The cash-holding link within the supply chain

Review of Quantitative Finance and Accounting - Using a customer–supplier matched sample of US-listed firms from 1980 to 2016, we study the corporate cash-holding relationship between...     

Leading a supply chain turnaround

Just five years ago, salespeople at Whirlpool were in the habit of referring to their supply chain organization as the "sales disablers." Now the company excels at getting products to the right place at the right time--while managing to keep inventories low. How did that happen? In this first-person account, Reuben Slone, Whirlpool's vice president of Global Supply Chain, describes how he and his colleagues devised the right supply chain strategy, sold it internally, and implemented it. Slone insisted that the right focal point for the strategy was the satisfaction of consumers at the end of the supply chain. Most supply chain initiatives do the opposite: They start with the realities of a company's manufacturing base and proceed from there. Through a series of interviews with trade customers large and small, his team identified 27 different capabilities that drove industry perceptions of Whirlpool's performance. Knowing it was infeasible to aim for world-class performance across all of them, Slone weighed the costs of excelling at each and found the combination of initiatives that would provide overall competitive advantage. A highly disciplined project management office and broad training in project management were key to keeping work on budget and on benefit. Slone set an intense pace--three "releases" of new capabilities every month--that the group maintains to this day. Lest this seem like a technology story, however, Slone insists it is just as much a "talent renaissance." People are proud today to be part of Whirlpool's supply chain organization, and its new generation of talent will give the company a competitive advantage for years to come.     

“链”上共赢融资

如何激活整条铁链上的资金活力,从而发挥供应链融资多方共赢的效果,取决于供应链上各方的统筹协作。早在几年之前,供应链金融就被一致判定为最有潜力的银行业务。而在之后席卷全球的金融危机中,供应链金融在西方银行业信贷紧缩的大背景下依旧一枝独秀的高增长态势恰恰印证了这一预判。在国内供应链融资也以其共赢之道赢得了链上各方的青睐:银行认为供应链     

8招化解供应链风险

经济衰退和复苏都会给企业的供应链带来巨大的风险,这里,我们提供8条建议来协助企业更好地管理供应链(客户和供应商)。1可视化风险,做长远打算只有确切了解供应链中的薄弱环节所在,才能很好地控制它。     

Friends along supply chain and relationship-specific investments

Review of Quantitative Finance and Accounting - This study investigates whether the presence of school ties between supply chain partners encourages relationship-specific investments. Using Chinese...     

供应链管理模式在商业银行的应用

随着我国加入WTO，中国金融业在今后几年内将不断加大开放力度，银行业面临着越来越大的根本性变革。金融市场大环境的变化和监管机构为初露端倪的混业经营预留的政策空间使得各商业银行不得不面对日益错综复杂的关系。     

Macroeconomic risks of supply chain counterparties and corporate bond yield spreads

The domino phenomenon that corporate failures occur along supply chain during the recent financial tsunami shows the important effects of the systematic risk of a firm’s supply chain counterparties on its credit risk (or bond yield spreads). It motivates this research to investigate the effects of supply chain counterparties’ macroeconomic risks on corporate bond yield spreads by employing 10,022 American bond observations from 1997 to 2008. The empirical results show that the macroeconomic risks of a firm and its customers are significantly and positively related to the firm’s bond yield spreads while those of suppliers have insignificant effects.     

Executives’ professional ties along the supply chain: The impact on partnership sustainability and firm risk

This paper investigates the effect of management-level professional ties between suppliers and customers on the sustainability of business partnerships. We find that the presence of cross-firm professional ties between directors and senior executives along the supply chain significantly reduces the probability of relationship termination around customers’ industry negative shocks and during financial crises. The results are robust using professional-tie strength as an alternative measure. Exploring contingency effects, we find that, for suppliers who lack R&D, face high competition, are smaller in size, or are less important to customers in terms of sales, such professional ties are more helpful in sustaining such relationships. Furthermore, we find that professional ties also significantly reduce firm risk during periods of market turbulence. Taken together, our results suggest that professional ties along the supply chain can facilitate information flow and build mutual trust, which can lead to healthy long-term relationships and can help firms survive economic and industry downturns.     

