Supply network position and firm performance: evidence from Chinese listed manufacturing companies
Abstract
The aim of this paper is to examine the relationship between supply network position and firm performance. A-share manufacturing companies listed from 2013 to 2015 are chosen as the initial samples, and large sample supply networks are constructed with relational embeddedness and structural embeddedness. The location of supply network is depicted by network centrality and structural hole with social network analysis, and the influence of supply network position on the corporate performance is examined with multiple OLS regression analysis. This paper observes that a firms’ supply network position is an important factor affecting its performance. The higher the network centrality is, the richer the structural holes are, and the worse the company’s performance is. The results suggest that firms that have a high level of centrality or rich structural holes in their supply networks will gain limited information, resource and control benefits and face great business risks that may negatively influence their performance.
Keyword : firm performance, supply network position, network centrality, structural holes, relational embeddedness, structural embeddedness
How to Cite
Shi, J., Yang, J., & Li, Y. (2019). Supply network position and firm performance: evidence from Chinese listed manufacturing companies. Journal of Business Economics and Management, 20(6), 1258-1277. https://doi.org/10.3846/jbem.2019.10743
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
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Basole, R., & Bellamy, M. (2014). Visual analysis of supply network risks: Insights from the electronics industry. Decision Support Systems, 67, 109-120. https://doi.org/10.1016/j.dss.2014.08.008
Baum, J. A., Calabrese, T., & Silverman, B. S. (2015). Don’t go it alone: Alliance network composition and startups’ performance in Canadian biotechnology. Strategic Management Journal, 21(3), 267-294. https://doi.org/10.1002/(SICI)1097-0266(200003)21:3<267::AID-SMJ89>3.0.CO;2-8
Bell, G. G. (2005). Clusters, networks, and firm innovativeness. Strategic Management Journal, 26, 287-295. https://doi.org/10.1002/smj.448
Bellamy, M. A., Ghosh, S., & Hora, M. (2014). The influence of supply network structure on firm innovation. Journal of Operations Management, 32(6), 357-373. https://doi.org/10.1016/j.jom.2014.06.004
Booth, L., Aivazian, V., Demirguc‐Kunt, A., & Maksimovic, V. (2001). Capital structures in developing countries. The Journal of Finance, 56(1), 87-130. https://doi.org/10.1111/0022-1082.00320
Borgatti, S., Mehra, A., & Labianca, G. J. (2009). Network analysis in the social sciences. Science, 323(5916), 892-895. https://doi.org/10.1126/science.1165821
Burt, R. S. (1992). Structural holes: The social structure of competition. Harvard university press.Carnovale, S., Rogers, D. S., & Yeniyurt, S. (2019). Broadening the perspective of supply chain finance: The performance impacts of network power and cohesion. Journal of Purchasing and Supply Management, 25(2), 134-145. https://doi.org/10.1016/j.pursup.2018.07.007
Chen, Y., Wang, Y., & Lin, L. (2014). Independent directors’ board networks and controlling shareholders’ tunneling behavior. China Journal of Accounting Research, 7(2), 101-118. https://doi.org/10.1016/j.cjar.2013.09.002
Choi, T. Y., & Krause, D. R. (2006). The supply base and its complexity: Implications for transaction costs, risks, responsiveness, and innovation. Journal of Operations Management, 24(5), 637-652. https://doi.org/10.1016/j.jom.2005.07.002
Choi, T. Y., & Hong, Y. (2002). Unveiling the structure of supply networks: case studies in Honda, Acura, and DaimlerChrysler. Journal of Operations Management, 20(5), 469-493. https://doi.org/10.1016/S0272-6963(02)00025-6
Chuluun, T., Prevost, A., & Puthenpurackal, J. (2014). Board ties and the cost of corporate debt. Financial Management, 43(3), 533-568. https://doi.org/10.1111/fima.12047
Coleman, J. S. (1988). Social capital in the creation of human capital. American Journal of Sociology, 94, S95-S120. https://doi.org/10.1086/228943
De Prato, G., & Nepelski, D. (2014). Global technological collaboration network: network analysis of international co-inventions. The Journal of Technology Transfer, 39(3), 358-375. https://doi.org/10.1007/s10961-012-9285-4
Detthamrong, U., Chancharat, N., & Vithessonthi, C. (2017). Corporate governance, capital structure and firm performance: evidence from Thailand. Research in International Business and Finance, 42, 689-709. https://doi.org/10.1016/j.ribaf.2017.07.011
