Customer Concentration, Economic Policy Uncertainty and Enterprise Sustainable Innovation

Zhong, Tingyong; Zuo, Yimeng; Sun, Fangcheng; Lee, Jeoung Yul

doi:10.3390/su12041392

Cited by 14 publications

(10 citation statements)

References 53 publications

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“…Enterprises' R&D investment plays an important role in enterprise innovation. Referring to the existing research, the ratio of R&D investment to operating income is adopted as the enterprise innovation index (Zhong et al. , 2020; Cumming et al ., 2016).…”

Section: Methodsmentioning

confidence: 99%

Executive shareholding, institutional investor shareholding and enterprise innovation

Wang

Cheng

2022

EJIM

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PurposeThe purpose of this study is to empirically investigate the relationship between executive shareholding, institutional investor shareholding and corporate innovation, and to further explore in depth the impact of executive shareholding on corporate innovation under different industries.Design/methodology/approachThis paper uses the panel data of A-share listed companies in Shanghai and Shenzhen from 2012 to 2020 as the research sample to empirically study the relationship between executive shareholding, institutional investor shareholding and corporate innovation based on multiple linear regression models and panel fixed effects.FindingsThe research shows that: on the whole, the impact of executive shareholding on enterprise innovation presents an inverted “U” shape; institutional investors will negatively regulate the impact of executive shareholding on enterprise innovation; the impact of executive shareholding on enterprise innovation will show obvious industry differences in different industries.Research limitations/implicationsThe empirical results not only enrich the research on the effects of institutional investors' involvement in corporate governance practice, but also provide targeted experience for promoting enterprise innovation. Due to the limitations of innovation indicators and industry sample selection, it is necessary to be cautious when extending the results to other fields.Practical implicationsEnterprises should fully consider the impact of executive shareholding on innovation and formulate a scientific executive incentive system according to the differences of their industries. The government should be aware of the important role of institutional investors in enterprises, improve the channels and ways for institutional investors to participate in corporate governance, and improve the basic system of capital markets.Originality/valueOn the one hand, this paper empirically tests the regulatory role of institutional investors' shareholding and the relationship between executive shareholding and enterprise innovation, which enriches the research on the effect of institutional investors' involvement in corporate governance practice. On the other hand, the research by industry is more targeted to provide experience for promoting enterprise innovation.

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Section: Methodsmentioning

confidence: 99%

Executive shareholding, institutional investor shareholding and enterprise innovation

Wang

Cheng

2022

EJIM

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“…Secondly, a high customer concentration also means that firms may invest more in specific relationship when enhancing trust with their key customers. Once the uncertainty created by the Plan has an impact on the relationship with key customers, risk and significant costs occur to the focal firm, such as devaluation of specific funds (Zhong et al, 2020). Thirdly, customer concentration can affect corporate social responsibility (Wen et al, 2021).…”

Section: Customer Concentrationmentioning

confidence: 99%

The impact of carbon neutrality policies on the stock market from a supply chain perspective

Liu,

Gao,

Yuan

et al. 2023

IMDS

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PurposeThis study explores the impact of carbon neutrality policies on Chinese stock market from a supply chain perspective. Specifically, the carbon policy refers to the Action Plan for Carbon Dioxide Peaking Before 2030 (the Plan) in China.Design/methodology/approachThis paper is based on the resource dependence theory (RDT) and applies the event study methodology to explore the impact. It uses the cross-sectional regression model to reveal the moderating effect of supply chain characteristics on the stock market reaction with a data set of 354 listed companies in A-shares (excluding ChiNext and SME board).FindingsThe promulgation of the Plan shows a significant negative stock market reaction. Customer concentration, out-degree centrality and smart supply chains (SSCs) have a significant negative moderating effect. In-degree centrality and supplier concentration have a significant positive moderating effect. Furthermore, the conclusions concerning out-degree centrality, supplier concentration and SSCs are counterintuitive.Practical implicationsFor policymakers, the study results provide a reference for evaluating the carbon neutrality policy. For managers, this study provides theoretical support for strategically adjusting and designing supply chain structures in the context of advocating peak carbon dioxide emissions and carbon neutrality.Originality/valueThis paper is the first attempt that includes the supply chain structure factors into the impact of carbon neutrality policies on the stock market.

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“…With a high level of customer concentration, suppliers are more likely to make more significant relationship-specific investments to maintain such valuable relationships (Zhong et al, 2020). For instance, Wu (2015) found that Chinese suppliers were more committed to environmental conduct when they received pressure from multinational consumers than local consumers.…”

Section: Hypothesis Developmentmentioning

confidence: 99%

Do major customers encourage innovative sustainable development? Empirical evidence from corporate green innovation in China

et al. 2022

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This paper examines the impact of customer concentration on green innovation in Chinese listed firms between 2006 and 2018 through the dynamic panel generalized method of moments regressions. It is reported that major customers positively impact corporate green innovation, indicating that firms have more incentives to engage in innovative green practices to maintain stable relationships with major customers. In addition, the positive relationship between customer concentration and green innovation is more pronounced in state-owned enterprises, firms located in the provinces with a high level of marketization, and after China's new Environmental Protection Law implementation. Moreover, we observe that the positive impact of customer concentration on corporate green innovation is more significant among industrial firms and firms operating in heavily polluting industries. Furthermore, industrial competition is an essential channel for major customers to affect corporate green innovation.

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Customer Concentration, Economic Policy Uncertainty and Enterprise Sustainable Innovation

Cited by 14 publications

References 53 publications

Executive shareholding, institutional investor shareholding and enterprise innovation

Executive shareholding, institutional investor shareholding and enterprise innovation

The impact of carbon neutrality policies on the stock market from a supply chain perspective

Do major customers encourage innovative sustainable development? Empirical evidence from corporate green innovation in China

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