Abstract
Supply chain finance (SCF) is a collaborative financing approach that strives to reduce the transaction cost and strengthen inter-firm connections, maximizing the mutual benefits. Many studies have discussed the influencing factor of SCF adoption from the unilateral party. However, little attempt has tried to understand it from the nature of SCF. Based on the social capital theory and transaction cost economics, we develop a dual-theory framework to explain SCF adoption. Large-scale survey data from 430 companies in mainland China revealed that from a social capital perspective, structural capital and cognitive capital are two precursors of relational capital in the unique context of SCF, whereas relational capital is a factor that directly affects the focal company to adopt SCF. From a transaction cost perspective, uncertainty, frequency and asset specificity are associated with SCF adoption, respectively. We make theoretical contributions to SCF literature by revealing the roles of different efficient and social factors influencing SCF adoption. Our findings also help companies re-examine their decision to adopt SCF.
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Wu, Y., Wang, Z., Li, L. (2022). Antecedents of Supply Chain Finance Adoption: An Integrated Transaction Cost and Social Capital Perspective. In: Zhao, X., et al. Supply Chain Risk and Innovation Management in “The Next Normal”. ICOSCM 2021. Responsible Innovation in Industry. Springer, Singapore. https://doi.org/10.1007/978-981-19-1464-5_5
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