Dhaliwal, D., Judd, J. S., Serfling, M., & Shaikh, S. (2016). Customer concentration risk and the cost of equity capital. Journal of Accounting and Economics, 61(1), 23-48. https://doi.org/10.1016/j.jacceco.2015.03.005
Dong, M. C., Liu, Z., Yu, Y., & Zheng, J. H. (2015). Opportunism in distribution networks: The role of network embeddedness and dependence. Production and Operations Management, 24(10), 1657-1670. https://doi.org/10.1111/poms.12247
El-Khatib, R., Fogel, K., & Jandik, T. (2015). CEO network centrality and merger performance. Journal of Financial Economics, 116(2), 349-382. https://doi.org/10.1016/j.jfineco.2015.01.001
Engelberg, J., Gao, P., & Parsons, C. A. (2012). Friends with money. Journal of Financial Economics, 103(1), 169-188. https://doi.org/10.1016/j.jfineco.2011.08.003
Faruq, H. A., & Weidner, M. L. (2018). Culture, institutions, and firm performance. Eastern Economic Journal, 1-16. https://doi.org/10.1057/s41302-016-0087-5
Granovetter, M. (1985). Economic action and social structure: the problem of embeddedness. American Journal of Sociology, 91(3), 481-510. https://doi.org/10.1086/228311
Gulati, R. (1998). Alliances and networks. Strategic Management Journal, 19(4), 293-317. https://doi.org/10.1002/(SICI)1097-0266(199804)19:4<293::AID-SMJ982>3.0.CO;2-M
Hochberg, Y. V., Ljungqvist, A., & Lu, Y. (2007). Whom you know matters: Venture capital networks and investment performance. The Journal of Finance, 62(1), 251-301. https://doi.org/10.1111/j.1540-6261.2007.01207.x
Hoskisson, R. E., Hitt, M. A., & Hill, C. W. (1993). Managerial incentives and investment in R&D in large multiproduct firms. Organization Science, 4(2), 325-341. https://doi.org/10.1287/orsc.4.2.325
Irvine, P. J., Park, S. S., & Yıldızhan, Ç. (2015). Customer-base concentration, profitability, and the relationship life cycle. The Accounting Review, 91(3), 883-906. https://doi.org/10.2308/accr-51246
Kao, T. W. D., Simpson, N. C., Shao, B. B., & Lin, W. T. (2017). Relating supply network structure to productive efficiency: A multi-stage empirical investigation. European Journal of Operational Research, 259(2), 469-485. https://doi.org/10.1016/j.ejor.2016.11.008
Kao, T. W. D., Su, H. C., & Chen, Y. S. (2019). The curvilinear relationships between structural embeddedness and productive efficiency: An exploratory study. International Journal of Production Economics, 212, 176-185. https://doi.org/10.1016/j.ijpe.2019.02.020
Kim, Y., Choi, T. Y., Yan, T., & Dooley, K. (2011). Structural investigation of supply networks: A social network analysis approach. Journal of Operations Management, 29(3), 194-211. https://doi.org/10.1016/j.jom.2010.11.001
Kim, Y., Chen, Y. S., & Linderman, K. (2015). Supply network disruption and resilience: A network structural perspective. Journal of operations Management, 33, 43-59. https://doi.org/10.1016/j.jom.2014.10.006
Kim, Y. H. (2017). The effects of major customer networks on supplier profitability. Journal of Supply Chain Management, 53(1), 26-40. https://doi.org/10.1111/jscm.12118
Lanier Jr, D., Wempe, W. F., & Zacharia, Z. G. (2010). Concentrated supply chain membership and financial performance: Chain-and firm-level perspectives. Journal of Operations Management, 28(1), 1-16. https://doi.org/10.1016/j.jom.2009.06.002
Larcker, D. F., So, E. C., & Wang, C. C. (2013). Boardroom centrality and firm performance. Journal of Accounting and Economics, 55(2-3), 225-250. https://doi.org/10.1016/j.jacceco.2013.01.006
Marsden, P. V. (2002). Egocentric and sociocentric measures of network centrality. Social Networks, 24(4), 407-422. https://doi.org/10.1016/S0378-8733(02)00016-3
Nee, V., Liu, L., & DellaPosta, D. (2017). The entrepreneur’s network and firm performance. Sociological Science, 4, 552-579. https://doi.org/10.15195/v4.a23
Park, S. H., Li, S., & David, K. T. (2006). Market liberalization and firm performance during China’s economic transition. Journal of International Business Studies, 37(1), 127-147. https://doi.org/10.1057/palgrave.jibs.8400178
Patatoukas, P. N. (2011). Customer-base concentration: Implications for firm performance and capital markets: 2011 American accounting association competitive manuscript award winner. The Accounting Review, 87(2), 363-392. https://doi.org/10.2308/accr-10198
Porter, M. E. (1980). Competitive strategy: Techniques for analyzing industries and competitors. The Free Press.
