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This study aims to analyze and discuss whether and how consumer-to-manufacturer (C2M) mode empowered by e-commerce retail platforms’ big data affects the stock returns of firms in supply chains.

This study selects 195 companies affected by four C2M events as samples and empirically analyzes the impact mechanisms of C2M mode on supply chain firms’ stock returns by event study.

This paper finds that C2M announcements own a positive impact on the stock returns of supply chain firms. Further, the results show that the business and financial characteristics play a significant impact on the relationship between the C2M mode and firm stock return performance. For example, C2M mode leads to huge stock returns when firms cooperate with the platforms related to their business content. In addition, the business scope can strengthen the positive promotion of C2M mode in stock returns, while business concentration weakens the positive promotion of C2M mode in stock returns.

The results found in this paper can provide practical guidance for the firms in supply chains to further apply C2M mode from the business characteristics and financial performance view.