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Supply chain revamping (SCR) is an important strategy for firms to improve their supply chain operations in a rapidly changing environment. The purpose of this study is to shed light on the impact of SCR on shareholder value.

Based on Signaling Theory and 184 SCR announcements published by US-listed firms from 2013 to 2018, this study employs event study methodology and empirically examines three issues: Antecedents of SCRs; Primary purposes and actions of SCRs; In addition to the impact of SCRs on shareholder value using stock returns, we also examined the factors that can influence the extent of stock returns.

Firstly, our results indicate that SCRs are primarily driven by firms’ poor prior performance, CEO turnover and external control threats (ECTs). Secondly, the stock market favors SCRs aiming to meet customer needs and those accomplished through network remodel. However, the market reacts negatively to SCRs aiming at cutting costs, improving poor performance, and those implemented through network trim. Finally, the cross-sectional analysis indicates that shareholders prefer firms operating in more competitive or faster-growing industries and those adopting an expansionist strategy than those adopting a streamlining strategy.

Our study provides managers with valuable insights into when firms can benefit from initiating SCRs not only by examining the purposes and actions of SCRs but also by examining the industry- and strategy-specific moderators. Our study illuminates the conditions under which SCR will positively affect shareholder value. Additionally, this study contributes to the existing literature by deepening the understanding of the impact of supply chain decisions on firm performance and identifying the marginal conditions under which the stock market will react positively to SCR announcements.

The purpose of this study is to examine the impact of technological diversification (TD) on enterprise innovation performance, meanwhile focusing on the moderating effects of various organizational slack (i.e. absorbed and unabsorbed slack) and ownership types (i.e. state-owned or privately-owned) in the context of Chinese listed firms.

This study formulates five hypotheses based on organization and agency theories. Our empirical analysis employs a fixed-effect regression estimator with a unique panel dataset of Chinese-listed manufacturing firms and 13,566 firm-year observations over 9 years from 2012 to 2020.

Our findings show that an inverted U-shaped relationship exists between TD and innovation performance, varying with different types of organizational slack and ownership. In state-owned enterprises (SOEs), unabsorbed slack negatively moderates the inverted U-shaped relationship; however, in privately-owned enterprises (POEs), this relationship is positively moderated. Although absorbed slack has negative moderating effects in both SOEs and POEs, its impact is only significant for POEs.

Our results imply that organizational slack has a contrasting impact on the relationship between TD and innovation performance when the type of ownership varies. Therefore, the managers that intend to achieve optimal innovation performance through TD should understand how organizational slack can be leveraged.

This study contributes to the existing literature by applying the relationship between TD and innovative performance to the transition economy, as well as examining the double-edged sword impact of state ownership on firm innovation performance.

This study aims to explore the impact of supply chain quality event (SCQE) announcements on enterprises’ stock market value.

This study adopts the event study approach and analyzes the changes in shareholder value of companies listed in China based on data from 118 SCQE announcements. In the event study, the market, market-adjusted and Carhart four-factor models are used to estimate abnormal stock market returns, and a cross-sectional regression model is performed to examine the effects of SCQE announcements on enterprises’ stock market value.

SCQE announcements have a negative impact on shareholder value. From the perspective of the supply chain network structure, the market reacts more negatively to SCQE announcements issued by the enterprises with higher supply chain concentration. From the perspective of companies’ characteristics, announcements that do not reflect the establishment of supply chain quality cooperation have a more negative effect on stock market value, which indicates that the supply chain network structure and firm-level characteristic can moderate the market reaction.

The findings demonstrate a quantitative evaluation of how SCQE announcements affect the stock market value of listed companies and provide guidance for managers to enhance the value of SCQE announcements.

This study fills the research gap on the impact of SCQE announcements on stock market value by using secondary data and first explores the relationship between SCQE announcements and stock market value from the perspective of supply chain network. Furthermore, this study contributes to the literature on SCQE using an empirical study in China.