The effects of oil price shocks on inflation in the G7 countries

This study examines the effects of three types of oil price shocks on inflation in the G7 countries with a new method of isolating oil price shocks. Based on monthly data from January 1997 to January 2019, we find that each oil price shock has the largest effect on U.S. inflation among the G7 countries and each country’s response to oil price shocks is different. Moreover, a rolling-window analysis shows that supply shocks, demand shocks and risk shocks have dynamic effects on inflation. The effect of supply shocks on inflation is strong before the financial crisis, but weakens during the crisis. However, the effect of demand shocks increases sharply in this time. The effect of risk shocks mainly occurs during the financial crisis and the European debt crisis. In addition, this study uses two ways to verify the robustness of the results. Our empirical results have important implications for policymakers and manufacturers, since the results provide a good explanation for the response of inflation in the G7 countries to the oil price shocks from different sources.     

From market to hierarchy: An empirical assessment of a supply chain governance typology

This study performs an empirical assessment of the highly influential supply chain governance typology put forth in Gereffi et al. (2005). In spite of the influence this Global Value Chain (or GVC) Typology has had, there have been few (if any) attempts to empirically assess its alignment with real-world supply chain structures and to establish a baseline for its predictive utility. The GVC Typology is assessed for face and nomological validity through testing of its key dimensions in relation to purchasing-logistics integration and supplier performance measures, using an information-processing theory framework. The GVC Typology appears to have considerable face validity as actual supply chain governance structures aligned well with those it proposes. It also has reasonable predictive power with regards to governance dimensions and integration, and in some connections between governance types, integration, and supplier performance. This study provides researchers with the tools to move this typology beyond the “conceptual” stage in their work, allowing for holistic and higher-level assessments of supply chain governance structures and changes. It may also help researchers and managers to consider when and to what extent purchasing-logistics integration should be fostered.     

Does obligational contracting lead to better performance? A comparison of global carmakers’ supply chain management approaches in Australia

Supply chain management (SCM) has been recognised as key to automobile manufacturers’ (‘buyers’) competitive advantage. However, the performance implication of two different approaches towards SCM, obligational contracting (OCR) vs. arm’s length contracting (ACR), remains inconclusive in the current literature. By focusing on examining how multiple global automobile manufacturers’ SCM practices result in different performance outcomes in the one-country setting of Australia, we are able to ascertain the direct impact of SCM approaches on buyers’ performance. We also provide detailed analysis on the specific influence of each distinguishing feature of the OCR/ACR approaches on different aspects of performance. Through a more nuanced investigation of the links between SCM approaches and automobile manufacturers’ performance at the firm level, this research contributes to a better understanding of the topic with managerially applicable insights.     

The impact of the COVID-19 pandemic on business expectations

We document and evaluate how businesses are reacting to the COVID-19 crisis through August 2020. First, on net, firms see the shock (thus far) largely as a demand rather than supply shock. A greater share of firms report significant or severe disruptions to sales activity than to supply chains. We compare these measures of disruption to their expected changes in selling prices and find that, even for firms that report supply chain disruptions, they expect to lower near-term selling prices on average. We also show that firms are engaging in wage cuts and expect to trim wages further before the end of 2020. These cuts stem from firms that have been disproportionally negatively impacted by the pandemic. Second, firms (like professional forecasters) have responded to the COVID-19 pandemic by lowering their one-year-ahead inflation expectations. These responses stand in stark contrast to that of household inflation expectations (as measured by the University of Michigan or the New York Fed). Indeed, firms’ one-year-ahead inflation expectations fell precipitously (to a series low) following the onset of the pandemic, while household measures of inflation expectations jumped markedly. Third, despite the dramatic decline in firms’ near-term inflation expectations, their longer-run inflation expectations have remained relatively stable.     

Cultural embeddedness in supply networks

Recent studies on structural and relational embeddedness suggest that favorable position and connections in supply networks benefit a firm. While fruitful, this focus misses the motivations that prompt firms to take economic action in the first place. Understanding cultural embeddedness provides insight into why individuals and firms behave as they do and how their behavior can influence network structure. Contrary to the belief that firms act solely for profit and growth, we note that cultural contents such as values, social issues and political ideologies explain firms’ motives and guide their economic activities. We explore the role of cultural embeddedness through a grounded study of Country Natural Beef, a sustainability-oriented agricultural cooperative in the western United States. This supply network demonstrates strongly competing cultural claims among its members as well as a unique institutionalized culture. Cultural interactions at the node and network levels explain the functioning of and changes to the network. Through interviews, analysis of archival information and direct observation of pivotal events over a period of 5 years, we unpack cultural embeddedness and take an incremental step toward a theory of cultural embeddedness in cooperative supply networks.     