Rezapour, S., Srinivasan, R., Tew, J., Allen, J. K., & Mistree, F. (2018). Correlation between strategic and operational risk mitigation strategies in supply networks. International Journal of Production Economics, 201, 225-248. https://doi.org/10.1016/j.ijpe.2018.04.014
Rothaermel, F. T. (2001). Incumbent’s advantage through exploiting complementary assets via interfirm cooperation. Strategic Management Journal, 22(6‐7), 687-699. https://doi.org/10.1002/smj.180
Sharma, A., Kumar, V., Yan, J., Borah, S. B., & Adhikary, A. (2019). Understanding the structural characteristics of a firm’s whole buyer–supplier network and its impact on international business performance. Journal of International Business Studies, 1-28. https://doi.org/10.1057/s41267-019-00215-x
Sun, Q., & Tong, W. H. (2003). China share issue privatization: the extent of its success. Journal of Financial Economics, 70(2), 183-222. https://doi.org/10.1016/S0304-405X(03)00145-4
Uzzi, B. (1997). Social structure and competition in interfirm networks: The paradox of embeddedness. Administrative Science Quarterly, 35-67. https://doi.org/10.2307/2393808
Vissa, B., & Chacar, A. S. (2009). Leveraging ties: the contingent value of entrepreneurial teams’ external advice networks on Indian software venture performance. Strategic Management Journal, 30(11), 1179-1191. https://doi.org/10.1002/smj.785
Weisbuch, G., & Battiston, S. (2007). From production networks to geographical economics. Journal of Economic Behavior & Organization, 64(3-4), 448-469. https://doi.org/10.1016/j.jebo.2006.06.018
Withers, M. C., & Fitza, M. A. (2017). Do board chairs matter? The influence of board chairs on firm performance. Strategic Management Journal, 38(6), 1343-1355. https://doi.org/10.1002/smj.2587
Whittington, K. B., OwenSmith, J., & Powell, W. W. (2009). Networks, propinquity, and innovation in knowledge-intensive industries. Administrative Science Quarterly, 54(1), 90-122. https://doi.org/10.2189/asqu.2009.54.1.90
Xiao, Z., & Tsui, A. S. (2007). When brokers may not work: The cultural contingency of social capital in Chinese high-tech firms. Administrative Science Quarterly, 52(1), 1-31. https://doi.org/10.2189/asqu.52.1.1
Yan, T., Choi, T. Y., Kim, Y., & Yang, Y. (2015). A theory of the nexus supplier: A critical supplier from a network perspective. Journal of Supply Chain Management, 51(1), 52-66. https://doi.org/10.1111/jscm.12070
Yang, H., Lin, Z., & Lin, Y. (2010). A multilevel framework of firm boundaries: firm characteristics, dyadic differences, and network attributes. Strategic Management Journal, 31(3), 237-261. https://doi.org/10.1002/smj.815
Zaheer, A., & Bell, G. G. (2005). Benefiting from network position: firm capabilities, structural holes, and performance. Strategic Management Journal, 26(9), 809-825. https://doi.org/10.1002/smj.482
Akdogan, Y. E., & Boyacioglu, M. A. (2014). The effect of corporate governance on firm performance: a case of Turkey. International Journal of Critical Accounting, 6(2), 187-210. https://doi.org/10.1504/IJCA.2014.063365
Anderson, E., & Jap, S. D. (2005). The dark side of close relationships. MIT Sloan Management Review, 46(3), 75. Retrieved from http://sloanreview.mit.edu/
Autry, C. & Griffis, S. (2008). Supply chain capital: The impact of structural and relational linkages on firm execution and innovation. Journal of Business Logistics, 29(1), 157-173. https://doi.org/10.1002/j.2158-1592.2008.tb00073.x
Bagul, A., & Mukherjee, I. (2018). An insight into centralised sourcing strategy for enhancing performance and sustainability of multi-tier supply network. International Journal of Intelligent Enterprise, 5(1-2), 18-49. https://doi.org/10.1504/IJIE.2018.091183