Inter-firm linkages and the wealth effects of financial distress along the supply chain

Extant research examines the extent to which bankruptcy has intra-industry valuation consequences. This study broadens the investigation by examining the wealth effects of distress and bankruptcy filing for suppliers and customers of filing firms. On average, important wealth effects occur prior to and at bankruptcy filings and extend beyond industry competitors along the supply chain. Specifically, distress related to bankruptcy filings is associated with negative and significant stock price effects for suppliers. Supplier wealth effects are more negative when intra-industry contagion is more severe. We also investigate the importance of industry structure, specialized product nature, and leverage on supply chain effects.     

Opportunist dealing in the UK pig meat supply chain: Trader mentalities and alternatives

The scandal surrounding the presence of horsemeat in UK supermarket meat products has focused public attention on the problems of complex, fragmented food supply chains. Through a study of the UK's pig meat supply chain, this paper proposes a new framing of the problem in terms of opportunistic dealing adopted by the supermarkets in vertically disintegrated supply chains, where all actors attempt to pass the risks and costs onto somebody else. This outcome is the result of cultural practices and competences in buyer-led supermarket organizations where strong supermarket chains have the power to capture processor and producer margins. One consequence is that mass-market meat production and processing is close to unviable, as evidenced here by the analysis of the VION Food Group. However, there are mainstream alternatives to the retail-led dysfunctional supply chain. This paper presents an alternative integrated supply chain model using the case of Morrisons, the UK's fourth largest supermarket chain. If fragmented supply chains are not inevitable, the important issue explored in the conclusion is how the inadequacies of government policy, which understands the problem of the sector but is stuck with a competition-based mindset, obstruct the creation of a more sustainable supply chain.     

价值链视角下的保险连锁营销模式研究

保险连锁营销模式是金融领域的一次重大创新。本文从价值链理论出发,分析了保险连锁营销模式的本质特征、运作特点,深入探讨了连锁营销网络如何整合保险企业资源,推动保险企业的流程优化和组织再造,指出连锁营销模式有利于实现保险企业的价值创造。     

The innovation value chain

The challenges of coming up with fresh ideas and realizing profits from them are different for every company. One firm may excel at finding good ideas but may have weak systems for bringing them to market. Another organization may have a terrific process for funding and rolling out new products and services but a shortage of concepts to develop. In this article, Hansen and Birkinshaw caution executives against using the latest and greatest innovation approaches and tools without understanding the unique deficiencies in their companies' innovation systems. They offer a framework for evaluating innovation performance: the innovation value chain. It comprises the three main phases of innovation (idea generation, conversion, and diffusion) as well as the critical activities performed during those phases (looking for ideas inside your unit; looking for them in other units; looking for them externally; selecting ideas; funding them; and promoting and spreading ideas companywide). Using this framework, managers get an end-to-end view of their innovation efforts. They can pinpoint their weakest links and tailor innovation best practices appropriately to strengthen those links. Companies typically succumb to one of three broad "weakest-link" scenarios. They are idea poor, conversion poor, or diffusion poor. The article looks at the ways smart companies - including Intuit, P&G, Sara Lee, Shell, and Siemens- modify the best innovation practices and apply them to address those organizations' individual needs and flaws. The authors warn that adopting the chain-based view of innovation requires new measures of what can be delivered by each link in the chain. The approach also entails new roles for employees "external scouts" and "internal evangelists," for example. Indeed, in their search for new hires, companies should seek out those candidates who can help address particular weaknesses in the innovation value chain.     

