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Impacts of supply chain finance on enterprise resilience: the interplay between financial linkage and business relationship among supply chain partners

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  • Cui, Bei

Abstract

Despite the shared notion of the interrelation between interorganizational business relationships along physical supply chain and organizational resilience, evidence of the implication of interfirm relationships under supply chain finance (SCF) on enterprise resilience remains scarce. This article aims to meet the shortcoming by investigating the interplay between financial linkage and business relationship among supply chain partners, and how SCF contributes to enterprise resilience. This paper employs repeated-measures ANOVA for firms' performance comparison and survival analysis for firm survival based on matched enterprises to test the hypotheses, using the sample from Chinese A-share listed companies over the 2013–2023 period. Findings indicate that SCF benefits derive from interfirm relationships whose characteristics and dynamics depend on the interplay between financial linkage and business relationship among firms under SCF mode. The empirical results suggest that SCF contributes to promoting firm growth, reducing risk, and improving firms' survival rate. However, the contribution of SCF to short-run profit is unclear. In terms of the mediating mechanism, SCF facilitates interfirm relationship, and consequently reduces financial volatility and improves firm growth and survival. This research provides insight into the formation and features of interorganizational relationships (IORs) under SCF mode and guidance for firms to implement SCF, thereby improving enterprise resilience. To the best of the author's knowledge, this study is the first to introduce financial linkage while turning to the role of IORs in organizational resilience and outcomes, specifically exploring the dimension of transactions through the interplay between financial linkage and business relationship among firms.

Suggested Citation

  • Cui, Bei, 2026. "Impacts of supply chain finance on enterprise resilience: the interplay between financial linkage and business relationship among supply chain partners," International Journal of Production Economics, Elsevier, vol. 291(C).
    • Handle: RePEc:eee:proeco:v:291:y:2026:i:c:s0925527325003524
    DOI: 10.1016/j.ijpe.2025.109867
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