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Supply chain risk management in financial crises--A multiple case-study approach

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  • Blome, Constantin
  • Schoenherr, Tobias
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    Abstract

    Supply Chain Risk Management has become a key concern for organizations, which is even further emphasized by the current economic and financial crisis. Against this background, this paper investigates successful approaches and experiences by companies in dealing with this new reality, especially as it concerns the supply side. Using in-depth case studies conducted among eight European enterprises, we develop a set of propositions about how companies manage supply risks in financial crises, highlight how their risk management approaches have shifted, and illustrate how they are related to Enterprise Risk Management. Our framework is further differentiated based on whether firms are predominantly engaged in manufacturing or services--a factor influencing how supply chain risk is managed. Transaction cost economics serves as our main theoretical anchor. By rigorously grounding our research in both theory and empirical evidence, we provide valuable insight for both academia and practice.

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    Bibliographic Info

    Article provided by Elsevier in its journal International Journal of Production Economics.

    Volume (Year): 134 (2011)
    Issue (Month): 1 (November)
    Pages: 43-57

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    Handle: RePEc:eee:proeco:v:134:y:2011:i:1:p:43-57

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    Web page: http://www.elsevier.com/locate/ijpe

    Related research

    Keywords: Supply chain risk management Financial crisis Transaction cost economics Case study;

    References

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    1. Robert Swinney & Serguei Netessine, 2009. "Long-Term Contracts Under the Threat of Supplier Default," Manufacturing & Service Operations Management, INFORMS, vol. 11(1), pages 109-127, September.
    2. Hertzel, Michael G. & Li, Zhi & Officer, Micah S. & Rodgers, Kimberly J., 2008. "Inter-firm linkages and the wealth effects of financial distress along the supply chain," Journal of Financial Economics, Elsevier, vol. 87(2), pages 374-387, February.
    3. Wagner, Stephan M. & Bode, Christoph & Koziol, Philipp, 2009. "Supplier default dependencies: Empirical evidence from the automotive industry," European Journal of Operational Research, Elsevier, vol. 199(1), pages 150-161, November.
    4. Kevin B. Hendricks & Vinod R. Singhal, 2005. "Association Between Supply Chain Glitches and Operating Performance," Management Science, INFORMS, vol. 51(5), pages 695-711, May.
    5. Gordon, Lawrence A. & Loeb, Martin P. & Tseng, Chih-Yang, 2009. "Enterprise risk management and firm performance: A contingency perspective," Journal of Accounting and Public Policy, Elsevier, vol. 28(4), pages 301-327, July.
    6. Tang, Christopher S., 2006. "Perspectives in supply chain risk management," International Journal of Production Economics, Elsevier, vol. 103(2), pages 451-488, October.
    7. Kull, Thomas & Closs, David, 2008. "The risk of second-tier supplier failures in serial supply chains: Implications for order policies and distributor autonomy," European Journal of Operational Research, Elsevier, vol. 186(3), pages 1158-1174, May.
    8. Sarkar, Ashutosh & Mohapatra, Pratap K.J., 2009. "Determining the optimal size of supply base with the consideration of risks of supply disruptions," International Journal of Production Economics, Elsevier, vol. 119(1), pages 122-135, May.
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    10. Hallikas, Jukka & Karvonen, Iris & Pulkkinen, Urho & Virolainen, Veli-Matti & Tuominen, Markku, 2004. "Risk management processes in supplier networks," International Journal of Production Economics, Elsevier, vol. 90(1), pages 47-58, July.
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    12. Wu, Desheng & Olson, David L., 2008. "Supply chain risk, simulation, and vendor selection," International Journal of Production Economics, Elsevier, vol. 114(2), pages 646-655, August.
    13. Myron S. Scholes, 2000. "Crisis and Risk Management," American Economic Review, American Economic Association, vol. 90(2), pages 17-21, May.
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    15. Kelle, Peter & Miller, Pam Anders, 2001. "Stockout risk and order splitting," International Journal of Production Economics, Elsevier, vol. 71(1-3), pages 407-415, May.
    16. Power, Michael, 2009. "The risk management of nothing," Accounting, Organizations and Society, Elsevier, vol. 34(6-7), pages 849-855, August.
    17. Volodymyr Babich & Apostolos N. Burnetas & Peter H. Ritchken, 2007. "Competition and Diversification Effects in Supply Chains with Supplier Default Risk," Manufacturing & Service Operations Management, INFORMS, vol. 9(2), pages 123-146, October.
    18. Tang, Christopher & Tomlin, Brian, 2008. "The power of flexibility for mitigating supply chain risks," International Journal of Production Economics, Elsevier, vol. 116(1), pages 12-27, November.
    19. Choi, Tsan-Ming & Li, Duan & Yan, Houmin & Chiu, Chun-Hung, 2008. "Channel coordination in supply chains with agents having mean-variance objectives," Omega, Elsevier, vol. 36(4), pages 565-576, August.
    20. Wu, Desheng Dash & Zhang, Yidong & Wu, Dexiang & Olson, David L., 2010. "Fuzzy multi-objective programming for supplier selection and risk modeling: A possibility approach," European Journal of Operational Research, Elsevier, vol. 200(3), pages 774-787, February.
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    Citations

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    Cited by:
    1. Matevž Rašković & Maja Makovec Brenčić & Anuška Ferligoj & Jan C. Fransoo, 2013. "Relationship learning as a dimension of relationship quality: tentative evidence from transnational buyer-supplier relationships," Tržište/Market, Faculty of Economics and Business, University of Zagreb, vol. 25(1), pages 37-50.
    2. Rika Ampuh Hadiguna, 2012. "Decision support framework for risk assessment of sustainable supply chain," International Journal of Logistics Economics and Globalisation, Inderscience Enterprises Ltd, vol. 4(1/2), pages 35-54.
    3. Wuttke, David A. & Blome, Constantin & Henke, Michael, 2013. "Focusing the financial flow of supply chains: An empirical investigation of financial supply chain management," International Journal of Production Economics, Elsevier, vol. 145(2), pages 773-789.
    4. Jayaram, Jayanth & Dixit, Mita & Motwani, Jaideep, 2014. "Supply chain management capability of small and medium sized family businesses in India: A multiple case study approach," International Journal of Production Economics, Elsevier, vol. 147(PB), pages 472-485.

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