城市最低生活保障兼有消费改善与劳动供给激励效应吗?

最低生活保障制度是我国社会保障体系中兜底性、基础性的制度安排,是保障民生、促进分配公平、维护经济安全和社会稳定的重要机制。本文通过对城市低保制度消费改善与劳动供给效应的综合评估发现,我国城市低保从整体上改善了受助家庭的消费状况,影响了受助家庭的消费结构,起到了提升经济福利的效果,但是对受助家庭的劳动供给激励效应还比较小。女性户主、劳动力技能低、抚养负担重的家庭,通过低保救助获得消费改善的同时,会出现减少劳动供给的倾向;男性户主、劳动力技能强、抚养负担轻的家庭,通过低保救助获得消费改善的同时,会出现增加劳动供给的倾向。下一阶段,建立健全分层分类的社会救助体系是我国实现高质量社会救助的关键所在。     

The geography of suppliers and retailers

In the last decades, supply chains have increasingly transcended national boundaries developing into global supply chains. Along with the many opportunities arising from international sourcing and the extended commercial presence over the world, the management of a globally dispersed supply chain is highly complex. A key issue to consider when dealing with the global supply chain design is the location of facilities, not only with respect to firms' owned facilities but also the supply and distribution side as factors that affect supply chain complexity and operational performance. This paper sets out a methodological framework to characterize the geographical configuration of a firm's suppliers and retailer networks. Quantitative indexes of network spatial concentration and relative proximity measures based on a nonparametric kernel density estimator are developed to identify both intra- and inter-firm patterns between the supply and point of sales' distributions. The method is first described by means of a series of theoretical-illustrative examples and exemplified by analyzing the geographical dispersion of four practical cases from the fashion-textile industry (i.e., Adidas, Benetton, C&A, and Puma). Subsequently, managerial implications and potential use of the metrics are discussed, showing how the proposed approach can support researchers and practitioners to improve supply chain location decisions and logistic integration, and evaluate changes in either the purchasing or distribution strategy.     

An intra-organizational perspective on supply management involvement in contracting services

The relationship between an agent (supply management) and a principal (client functional user) can be studied by using agency theory as a theoretical background. In this study, perceptions of conflict, information asymmetry and risk were examined in relation to perceptions of internal outcomes of supply management’s involvement in services contracting in an intra-organizational dyadic context. Structural equation modeling and regression analysis were used to analyze the nature of the relationships. The contribution is integrating a structured view of internal outcomes with three concepts from agency theory to help build a more comprehensive theory of intra-organizational relationships in the context of services contracting.     

The role of intermediaries in establishing a sustainable supply chain

In sustainable supply chain management, buyers may use intermediaries to bridge exchanges with suppliers when knowledge of suitable sustainability practices is weak and in need of facilitation. Understanding how supply chain intermediaries perform this role and what happens when intermediation is no longer needed is important in establishing more sustainable supply chains. Two supply chain intermediaries have been investigated with the resulting case study evidence analysed using the Gioia methodology. The findings suggest supply chain intermediaries add value to the buyer-supplier exchange by facilitating sustainability-related information transfer, knowledge development, risk management and improved capabilities. For example, specific practices such as corrective action reports, often managed by the intermediary, underpin the development of a sustainable supply chain. When the intermediary is no longer needed, they become disintermediated from the specific buyer-supplier exchange but may be re-employed in a new triadic relationship in the future with previous parties. This provides positive spill-over effects through intermediation–disintermediation–post-intermediation cycles for both the buyer and supplier populations and for broader society. Overall, the findings highlight the value of the transient position of supply chain intermediaries in establishing sustainable supply chains and the intended consequences of their involvement.     

Cooperative game analysis of coordination mechanisms under fairness concerns of a green retailer

This study discusses how a green retailer's fairness concerns affect product greenness and profit and explores how to distribute surplus profits under the fairness concerns using cooperative game theory. Research findings indicate that cooperation contributes to increasing channel profits and improving product greenness, but the fairness concerns are detrimental to them. The three proposed coordination mechanisms (SVM, NSM, and TVM) are feasible to ensure coalition stability, but their beneficiaries differ. NSM benefits a manufacturer, while SVM benefits retailers. Additionally, the green retailer's fairness concerns serve as distribution tools to narrow profit gaps between the manufacturer and the green retailer.