Frontiers in Psychology | |
Supply chain concentration and corporate financialization | |
article | |
Meifeng Zou1  Xindong Zhang2  | |
[1] School of Economics and Management, Taiyuan University of Science and Technology, Postdoctoral Station of Political Science, Shanxi University;School of Economics and Management, Shanxi University | |
关键词: Supply chain concentration; Corporate financialization; Market competitive power; Business profitability; Operating risk; | |
DOI : 10.3389/fpsyg.2022.934753 | |
学科分类:社会科学、人文和艺术(综合) | |
来源: Frontiers | |
【 摘 要 】
We investigate whether firms that rely on major suppliers or customers (i.e., with a higher supply chain concentration) tend to hold more financial assets than other firms due to supply chain pressure. We find that firms with a higher supply chain concentration have a higher financialization level. The firms’ competitive power reduces their financialization level but cannot reverse the adverse impact of supply chain concentration. Furthermore, we explore the mechanism underlying the relationship between supply chain concentration and corporate financialization using the mediation effect method. We find that the supply chain concentration impairs firms’ main business profitability, leading firms to hold more financial assets. The main business profitability channels play partial mediating roles. Our findings reveal that overdependence on large suppliers/customers causes firms to escape reality and adopt virtual economics.
【 授权许可】
CC BY
【 预 览 】
Files | Size | Format | View |
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RO202307160004487ZK.pdf | 321KB | download |