Abstract
This paper highlights the role of behavioral factors for efficiency measurement in supply networks. To this aim, behavioral issues are investigated among interrelations between decision makers involved in corporate bond service networks. The corporate bond network was considered in three consecutive stages, where each stage represents the relations between two members of the network: issuer–underwriter, underwriter–bank, and bank–investor. Adopting a multi-method approach, we collected behavioral data by conducting semi-structured interviews and applying the critical incident technique. Financial and behavioral data, collected from each stage in 20 corporate bond networks, were analyzed using fuzzy network data envelopment analysis to obtain overall and stage-wise efficiency scores for each network. Sensitivity analyzes of the findings revealed inefficiencies in the relations between underwriters–issuers, banks–underwriters, and banks–investors stemming from certain behavioral factors. The results show that incorporating behavioral factors provides a better means of efficiency measurement in supply networks.
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The authors would like to thank Professor Endre Boros, the editor of Annals of Operations Research, and anonymised reviewers for their insightful comments and suggestions.
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Appendices
Appendix 1: Profile of the interviews
No. | Organization | Respondent’s functional position | Date (2013–2014) |
|---|---|---|---|
1 | Mellat Bank | Head of Corporate Banking Division | 18 December |
2 | Eghtesad Novin Bank | Head of Research and Planning Centre | 20 December |
3 | Amin Investment Bank | Head of the Investment Bank | 25 December |
4 | Omid Investment Bank | Head of the Investment Bank | 31 December |
5 | Melli Bank | Member of Board of Directors | 8 January |
6 | Omid Investment Bank | Head of Financial Risk Mgt. Division | 16 January |
7 | Novin Investment Bank | Head of the Investment Bank | 22 January |
8 | Melli Bank | Head of Retail Banking Division | 24 January |
9 | Saman Bank | Member of Board of Directors | 30 January |
10 | Novin Investment Bank | Head of Financial Risk and Controlling | 5 February |
11 | Sepehr Investment Bank | Director, Research and Development | 9 February |
12 | Saman Bank | Member of Board of Directors | 12 February |
13 | Amin Investment Bank | Head the Investment Bank | 14 February |
14 | Sepehr Investment Bank | Director, Risk Analysis and Mgt. Division | 20 February |
15 | Corporate Client #1\(^{\mathrm{a}}\) | Director, CFO Division | 28 February |
16 | Corporate Client #2\(^{\mathrm{a}}\) | Head of Strategic Management | 3 March |
17 | Corporate Client #3\(^{\mathrm{a}}\) | Director, CFO Division | 6 March |
18 | Corporate Client #4\(^{\mathrm{a}}\) | Director, CFO Division | 10 March |
19 | Investor representatives#1\(^{\mathrm{a}}\) | – | 18 March |
20 | Investor representatives#2\(^{\mathrm{a}}\) | – | 23 March |
21 | Investor representatives#3\(^{\mathrm{a}}\) | – | 25 March |
22 | Investor representatives#4\(^{\mathrm{a}}\) | – | 28 March |
Appendix 2: Interview protocol: corporate client’s perspective
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Pournader, M., Kach, A., Hajiagha, S.H.R. et al. Investigating the impact of behavioral factors on supply network efficiency: insights from banking’s corporate bond networks. Ann Oper Res 254, 277–302 (2017). https://doi.org/10.1007/s10479-017-2457-8
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DOI: https://doi.org/10.1007/s10479-017-2457-8