金融"数智化"助力供应链小微复工复产

4月8日,武汉全面解封,这意味着全国的疫情防控战取得阶段性胜利,而摆在小微企业面前的另一场复产复工的硬仗才刚刚开始。习近平总书记3月29日在浙江考察时强调,要做好统筹推进新冠肺炎疫情防控和经济社会发展工作,精准落实疫情防控和复工复产各项举措,并指出党中央特别考虑到了中小企业,出台一系列措施支持和帮助中小企业渡过难关。     

Governmentality in accounting and accountability: A case study of embedding sustainability in a supply chain

This paper examines how the introduction of sustainability accounting has been used by an organization as a means to seek to govern social, economic and environmental issues relating to suppliers. The concept of governmentality and four analytics of government are proposed as a means to examine systematic ways of exercising power and authority. This theoretical framework illuminates the specific rationales and practices of government that enable particular aspirations of reform – such as sustainability – to be constituted. The analysis is informed by the discussion of the implementation of sustainability-orientated regimes of practice in the context of a single supply chain within a major supermarket chain in the UK against the theoretical analytics of government. The paper provides novel empirical insights into how sustainability accounting shaped forms of power, rationales and practices in a supply chain. It explores the extent to which senior decision-takers frame and use sustainability accounting to foster disciplinary effects based ostensibly upon social and environmental goals. These are found in practice to be reformulated primarily according to an economic (rather than social or environmental) regime of practice.     

Agent‐based supply chain disintermediation versus re‐intermediation: economic and technological perspectives

One important stream of information systems research addresses the role and future of supply chain and market intermediaries. But whereas many researchers hypothesize a trend toward disintermediation—principally enabled by information technology (IT)—others proffer theoretical arguments for IT‐enabled re‐intermediation. With regard to IT, it is particularly unclear whether the emerging technology associated with software agents is better suited to enable supply chain disintermediation or re‐intermediation. And if agent technology is better suited to either disintermediate or re‐intermediate supply chain activities, can we say this is always the case? Or will certain contingency factors intervene in various circumstances to suggest agent‐based disintermediation over re‐intermediation in some cases and vice versa in others? The research described in this paper takes some first steps toward addressing these questions. We first draw from the intermediation economics literature to summarize some of the key works and arguments for and against IT‐based dis/re‐intermediation, and we use this discussion to outline a preliminary set of conditions favoring agent application in such roles along the supply chain. We then draw from the agent technology literature to summarize key capabilities associated with extant agent technologies, and we compare such emerging IT with more conventional information systems and applications. Guided by this background of intermediation theory and extant agent capability, we describe a proof‐of‐concept multi‐agent system called ‘the Intelligent Mall’ in the context of supply chain dis/re‐intermediation. We use this implemented multi‐agent system to show how it reflects current agent technology, and we identify the contingent economic conditions that can be satisfied through this implemented system. The paper then closes, as we identify a several new lines of research stemming from this investigation. © 2000 John Wiley & Sons, Ltd.     

The world food supply : Physical limitations

The article reviews the present inputs—land, water, light, chemicals—and their possible or likely development. Consideration of the losses inherent in the food-supply chain, eg crop fractionation or conversion, will often lead to a recommendation for a change of policy—if the goal is to maximise food supply from the available resources.     

The real interest rate and aggregate supply

This paper analyzes the effects of the anticipated real interest rate on aggregate supply variables, in a model where time-to-produce and variable capital utilization play a crucial role. The potential importance of the present mechanism for business cycle theory lies in its ability to generate positive co-movements of employment, capital utilization, labor productivity, output and investment. These variables are predicted to be affected negatively by the real interest rate. Reduced forms for output and employment are derived and tested with Canadian data, taking estimates of the real interest rate prevailing in the United States as the relevant exogenous price.     

Australian money supply analysis: The relationship between the monetary base,secondary reserves and the money supply

Utilising the criteria of predictability, stability over time, and instrument stability this paper examines the relationship between the reserve base and the money supply in Australia. Various modifications to the money supply function are made to incorporate the influence of direct monetary controls, of the overdraft lending system, and of the increased substitutability of government securities for high powered money arising from the Reserve Bank of Australia's policy of pegging government security yields. Doubt is cast on the ability of the Australian authorities to control the primary monetary aggregates on a short-run basis.