Basole, R., & Bellamy, M. (2014). Visual analysis of supply network risks: Insights from the electronics industry. Decision Support Systems, 67, 109-120. https://doi.org/10.1016/j.dss.2014.08.008
Baum, J. A., Calabrese, T., & Silverman, B. S. (2015). Don’t go it alone: Alliance network composition and startups’ performance in Canadian biotechnology. Strategic Management Journal, 21(3), 267-294. https://doi.org/10.1002/(SICI)1097-0266(200003)21:3<267::AID-SMJ89>3.0.CO;2-8
Bell, G. G. (2005). Clusters, networks, and firm innovativeness. Strategic Management Journal, 26, 287-295. https://doi.org/10.1002/smj.448
Bellamy, M. A., Ghosh, S., & Hora, M. (2014). The influence of supply network structure on firm innovation. Journal of Operations Management, 32(6), 357-373. https://doi.org/10.1016/j.jom.2014.06.004
Booth, L., Aivazian, V., Demirguc‐Kunt, A., & Maksimovic, V. (2001). Capital structures in developing countries. The Journal of Finance, 56(1), 87-130. https://doi.org/10.1111/0022-1082.00320
Borgatti, S., Mehra, A., & Labianca, G. J. (2009). Network analysis in the social sciences. Science, 323(5916), 892-895. https://doi.org/10.1126/science.1165821
Burt, R. S. (1992). Structural holes: The social structure of competition. Harvard university press.Carnovale, S., Rogers, D. S., & Yeniyurt, S. (2019). Broadening the perspective of supply chain finance: The performance impacts of network power and cohesion. Journal of Purchasing and Supply Management, 25(2), 134-145. https://doi.org/10.1016/j.pursup.2018.07.007
Chen, Y., Wang, Y., & Lin, L. (2014). Independent directors’ board networks and controlling shareholders’ tunneling behavior. China Journal of Accounting Research, 7(2), 101-118. https://doi.org/10.1016/j.cjar.2013.09.002
Choi, T. Y., & Krause, D. R. (2006). The supply base and its complexity: Implications for transaction costs, risks, responsiveness, and innovation. Journal of Operations Management, 24(5), 637-652. https://doi.org/10.1016/j.jom.2005.07.002
Choi, T. Y., & Hong, Y. (2002). Unveiling the structure of supply networks: case studies in Honda, Acura, and DaimlerChrysler. Journal of Operations Management, 20(5), 469-493. https://doi.org/10.1016/S0272-6963(02)00025-6
Chuluun, T., Prevost, A., & Puthenpurackal, J. (2014). Board ties and the cost of corporate debt. Financial Management, 43(3), 533-568. https://doi.org/10.1111/fima.12047
Coleman, J. S. (1988). Social capital in the creation of human capital. American Journal of Sociology, 94, S95-S120. https://doi.org/10.1086/228943
De Prato, G., & Nepelski, D. (2014). Global technological collaboration network: network analysis of international co-inventions. The Journal of Technology Transfer, 39(3), 358-375. https://doi.org/10.1007/s10961-012-9285-4
Detthamrong, U., Chancharat, N., & Vithessonthi, C. (2017). Corporate governance, capital structure and firm performance: evidence from Thailand. Research in International Business and Finance, 42, 689-709. https://doi.org/10.1016/j.ribaf.2017.07.011
Dhaliwal, D., Judd, J. S., Serfling, M., & Shaikh, S. (2016). Customer concentration risk and the cost of equity capital. Journal of Accounting and Economics, 61(1), 23-48. https://doi.org/10.1016/j.jacceco.2015.03.005
Dong, M. C., Liu, Z., Yu, Y., & Zheng, J. H. (2015). Opportunism in distribution networks: The role of network embeddedness and dependence. Production and Operations Management, 24(10), 1657-1670. https://doi.org/10.1111/poms.12247
El-Khatib, R., Fogel, K., & Jandik, T. (2015). CEO network centrality and merger performance. Journal of Financial Economics, 116(2), 349-382. https://doi.org/10.1016/j.jfineco.2015.01.001
