this effect is more pronounced in firms with low financing constraints, with state-owned enterprises benefiting from policy resource alignment while private firms capitalize on market networks. These findings advance upper echelons theory in SCF research and provide actionable insights for corporate governance and regulatory policy design.

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高管团队异质性与供应链金融

本文利用2010-2022年中国a股上市公司的数据，研究了高管团队异质性对供应链金融发展的影响。我们发现，TMT异质性通过优化信息披露、加强技术采用和促进利益相关者合作三种机制，显著提高供应链透明度，从而提高供应链绩效。我们的分析表明，这种效应在融资约束较低的企业中更为明显，国有企业受益于政策资源整合，而私营企业则利用市场网络。这些发现推动了供应链金融研究中的上层理论，并为公司治理和监管政策设计提供了可操作的见解。

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

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

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