Engelberg, J., Gao, P., & Parsons, C. A. (2012). Friends with money. Journal of Financial Economics, 103(1), 169-188. https://doi.org/10.1016/j.jfineco.2011.08.003
Faruq, H. A., & Weidner, M. L. (2018). Culture, institutions, and firm performance. Eastern Economic Journal, 1-16. https://doi.org/10.1057/s41302-016-0087-5
Granovetter, M. (1985). Economic action and social structure: the problem of embeddedness. American Journal of Sociology, 91(3), 481-510. https://doi.org/10.1086/228311
Gulati, R. (1998). Alliances and networks. Strategic Management Journal, 19(4), 293-317. https://doi.org/10.1002/(SICI)1097-0266(199804)19:4<293::AID-SMJ982>3.0.CO;2-M
Hochberg, Y. V., Ljungqvist, A., & Lu, Y. (2007). Whom you know matters: Venture capital networks and investment performance. The Journal of Finance, 62(1), 251-301. https://doi.org/10.1111/j.1540-6261.2007.01207.x
Hoskisson, R. E., Hitt, M. A., & Hill, C. W. (1993). Managerial incentives and investment in R&D in large multiproduct firms. Organization Science, 4(2), 325-341. https://doi.org/10.1287/orsc.4.2.325
Irvine, P. J., Park, S. S., & Yıldızhan, Ç. (2015). Customer-base concentration, profitability, and the relationship life cycle. The Accounting Review, 91(3), 883-906. https://doi.org/10.2308/accr-51246
Kao, T. W. D., Simpson, N. C., Shao, B. B., & Lin, W. T. (2017). Relating supply network structure to productive efficiency: A multi-stage empirical investigation. European Journal of Operational Research, 259(2), 469-485. https://doi.org/10.1016/j.ejor.2016.11.008
Kao, T. W. D., Su, H. C., & Chen, Y. S. (2019). The curvilinear relationships between structural embeddedness and productive efficiency: An exploratory study. International Journal of Production Economics, 212, 176-185. https://doi.org/10.1016/j.ijpe.2019.02.020
Kim, Y., Choi, T. Y., Yan, T., & Dooley, K. (2011). Structural investigation of supply networks: A social network analysis approach. Journal of Operations Management, 29(3), 194-211. https://doi.org/10.1016/j.jom.2010.11.001
Kim, Y., Chen, Y. S., & Linderman, K. (2015). Supply network disruption and resilience: A network structural perspective. Journal of operations Management, 33, 43-59. https://doi.org/10.1016/j.jom.2014.10.006
Kim, Y. H. (2017). The effects of major customer networks on supplier profitability. Journal of Supply Chain Management, 53(1), 26-40. https://doi.org/10.1111/jscm.12118
Lanier Jr, D., Wempe, W. F., & Zacharia, Z. G. (2010). Concentrated supply chain membership and financial performance: Chain-and firm-level perspectives. Journal of Operations Management, 28(1), 1-16. https://doi.org/10.1016/j.jom.2009.06.002
Larcker, D. F., So, E. C., & Wang, C. C. (2013). Boardroom centrality and firm performance. Journal of Accounting and Economics, 55(2-3), 225-250. https://doi.org/10.1016/j.jacceco.2013.01.006
Marsden, P. V. (2002). Egocentric and sociocentric measures of network centrality. Social Networks, 24(4), 407-422. https://doi.org/10.1016/S0378-8733(02)00016-3
Nee, V., Liu, L., & DellaPosta, D. (2017). The entrepreneur’s network and firm performance. Sociological Science, 4, 552-579. https://doi.org/10.15195/v4.a23
Park, S. H., Li, S., & David, K. T. (2006). Market liberalization and firm performance during China’s economic transition. Journal of International Business Studies, 37(1), 127-147. https://doi.org/10.1057/palgrave.jibs.8400178
Patatoukas, P. N. (2011). Customer-base concentration: Implications for firm performance and capital markets: 2011 American accounting association competitive manuscript award winner. The Accounting Review, 87(2), 363-392. https://doi.org/10.2308/accr-10198
Porter, M. E. (1980). Competitive strategy: Techniques for analyzing industries and competitors. The Free Press.
Rezapour, S., Srinivasan, R., Tew, J., Allen, J. K., & Mistree, F. (2018). Correlation between strategic and operational risk mitigation strategies in supply networks. International Journal of Production Economics, 201, 225-248. https://doi.org/10.1016/j.ijpe.2018.04.014
Rothaermel, F. T. (2001). Incumbent’s advantage through exploiting complementary assets via interfirm cooperation. Strategic Management Journal, 22(6‐7), 687-699. https://doi.org/10.1002/smj.180
Sharma, A., Kumar, V., Yan, J., Borah, S. B., & Adhikary, A. (2019). Understanding the structural characteristics of a firm’s whole buyer–supplier network and its impact on international business performance. Journal of International Business Studies, 1-28. https://doi.org/10.1057/s41267-019-00215-x
Sun, Q., & Tong, W. H. (2003). China share issue privatization: the extent of its success. Journal of Financial Economics, 70(2), 183-222. https://doi.org/10.1016/S0304-405X(03)00145-4
Uzzi, B. (1997). Social structure and competition in interfirm networks: The paradox of embeddedness. Administrative Science Quarterly, 35-67. https://doi.org/10.2307/2393808
Vissa, B., & Chacar, A. S. (2009). Leveraging ties: the contingent value of entrepreneurial teams’ external advice networks on Indian software venture performance. Strategic Management Journal, 30(11), 1179-1191. https://doi.org/10.1002/smj.785
Weisbuch, G., & Battiston, S. (2007). From production networks to geographical economics. Journal of Economic Behavior & Organization, 64(3-4), 448-469. https://doi.org/10.1016/j.jebo.2006.06.018
Withers, M. C., & Fitza, M. A. (2017). Do board chairs matter? The influence of board chairs on firm performance. Strategic Management Journal, 38(6), 1343-1355. https://doi.org/10.1002/smj.2587
Whittington, K. B., OwenSmith, J., & Powell, W. W. (2009). Networks, propinquity, and innovation in knowledge-intensive industries. Administrative Science Quarterly, 54(1), 90-122. https://doi.org/10.2189/asqu.2009.54.1.90
Xiao, Z., & Tsui, A. S. (2007). When brokers may not work: The cultural contingency of social capital in Chinese high-tech firms. Administrative Science Quarterly, 52(1), 1-31. https://doi.org/10.2189/asqu.52.1.1
Yan, T., Choi, T. Y., Kim, Y., & Yang, Y. (2015). A theory of the nexus supplier: A critical supplier from a network perspective. Journal of Supply Chain Management, 51(1), 52-66. https://doi.org/10.1111/jscm.12070
Yang, H., Lin, Z., & Lin, Y. (2010). A multilevel framework of firm boundaries: firm characteristics, dyadic differences, and network attributes. Strategic Management Journal, 31(3), 237-261. https://doi.org/10.1002/smj.815
Zaheer, A., & Bell, G. G. (2005). Benefiting from network position: firm capabilities, structural holes, and performance. Strategic Management Journal, 26(9), 809-825. https://doi.org/10.1002/smj.482